Gimv makes an additional EUR 30 million commitment to CapMan’s private equity activities
- Gimv joins CapMan in its newly established feeder fund with a EUR 17 million commitment
- Gimv will commit EUR 13 million to CapMan Buyout IX fund
CapMan will transfer all its existing investments and commitments in CapMan funds into a new CapMan feeder fund. Gimv takes a EUR 17 million commitment in this feeder fund. Gimv’s commitment will be allocated to three recent CapMan-funds (CapMan Technology Fund 2007, Capman Russia Fund 2009 and CapMan Public Market Fund 2009), of which EUR 3.4 million has already been invested and EUR 13.6 million is still outstanding.
Besides this investment in the feeder fund, Gimv will also commit EUR 13 million to CapMan’s latest buyout fund, CapMan Buyout IX. This fund targets medium-sized buyouts in the Nordic market. In 2006, Gimv already committed EUR 20 million to CapMan Buyout VIII, which has made investments in 12 portfolio companies.
Both Gimv and CapMan plan to make use of the feeder fund for all future commitments to CapMan funds and to partly re-invest the potential proceeds out of these investments in CapMan’s future funds.
To further emphasize the cooperation, Gimv has gradually taken a 4.38% interest in CapMan Plc by acquiring public shares. Gimv intends to further increase its shareholding in CapMan Plc up to about 10%, which however is fully dependent on the liquidity and market price of CapMan Plc shares. Moreover, Gimv aims at having a representative appointed on the Board of Directors of CapMan Plc, with support from CapMan Partners B.V., at the next General Meeting.
“We have a strong belief in CapMan and its product range and we consider this transaction a natural continuation of our existing business relation. Apart from a different geographical focus, our businesses are very similar. This complementarity allows for openness and knowledge sharing between our companies,” states Koen Dejonckheere, CEO of Gimv nv.
”Gimv is a good cooperation partner for CapMan. As a strong European private equity house Gimv understands the industry logic and future opportunities. In addition to the fund investments made, we can cooperate for example in generating deal flow for different investment areas and in developing value creation practices”, states Heikki Westerlund, CEO of CapMan Plc.