NORDIC REGION. Leading Nordic private equity fund manager CapMan is to sell its 67% stake in travel retailer and distributor Inflight Service to Triton, another private equity firm. CapMan acquired its stake in Inflight Service in 2005 from the original founders and investment company Wasatornet Invest AB.
“We are very pleased with the transaction and with the development in Inflight Service during our ownership period,” said CapMan Partner Mats Gullbrandsson. “Inflight is now ready for a new phase in its international expansion, and has good growth prospects going forward. We believe that Triton is a strong owner for the company and they will be able to support the management team in taking Inflight Service to the next level.”
Inflight Service Europe AB CEO Gustaf Ljunggren said: “The timing of the majority owner change suits us very well. We are just about done with a three-year business plan with high ambitions [for] international expansion. The new business plan demands a lot of engagement and support from a majority owner, which we know we will have from the new majority owner Triton.”
The CapMan-owned funds exiting from Inflight Service are CapMan Equity VII, CapMan Mezzanine IV, and Finnmezzanine III A and B. The investment has been positive for the investors in the exiting funds, noted CapMan.
The transaction is subject to customary closing conditions and requires the approval of competition authorities. It is expected that the deal will be closed by the end of January 2010. Catella Consumer, KPMG and Vinge acted as CapMan’s advisors in the transaction.
In 2008 Inflight Service reported net sales of around €152 million. The company employs 300 people.
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