CapMan to invest in Havator
CapMan Buyout IX fund invests in the Havator Group, one of the Nordic region’s leading suppliers of crane services, special transports, section assembly and harbor crane services. CapMan’s aim is to further strengthen Havator’s position on the Nordic market.
Founded in 1956, Havator operates in Finland, Sweden, Norway, Russia, and the Baltic countries. The company recorded net sales of approx. €77 million in 2009 and employs over 450 people.
“Havator’s business has grown strongly, both organically and through a number of acquisitions which have been completed in the 2000s. The company has excellent references in handling challenging projects successfully. We believe that, together with the company’s management, we can further strengthen Havator’s competitiveness and market position, particularly in the Nordic countries, e.g through acquisitions,” says CapMan Partner, Anders Björkell.
“Havator has established an excellent position in the marketplace and is able to serve its customers throughout the logistics chain. Our aim is to continue building on this capability, enabling Havator’s customers to concentrate on their core businesses. Havator is committed to being a long-term partner for its customers and aims to provide them with new solutions, efficiency, and cost savings. We also intend taking an active part in the consolidation of the sector,” says CapMan Advisor Teuvo Salminen, who is to become the Chairman of Havator’s Board of Directors.
“CapMan is the type of strong and active owner that we have been looking for and will give us a better opportunity to further develop the business. Our key goals as we go forward will continue to be managed growth, improved profitability, and further strengthening of Havator’s strategic position in the Nordic region and elsewhere in Europe,” says Havator’s Group President, Erkki Hanhirova.
Jussi Yli-Niemi will continue as Havator’s CEO.
Following completion of the transaction, CapMan Buyout IX fund will have an approx. 45% stake in the company. Erkki Hanhirova, who has been the majority owner of the company up until now, will hold approximately 40% stake. The remaining shares will be held by the Varma Mutual Pension Insurance Company and the company’s management and other employees. The transaction is subject to e.g. the approval of the competition authorities, and is expected to be completed in June. CapMan Plc is a major investor in the CapMan Buyout IX fund.
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