CapMan's Buyout X fund has agreed to invest in Forenom, a leading Nordic temporary housing service operator.
CapMan, which focuses on Nordic real estate through its property arm, has agreed terms to acquire a majority equity share in Forenom with the aim to grow the company's core business in the Nordic countries. Forenom's current owner Barona Group as well as Forenom's active management will continue holding minority stakes in the company.
Forenom currently manages more than 3,200 furnished apartments, several aparthotels as well as hostels across the Nordics. The company was established in 2000 and is the Nordic market leader in its field in terms of number of apartments and turnover. Forenom has approx. 260 employees and expects a turnover of around €60 mln for 2016. In addition to offices in Finland, the company has offices in Stockholm, Oslo and Copenhagen.
'We are very pleased with our investment, which allows us to accelerate Forenom's growth and utilise the opportunities of a dynamic market. Traditionally there has been a gap in accommodation services between hotel accommodation and permanent housing,' commented says Pia Kåll, partner at CapMan Buyout.
'The demand for high quality housing solutions has grown and the market for accommodation services is becoming increasingly diverse.
'We see growth opportunities in accelerating organic growth and in consolidating the fragmented Nordic market thanks to Forenom's strong position and brand. Forenom's committed management has been successful in developing the company and in creating a strong and unique corporate culture. We are glad to continue together from here,' added Kåll.
The investment in Forenom is the ninth of the CapMan Buyout X fund, which was established in 2012. The transaction is subject to the approval of the competition authorities and is expected to close on 31 December 2016.
