CapMan has sold Finnish discount store chain Tokmanni to Nordic Capital, in a deal which will impact CapMan's group result by €1.2m.
CapMan initially invested into Tokmanni in the second half of 2004, when the Tokmanni and Vapaa Valinta chains merged to form one entity. Since the investment, the discount store chain has increased turnover from €150m in 2004 to €650m in 2011. The company employs over 2,900 people across 144 stores.
“We have created value by accelerating growth and improving the efficiency of operations. As we have reached these goals, the time is now ripe for a new owner to take the reins,” said Tuomo Raasio, senior partner at CapMan and chairman of the board at Tokmanni.
“We have completed significant strategic development projects under CapMan's ownership, of which one of the most relevant is the establishment of a new logistics centre. We have also expanded our retail network, and today have some 50 million visitors in Tokmanni chain stores annually.
“With the support of Nordic Capital, Tokmanni Group can further strengthen its position as Finland’s largest discount store chain,” added Robert Furuhjelm, partner of NC Advisory Oy, adviser to the Nordic Capital Funds.