SWEDEN - CapMan sells Inflight Service to Triton

Sweden-based Inflight Services was founded in 1991 and supplies the retail travel industry with merchandise and related business solutions. It operates in the Nordic and Baltic regions, and provides services to airlines, cruiseships, airport retail. It runs the airport shopping chain EUROSHOP, which has outlets in Estonia, Latvia, and Poland, in addition to on board ferries operated by Nye Kystlink and Fjordline. It employs 300 and generated revenues of EUR 152m last year.

CapMan owned around 67% of the company via its funds CapMan Equity VII, CapMan Mezzanine IV, and Finnmezzanine III A and B funds, after it won a limited auction to acquire the business in 2005. The vendors, founders Jan Byström and Mattias Hallberg, retained a 23% stake, with employees holding the balance of 9%. Kaupthing provided a senior debt package to support the deal, while CapMan's mezzanine fund contributed EUR 8m in mezzanine financing.

The sale will not affect CapMan plc's result as these funds are not yet in carry. The equity fund and Finnmezzanine funds involved in the transaction are expected to start generating carried interest during 2010-2011.

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