Finnish investment firm buys Inflight Service

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CapMan has launched an undisclosed offer for a 68% share in the Swedish retailer and distributor

Finnish private equity firm CapMan is to buy a majority stake in Scandinavian travel-retail company Inflight Service, according to TheDeal.com. The company is to pay an undisclosed sum for 68% of the company, with co-founders Johan Bjarke and Johan Kullander maintaining a 23% stake and other key employees holding the remaining 9%.

Inflight Service CEO Peter Candell said the move built on the group's move into Eastern Europe earlier this year, when it acquired SAS Trading's Polish, Latvian and Estonian business.

Capman investment director Mats Gullbrandsson said the firm wanted to strengthen Inflight Service's strategic position in the Nordic countries and to focus on helping it find new business opportunities, particularly in Eastern Europe.

The deal is to expected to be completed in September after approval from competition authorities. Inflight service reported revenues of €139 million ($170 million) in 2004.

CapMan has invested in 140 companies and generally attempts to increase the value of its businesses before exiting them.

See DFNI July 15 for more details.