CapMan has sold its holding in PIC Engineering to the Swedish company SWECO for an undisclosed amount. CapMan invested in PIC in 2000 acquiring an 84% shareholding in the company through its Finnventure Funds IV and V and Finnmezzanine Fund II. Management held about 16%.
SWECO will pay for the business partly with its own shares, which are listed on the O List of the Stockholm Stock Exchange and partly with cash. CapMan will retain a 9% share in the business.
Peter Buch Lund, senior partner at CapMan, said: “PIC’s business has developed favourably during our ownership period. The company has grown, for example by acquisitions, and strengthened its position via different partnership agreements. The company is now at the stage where a fusion with a large international entity is a good solution, from the viewpoint of all parties to the deal.”
PIC is a Finnish leader in the consulting and engineering field. SWECO is one of Sweden’s largest consulting companies in engineering, environmental management and architecture. The acquisition of PIC strengthens SWECO’s position in the Nordic countries and above all in Finland. Earlier this year, SWECO acquired the Norwegian consulting engineering firm Statkraft Grøner.