Gimv, in collaboration with the CapMan Russia Fund, has provided growth capital to Expert Photo, a leading provider of photo related services in Russia. The investment is made to strengthen the company’s position in the Russian market.
Expert Photo was established in 1995. It provides comprehensive online and offline photo printing services and photo products including photo books, calendars, canvases and souvenirs for retail and corporate customers in Russia. Expert Photo had net sales of approximately €10 million in 2010 and employs approximately 250 people.
“Expert Photo has grown steadily during the past years and it has a good product and service range. The market for photo related services and products is developing favourably in Russia. We believe that Expert Photo is well positioned to continue to grow and to expand its operations in Russia,” says Petri Saavalainen, Senior Partner at CapMan.
“Expert Photo’s management is very knowledgeable of the opportunities that exist in today’s market, is open to new ideas and ready to introduce them with the ultimate goal to enhance its leadership position. These factors made the difference for our decision to invest in this company,” says Jan Dewijngaert, Director Buyouts & Growth Central Europe and Russia at Gimv. “This transaction, which is the first joint investment with CapMan Russia, illustrates our permanent interest in the Russian private equity market.”
Following the investment, Gimv and the CapMan Russia fund each own approximately 19% of Expert Photo’s shares. Gimv and CapMan Plc are both major investors in the CapMan Russia fund.