CapMan makes Drobe exit

Nordic buyout specialist CapMan has sold its interest in the Drobe Wool Company, a Lithuanian textile producer, to Plaza Corporation, a Lithuanian industrial development company.

The sale marks an exit for two CapMan funds, Finnventure IV (which held an 8.36% stake) and Finnventure V (which held 23.89%). The two invested together in Drobe in April 2004, alongside the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC). The exit does not have an impact on CapMan results for 2006 as the exiting funds have not begun to generate carry. The exit also does not have an impact on earlier estimates for the transfer of the funds to carry.

Drobe produces wool-based worsted woven fabrics for men’s and ladies’ accessories and clothing. The company’s turnover in 2005 was €21m.