CapMan buys INR and Aspen and builds a new Nordic bathroom equipment company

CapMan, the Finnish private equity house, announced getting into an agreement to buy the two Swedish bathroom equipment companies INR from the investment fund Accent Equity and Aspen from Valedo Partners.

INR and Aspen will then be merged to form a new Nordic bathroom equipment company.

The investment will be made by the CapMan Buyout IX fund, in which CapMan Plc is a substantial investor. Funds managed by CapMan will hold approx. 80% of the new company.

INR and Aspen are leading companies within their respective segments in Sweden and their products have built up a strong reputation for their design and quality.

The two companies had combined net sales of approx. €30 million in 2009.

Founded in 1993, INR mainly manufactures innovative and award winning shower solutions. Sales are currently primarily in Sweden, Norway, and Denmark. Founded in 2002, Aspen has quickly become an established player in the bathroom furniture market in Sweden, and with sales also in Norway and Denmark. The majority of both companies' products are sold through specialist retail shops.