CapMan partially exits MQ though IPO
Funds managed by CapMan have sold 6.8 million of their shares in MQ Holding AB in connection with the company’s IPO. MQ’s share price was set at SEK 32 giving a market cap of approximately SEK 1.1 billion. The offering was subscribed several times.
MQ is one of Sweden’s leading players in women’s and men’s fashion, with 106 stores and a product portfolio comprising both its own and external brands.
CapMan’s equity funds, CapMan Buyout VIII and CapMan Equity VII A, B, Sweden, held a combined 52 percent stake in MQ prior to the public listing. The stake has now been reduced to 28 percent . The remaining shares held by CapMan´s funds are subject to a six-month lock up period. Following the listing, MQ will repay its remaining mezzanine loans to CapMan Mezzanine IV and Finnmezzanine Fund III B.
The partial exit from MQ by CapMan’s funds will not affect CapMan Plc’s result for 2010, as the funds involved are not yet generating carried interest.
Trading in the MQ shares on NASDAQ OMX Stockholm starts today under the ticker symbol “MQ”.
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| Fund | CapMan Equity VII B |
| Portfolio Company | MQ Retail |
| Date of Transaction | 2010-06-18 |
| Transaction | IPO |
| Seller | |
| Buyer | |
| Size of Transaction | |
| Ind. Focus | Consumer |
| Geography | Sweden |
| Stage | Small/mid-cap buyout |