Swedish Starlight joins Eastway/AVAB CAC
(Thomson Reuters ONE) -
CapMan Press Release 10 April 2012 at 1.30 p.m. EET
Swedish Starlight joins Eastway/AVAB CAC
Eastavab Group Oy, an audiovisual equipment rental and event organising company
jointly owned by CapMan Buyout IX fund and the management team, has agreed to
merge with Swedish United Audio Starlight AB ("Starlight"). Eastavab Group is
the holding company of Finnish Eastway and Norwegian AVAB CAC. Together Eastavab
and Starlight will form the leading audiovisual equipment rental company
operating in Finland, Sweden and Norway. The owners aim to increase the new
group's market share in its existing geographies and to continue to expand to
new market areas.
Starlight is the leading Swedish rental and touring company for the
entertainment industry. The company offers its customers turnkey solutions
covering technical equipment, stage structures and logistics. Starlight was
founded in 2006 through a merger between United Audio AB and Starlight AB. The
new group comprising Eastavab and Starlight is expected to generate a turnover
of approx. ?75 million in 2012.
"Our strategy together with Eastavab management is to build a leading player in
the Nordic audiovisual equipment rental market. The merger with Sweden's top
equipment rental company Starlight is a significant step towards achieving this
goal. We see major growth potential in Sweden both organically and through
acquisitions", says Olli Liitola, Senior Partner at CapMan and responsible for
Eastavab investment.
"We are excited to become part of a large Nordic group. With support from
CapMan, the group is well positioned to grow and become a clear market leader in
equipment rental across the Nordic region", says Per Eriksson, CEO of Starlight.
"Starlight is an excellent addition to Eastavab Group. Through the merger, we
are establishing a true Nordic platform with the scale, product range,
competence and geographic presence to provide customers and partners with the
industry's best solutions, services and products. Furthermore, we can achieve
greater efficiency in operations and significant synergies in e.g. purchasing of
equipment. Sharing best practices and optimising our offering in the Nordic
level enables us to provide a wider range of services and products to our
customers, and to achieve cost savings in subcontracting", says Trond Lutdal,
CEO of Eastavab.
Completion of the transaction is subject to certain conditions being fulfilled
and it is expected to occur during May 2012. Following the merger, the owners of
Starlight will become shareholders in the holding company Eastavab Group.
Further information:
Olli Liitola, Senior Partner, CapMan Buyout, tel. +358 400 605 040
Per Eriksson, CEO, United Audio Starlight AB, tel. +46 226 77323
Trond Lutdal, CEO, Eastavab Group Oy, tel. +47 90544556
CapMan www.capman.com
CapMan Group is one of the leading private equity firms in the Nordic countries
and Russia, with assets under management of ?3.1 billion. CapMan has four key
investment partnerships - CapMan Buyout, CapMan Russia, CapMan Public Market,
and CapMan Real Estate - each of which has its own dedicated investment team and
funds. Altogether, CapMan employs 120 people in Helsinki, Stockholm, Oslo,
Moscow and Luxembourg. CapMan was established in 1989 and has been listed on the
Helsinki Stock Exchange since 2001.
Eastway www.eastway.fi
AVAB CAC www.avab-cac.no
AVAB CAC Bergen www.acbergen.no
United Audio Starlight www.starlight.se
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: CapMan Oyj via Thomson Reuters ONE
[HUG#1601125]
Unternehmensinformation / Kurzprofil:
Datum: 10.04.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 133441
Anzahl Zeichen: 4401
contact information:
Town:
Helsinki
Kategorie:
Business News
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"Swedish Starlight joins Eastway/AVAB CAC"
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