Eastern European Markets
February 1, 2007

John Nurminen’s Vehicle Logistics to become independent - CapMan joins in to contribute to growth

Logistics company John Nurminen Oy’s Vehicle Logistics Unit is to become an independent entity. At the same time, its ownership base will expand with funds managed by Nordic private equity investor CapMan becoming the new majority shareholder. This will enable the strengthening and development of the vehicle logistics business in the Nordic countries and expansion in Russia and the Baltic countries. John Nurminen will retain a significant share in the business. In the future, John Nurminen Oy and its other units will focus even more strongly on the provision and development of their chosen logistics services in the Baltic Sea region.

John Nurminen is the leading vehicle logistics player in the Baltic Sea region. In 2006, the combined turnover of its vehicle logistics companies amounted to around ¤93 million. The broadening of the ownership base will enable Vehicle Logistics to invest in growth and the development of operations – particularly by expanding in the Russian and Baltic markets. The aim is to double the turnover by 2010.

The new entity will be headed by Jan Lönnblad, Managing Director of John Nurminen. All of the Group’s vehicle logistics operations, subsidiaries included, will be transferred to his management. Antero Sundberg will continue to be in charge of Finnish and Baltic operations, and Swedish and Danish operations will remain the responsibility of Mats Eriksson, Managing Director of SkandiaTransport AB, a John Nurminen subsidiary since the summer of 2006. A search for a new managing director for John Nurminen Oy is currently under way.

After the restructuring, funds managed by CapMan will own 60% of the vehicle logistics business, while John Nurminen Oy will own 25% and operative management 15%. The approximately 500 employees of the Unit will continue in their current positions. The deal is subject to the approval of the competition authorities, and it is expected to be completed by the end of March.

The arrangement is a decisive step towards John Nurminen’s objective of being the best logistics company on an international scale. In the future, John Nurminen Oy will concentrate on the development of its other core competencies. “The separation of Vehicle Logistics will allow us to centralise our operations in accordance with our growth strategy. The resources provided by CapMan and its extensive Nordic contact network will support the development and expansion of vehicle logistics,” Jan Lönnblad stresses.

“CapMan’s investment decision was influenced by the Vehicle Logistics Unit’s leading position in the Nordic market and the Baltics, its strong growth potential and the highly experienced management. We are going to work with the management to develop Vehicle Logistics as an independent company both through organic growth and potential acquisitions,” says Markus Sjöholm, Senior Partner of CapMan.

About John Nurminen Oy
Established in 1886, John Nurminen Oy is a Finnish family-owned company that provides high-quality logistics services in the Baltic Sea region. In 2006, John Nurminen’s turnover amounted to approximately ¤155 million. The company employs nearly 1,100 logistics professionals. It has operations in several Finnish locations and subsidiaries and associated companies in Sweden, Denmark, Russia, Estonia, Latvia and Lithuania.

About CapMan
CapMan, one of the leading private equity investors in the Nordic countries, manages Nordic buyout, mezzanine, technology, life science and real estate funds with approximately EUR 2.6 billion in total capital. Each investment area has a dedicated team and altogether CapMan employs around 100 people in Helsinki, Stockholm, Copenhagen and Oslo. Established in 1989, CapMan has strong experience as a fund manager and as a partner for investors and entrepreneurs. To date CapMan has made over 150 Nordic investments and over 90 exits. The B shares of CapMan Plc are listed on the Main List of the Helsinki Stock Exchange since 2001.

Further information:
Markus Sjöholm, Senior Partner, CapMan Buyout
Tel. +358 9 6155 8312,
Juha Nurminen, Chairman of the Board of Directors, John Nurminen Oy
Tel. +358 10 545 2430,
Jan Lönnblad, Managing Director, John Nurminen Oy
Tel. +358 10 545 2420,

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