CapMan exits Suomen Lämpöikkuna to Inwido

The exit is the first for CapMan Buyout X, the GP's 2012-vintage €245m fund, and comes two years after its acquisition of Suomen Lämpöikkuna.

Suomen Lämpöikkuna's management will remain with the company following Inwido's bolt-on. Inwido plans to gradually buy out the management team's 17% shareholding in the company by the first half of 2019.

The acquisition is Inwido's first M&A deal since coming out of private equity ownership. The Malmö-headquartered company was owned by listed Swedish GP Ratos until October 2015, when the GP sold its final stake in Inwido, which it had floated in Stockholm a year before.

Previous funding
CapMan acquired Suomen Lämpöikkuna in an MBO in February 2014, deploying its CapMan Buyout X vehicle with mezzanine financing from the group's CapMan Mezzanine V fund.

Company
Suomen Lämpöikkuna, also known as Värmelux, is a window and door renovation company headquartered in Oulu.

Its main brand is Lämpolux, which sells and installs wood and aluminium windows, doors and garage doors. The company has no proprietary production, but had been a customer of Inwido prior to the bolt-on.

Suomen Lämpöikkuna was founded in 2010 and employs 180 people. It generated turnover of around €29m last year.

People
CapMan – Tuomo Raasio (senior partner).
Suomen Lämpöikkuna – Pekka Koskelo (CEO).

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