CapMan Plc acquires an undisclosed majority stake in Forenom Oy from Barona Group Oy

CapMan Plc, a listed Finland-based private equity firm, has acquired an undisclosed majority stake in Forenom Oy, a Finland-based provider of temporary accommodation solutions and relocation services, from Barona Group Oy, a Finland-based provider of human resource recruitment services, for an undisclosed consideration.

The acquisition allows Forenom to grow its core business and further strengthen its position in the Nordic countries. It also enables Forenom to take a step further to its internationalization goals. Post acquisition, Barona Group and the management of Forenom will continue to hold minority stake in the company. Forenom is expected to report revenues of around EUR 60m for 2016.

Forenom manages over 3,200 furnished apartments, several aparthotels and hostels across the Nordics and its clients include 25,000 private individuals and corporations. Forenom reported revenues of EUR 35m and EBIT of EUR 4.3m in 2015, and has approximately 260 employees.