Barona is a part of Barona Group. Barona Group Ltd and CapMan Buyout X fund have agreed on CapMan investing in Forenom, which is owned by Barona Group. CapMan is to buy the majority of the share capital of Forenom. Barona Group and the management of Forenom will remain as minority shareholders in the company.Barona Group, CapMan and Forenom have each made the buyout public in their communications channels today, 7 December 2016. The transaction will require approval from the Competition Authority, and is expected to close on 31 December 2016.
Forenom is the leading home-like living service provider within the Nordics. Forenom first started its business in Finland. Forenom offers its clients a flexible alternative to traditional hotel accommodation to suit both short and long-term needs. Forenom offers customers a broad range of accommodation alternatives from over 3,200 furnished apartments to aparthotels and hostels within the Nordics. In addition to accommodation, Forenom offers relocation services that help foreign expats begin their professional lives in a new country.
As the mobility of work increases, Forenom and Barona are natural partners. Together, the two companies offer joint solutions to their clientele in various fields and industries.
”Ever since the beginning, Forenom and Barona have offered a flexible full-service solution to mobile work. Customer needs have changed drastically throughout the years. At first, the demand for such solutions arose mainly from the construction and industrial business sectors. Today, we are increasingly dealing with customers, whose specialists are moving from one country to another. According to our estimations, the mobility of work will further increase in the future”, says Markus Oksa, the CEO of Barona Group.
The goal of the partnership is to further develop service capability both in Finland and in the other Nordic counties. “This transaction will not have any other impact on the service solutions offered jointly with Barona, other than continuous improvement of shared services. CapMan brings new know-how to the development of Forenom’s services. Barona and Forenom will work in even closer cooperation in the future”, Markus Oksa continues.
You can read more about the buyout on the web sites of the parties involved.
Markus Oksa, CEO, Barona Group Oy, tel. +358 40 585 6619
Johannes Kangas, CEO, Forenom Oy, tel. +35F 40 572 1421
Pia Kåll, Partner, CapMan Buyout, tel. +358 207 207 555
Barona Group is a community of Finnish companies working in various sectors to improve working life. Barona Group was founded in 1999, and its turnover in 2016 is expected to exceed €300 million. We employ over 5,000 employees. Our mission is to build bespoke, innovative solutions in order to facilitate development and growth for our customers. Currently, we operate in nine countries including Finland, Sweden, Norway, Denmark, Estonia, Russia, Poland, Spain, and Belgium.
CapMan Buyout is a specialised mid-market private equity partnership in the Nordic region, with 18 investment professionals in Finland and Sweden. The team has made more than 80 investments and 60 exits since 1989 and its tenth fund CapMan Buyout X is currently in active investment phase.
CapMan is a leading Nordic investment and asset management company. For more than 25 years, we have been developing companies and real estate and supporting their sustainable growth. We are committed to understanding the needs of our customers in an ever-changing market environment. Our objective is to provide attractive returns and innovative solutions for our investors and value adding services for professional investment partnerships, growth-oriented companies and tenants. Our independent investment partnerships - Buyout, Real Estate, Russia and Nest Capital - as well as our associated company Norvestia are responsible for investment activities and value creation. CapMan's service business offering includes fundraising advisory services, purchasing activities and fund management services to both internal and external customers. CapMan has 100 professionals and assets under management of €2.8 billion.
Founded in 2000, Finnish Forenom manages over 3,200 furnished apartments, as well as several aparthotels and hostels around the Nordic countries. By the number of apartments and turnover, Forenom is the market leader in business accommodation in the Nordic countries. The versatile clientele of Forenom includes 25,000 private customers and corporations. Forenom has a staff of around 260 employees and is expecting a €60 million in turnover in 2016. In addition to offices in Finland, Forenom has offices in Stockholm, Oslo, and Copenhagen. Friday Flats, an online community for home rental and hosting, is also a part of Forenom.