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CapMan to invest in Finnish Flander

Press release 14 September 2005 at 1.30 p.m. -- Funds managed by CapMan have agreed to invest in the Finnish provider of wireless development and testing solutions Flander Ltd. After the transaction, CapMan funds will hold 31% of Flander’s shares and the executive management, employees and other former owners will hold the remainder. The deal is expected to be closed during September. The investment will facilitate Flander’s growth in Finland and internationally.

Flander is one of the leading companies in the field of software testing and development in the Nordic countries. A specialist in wireless technology, Flander tests mobile terminals and solutions. Flander has some 175 employees in Tampere, Helsinki, Lahti and Salo. The company was established in 1997 and its revenues totalled EUR 8.8 million in 2004. The utilisation and outsourcing of software testing services has grown strongly in the last few years.

”CapMan has followed Flander’s operations for some years already. In that time the company has established itself as a hub of expertise, won prominent customers and developed first-class quality systems. Flander has grown strongly and we believe that this growth will continue. In our opinion the company’s management has a solid vision of the mobile cluster and of Flander’s role in its development. Together, we will now realise that vision,” states Vesa Walldén, Investment Director at CapMan.

”Flander’s customers in the ICT sector are multinational appliance and network developers as well as various important service providers – all of whom prefer to do business with large players offering a comprehensive service portfolio. To serve these customers even better, Flander must drive growth organically and through M&A. We anticipate that CapMan has the roadmap to support Flander in this process,” comments Mika Heikinheimo, CEO of Flander Ltd.

CapMan is one of the leading private equity investors in the Nordic countries and specialises in middle market buyouts in various industry sectors, technology investments in the IT and communications sectors and investments in life science companies. In addition, CapMan manages/advises private equity real estate funds. The CapMan team comprises around 95 people in Helsinki, Stockholm, Copenhagen and Oslo. CapMan manages/advises Nordic funds with approx. EUR 1.9 billion in total capital. To date, the funds managed by CapMan have invested in 145 companies in the Nordic countries and exited from 75 companies. The latest investments are made in Norwegian InfoCare AS, Finnish Moventas Oy, Swedish Inflight Services AB and Danish Scan•Jour A/S. The portfolio of CapMan’s first private equity real estate fund consists of 17 commercial properties in the Helsinki metropolitan area. CapMan Plc is listed on the Main List of the Helsinki Stock Exchange.

Flander Ltd
Flander Ltd is a mobile technology company specialised in software testing and application development with a focus on wireless solutions. The company has operations in Tampere, Lahti, Salo and Helsinki, Finland. Its customers include top-tier wireless appliance and network developers and service providers. Flander’s quality system has been awarded the ISO 9000 certificate. Flander is a Symbian Platinum Partner and a member of the GSM Association. Flander Ltd employs some 175 software and testing professionals. The company’s revenues totalled EUR 8.8 million in 2004.

Publisher Contact Information:

CapMan Capital Management Oy
+358 9 6155 8361

Company profile of CapMan Capital Management Oy
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