CapMan looks to Norway

CapMan is planning to expand its operations to Norway with the establishment of a new office in Oslo. This move is in line with CapMan's strategy for expansion in the Nordic region, and follows on from its move into Denmark with the acquisition of Nordic Private Equity Group in 2001, and to Sweden with the acquisition of Swedestart Management AB in 2002. On the back of these plans, Norwegian fund-of-funds Argentum Fondsinvesteringer has pledged to invest "50m in CapMan's latest fund, bringing the size of CapMan's fund to "303.3m. CapMan has also released its figures for the first six months of 2003. The firm recorded a turnover for the first half of 2003 of "9m, as compared with "7.9m for the same period last year. Operating profit for the period was "0.9m, compared with "1.5m for the same period in 2002, and profit after financial items was "1.1m ("2.3m in 2002). Profits, after taxes and minority interests were "0.6m ("1.4m in 2002). The fall in profits resulted mainly from a decrease in carried interest and financial income. Carried interest income was "0.1 ("1m in 2002), a result of unfavourable market conditions for large-scale activities. Earnings per share on 30 June 2003 were 0.7% (2 cents) and shareholders' equity per share was "0.6 ("0.68).

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• Topics
• GPs
• Nordics