The CapMan Russia fund, in collaboration with Belgian investment company Gimv NV, announced last week it has provided an undisclosed amount of growth capital to Expert Photo, a leading provider of online and offline photo related services in Russia.
Expert Photo was established in 1995. It provides comprehensive photo printing services and photography products including photo books, calendars, canvases, and photographic souvenirs for retail and corporate customers in Russia. In 2010, Expert Photo reported net sales of approximately €10 million. It employs approximately 250 people.
The investment is made to strengthen Expert Photo’s position in the Russian market.
Following the investment, CapMan Russia and Gimv each own approximately 19% of the company.
CapMan is one of the leading private equity firms in the Nordic countries and Russia, with assets under management of €3.4 billion.
The European investment company Gimv is listed on the New York Stock Exchange (NYSE) and Euronext Brussels. With €1.9 billion under management – including third party funds – Gimv invests in buyouts as well as providing growth financing to established companies.
Source: CapMan
