CapMan and Sitra have sold their stakes in Mehiläinen Oyj, a 97-year old Finnish healthcare service provider, to H-Careholding AB, a Swedish holding company, for €152m. The sale represents an exit for two of CapMan’s funds, Finnventure V and Finnmezzanine III, which together owned a 47% interest in the company. Finnventure Fund V invested in Mehiläinen in December 2000, Sitra in January 2001, and Finnmezzanine Fund III in 2003.
During CapMan’s ownership the business has become Finland’s leading private healthcare services company, and has seen net sales increase from €39.5m to €97.4m and operating income from €3.2m to €8.4m.
The sale means the total amount of money returned to investors in Finnventure V has now risen to €170m. It is estimated the fund will begin to generate carried interest during 2007.