The funds managed by CapMan, the current majority owner of LUMENE Oy, will sell a total of 48 percent in LUMENE Oy to funds managed by Langholm Capital LLP, LUMENE Oy's other private equity owner. The transaction will be finalized in January 2011.
Following the sale, CapMan funds will hold 13 percent of LUMENE Oy, Langholm Capital's funds will hold 79 percent and LUMENE Oy's management and the other shareholders will hold 8 percent.
"We are glad to have such a strong specialist in international consumer brands as our majority owner with the ability to support the development and international expansion of LUMENE Oy's business operations. Langholm Capital has participated in the Lumene success story since 2003. Our goal as we go forward is to seek strong growth especially in the Nordic countries as well as in the United States and Russia", says Tapio Pajuharju, LUMENE Oy's President and CEO.
Lumene is the market leader in skincare and color cosmetics in Finland and a unique challenger in select key markets. Cutrin is also a strong brand in professional hair cosmetics. In recent years LUMENE Oy has developed its business especially in Russia and the United States and strengthened its position in Sweden. The company's net sales estimate for 2010 is approx. EUR 82 million. LUMENE Oy has grown well in 2010 and succeeded in maintaining a healthy profitability.
Langholm Capital is pleased to have the opportunity to increase its investment in LUMENE Oy. "LUMENE Oy is well positioned for future growth, with very strong brand recognition, a differentiated product offering and excellent management. We look forward to continuing our constructive partnership with Capman and together leading the company to achieve growth in Finland and internationally. The continued investment in LUMENE Oy will allow Langholm to further leverage its brand building expertise, to utilise its experience with consumer goods companies and to tap into its international network," comments Christian Lorenzen, Langholm's Partner and a member of the LUMENE Board.
Langholm Capital is a London based private equity investor, specializing in mid-sized buyout investments in European companies that provide products and/or services to consumers and have a strong brand. Langholm focuses on companies which improve personal health and wellbeing, offer comfort and help save time used for housework.
CapMan funds made their initial investment in LUMENE Oy in 2003 when they acquired Noiro Oy from Orion Oyj. Noiro Oy later became LUMENE Oy. Langholm Capital became LUMENE Oy's other private equity owner in December 2003 with a 30 ownership with CapMan holding 61 percent and LUMENE Oy's management and other shareholders 9 percent.
Tapio Pajuharju, President and CEO, LUMENE Oy, email@example.com,
tel. +358 50 577 4200
Celebrating its 40th anniversary in 2010, LUMENE Oy is a holistic beauty and well-being company with two brands: Lumene and Cutrin. Lumene focuses on skincare and color cosmetics, while Cutrin on professional haircare products. Both are developed and manufactured in Finland by a team of experts using state-of-the-art technology, but sold and marketed internationally. With an uncompromising Finnish approach to innovation, our success is founded upon a simple belief: Create effective products harnessed from natural arctic ingredients.