CapMan, Priveq and Northzone exit Silex

CapMan said its 31% stake in the company returned €1.5m in net carried interest to its CapMan Equity VII fund, while the cash flow contribution of the deal to the CapMan Group was around €2m. Northzone and Priveq each held stakes of 15% in Silex.

The exit also saw the incubator Startupfactory sell its shares, 14 years after it and CapMan backed Silex to the tune of €2.7m.

GAE will acquire 98% of the company's shares, while founder and CEO Edvard Kälvesten will retain a 2% stake.

Previous funding
CapMan and Startupfactory followed up their initial 2001 funding round in June 2003 with a €7.7m capital injection.

In August 2008, Northzone and Priveq joined CapMan in a SEK 150m (€16m) round of funding for Silex, which saw the two new investors acquire a combined 30% of the business.

Since 2001, Silex has raised around €25m from CapMan, Priveq, Northzone and Startupfactory.

Company
Silex is a Swedish manufacturer of microelectromechanical systems (MEMS), which are complex mechanical and electrical systems produced on a micro scale in the form of chips.

The company's products are used as components for sensors, actuators and three-dimensional precision structures. These are then used in various applications and industries ranging from medical and biotech to telecommunications and consumer electronics.

Based in Järfälla, near Stockholm, Silex had revenues of SEK 230m in 2014 and employs 140 people in Sweden as well as its Boston and San Francisco subsidiaries.

People
Lennart Jacobsson is a senior adviser at CapMan and responsible for the investment in Silex. Edvard Kälvesten is the founder and CEO of Silex.

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• Topics
• Nordics
• Exits
• Industrials
• Sweden
• CapMan
• Priveq Partners
• Northzone
• Trade sale