CapMan exits PPTH-Norden

CapMan and management have sold their 80% majority stake in PPTH-Norden, a provider of steel structures and solutions to the building and construction industry. Rautaruukki, also a major player in the construction industry, has increased its 20% stake in the company to own 100% through the acquisition. The company is paying €7m for the 80% stake and assumes debt of €24m. CapMan will receive €2m in carried interest from the transaction.

CapMan invested in PPTH in 1999 for an undisclosed sum. Finnventure Fund II was also an investor in the original transaction providing a mezzanine loan which will be repaid upon completion of the transaction, which is expected in November.