Belgium’s GIMV to boost stake in CapMan

Belgian holding company GIMV said it was investing an additional €30m in Finland’s CapMan Plc, saying it planned to up its stake in the Helsinki-listed asset manager.

GIMV, part-owned by the Flemish regional government, said it was investing €30m in two Capman funds.

GIMV said it had built up a 4.38% stake in CapMan by buying stock on the market, and intended to increase this to roughly 10%.

“We consider this transaction a natural continuation of our existing business relation. Apart from a different geographical focus, our businesses are very similar,” GIMV Chief Executive Koen Dejonckheere said in a statement.

CapMan manages funds in the Nordic countries and Russia with roughly €3.4bn in capital.

GIMV invests largely in the equity of unlisted companies, mainly in information and communications technology and life sciences. It said it had already committed €20m to another of CapMan’s buyout funds in 2006.

KBC Securities analyst Tom Simonts said he doubted that GIMV was steeling for a full-on takeover of CapMan, noting it wouldn’t make sense for GIMV’s strategy.

“Forget that – it’s not going to happen. There’s no use in doing so. GIMV are now in the feeder funds, they will be entitled to management fees — though it’s not clear how much that will be — they’re happy with how things are, with joining forces with CapMan. They’re not going to take it over,” he said.

Reporting by Anne Jolis. Editing by Hans Peters