About Capidea

Capidea is a Danish private equity fund making long term investments in competitive small and medium-sized companies. Capidea focuses on completing generational change, MBO, MBI as well as investing capital for growth and add-on acquisitions. Capidea is available to part take in an informal meeting with your company if this is of interest. Capidea was established in November 2006 and has a total capital commitment of approximately DKK 1.5 billion / EUR 200 million in two funds. Capidea’s second fond was established on March 1 2012 with a capital commitment of DKK 725 million / EUR 97 million. Capidea primarily invests in majority stakes within trading, distribution, service, and ma nufacturing, but can also invest in minority stakes.

Besides adding capital to a company, Capidea focuses on being active owners who engage in close strategic and operational sparring with the management in order to develop, expand and likely also internationalize the portfolio companies. Capidea always has at least one partner represented on the board of directors. Typically, Capidea involves external board members with relevant industrial experience. The portfolio companies are typically held for 3-7 years.

Companies

Fund I

Fund II

Investors

Capidea's investor base includes an attractive group of private individuals, blue chip companies, and institutional investors with a good industrial breakdown.

All investors are Danish and the investor group gives Capidea an attractive Danish network.

List of investors:

A.J. Aamund,
Copenhagen (Fund I)

Berge Invest,
Loegstoer (Fund I)

Biludan Gruppen,
Copenhagen (Fund I)

CatPen,
Slagelse (Fund I and II)

CCN Holding,
Odense (Fund I)

Clipper Group,
Copenhagen (Fund I)

Dansk Vækstkapital,
Copenhagen (Fund II)

Eldorado Holding,
Haderslev (Fund I)

FSP Pension,
Copenhagen (Fund I)

Futura Shipping & Invest,
Hoejbjerg (Fund I)

Hanssen Holding og Hanssen A/S,
Vejle (Fund I and II)

Hellebjerg Invest,
Juelsminde (Fund I and II)

Heluda,
Hellerup (Fund I)

Hr. Carsten Følsgaard,
Holte (Fund I)

Høst Holding,
Haderslev (Fund I)

Inv. Selskabet 11. feb 2012,
Copenhagen (Fund II)

Jysk Holding,
Brabrand (Fund I and II)

Merik Invest,
Hellerup (Fund I)

Nordea Bank Denmark,
Copenhagen (Fund I and II)

Nordea Liv & Pension,
Copenhagen (Fund I and II)

SIC Holding,
Fredericia (Fund II)

VKR Holding,
Hoersholm (Fund I and II)

Webco Invest,
Hoejbjerg (Fund I) 

Team

Erik Balleby Jensen, Partner & CEO
Phone: (+45) 33 38 68 01
Mobile: (+45) 21 23 33 36
Background

Erik Balleby Jensen holds an MBA and a Master of Science in Economics and Business Administration, and before founding Capidea he worked as managing director in CVC Capital Partners Denmark. Prior to this Erik was employed in Nordea as manager, responsible for the funding of acquisitions of small- and midsized Scandinavian companies and at Accenture in London, where he was a strategic adviser for a number of international clients. During his time in Capidea, Erik has primarily been responsible for the fund’s investments within distribution and was chairman of the board at EET Nordic and member of the board in Schades. Erik is currently a board member in Aagaard and Klokkerholm Karosseridele.

Jens Thøger Hansen, Partner
Phone: (+45) 33 38 68 02
Mobile: (+45) 40 34 64 62
Background

Jens Thøger Hansen holds a Master of Engineering and has a graduate diploma in finance. Jens has previously worked with strategic business development in industrial companies such as Brdr. Hartmann, Skjern Papirfabrik og SIS International as well as with Corporate Finance in Danske Bank and Ernst & Young. Jens has primarily been responsible for Capidea’s investments within production companies and is chairman of the board at Union Engineering and member of the board at API Maintenance Systems. Jens was also Chairman at K.P. Komponenter and part of the board of directors in EET Nordic Group.

Nicolai Jungersen, Partner
Phone: (+45) 33 38 68 03
Mobile: (+45) 41 19 41 26
Background

Nicolai Jungersen holds a Master of Laws from Copenhagen University and an MBA from INSEAD. Nicolai has previously worked at the Scandinavian private equity fund Procuritas Partners, ABN Amro in London and as an attorney at-law at Kromann Reumert in Copenhagen. Nicolai Jungersen has primarily been responsible for Capideas consumer related investments and is member of the board at Nümph, Ellegaard and Xstream. Nicolai has previously been a member of the board at Aagaard and Inspiration.

Martin Jørgensen, Associate Partner
Phone: (+45) 33 38 68 04
Mobile: (+45) 29 21 03 05
Background

Martin Jørgensen has a Master of Business Economics and Auditing from Aarhus Business School and has been employed at Capidea since 2007. As a previous employee at PricewaterhouseCoopers Martin has experience within auditing and advising large public listed companies as well as M&A-counseling. Martin has worked with most of Capideas investments and is observer at the board of directors at Union Engineering and member of the board in Aclass.

Henrik Normann Karlsen, Investment Manager
Phone: (+45) 33 38 68 05
Mobile: (+45) 20 94 93 26
Background

Henrik Normann Karlsen holds a master in Applied Economics and Finance from Copenhagen Business School, and has been employed at Capidea since 2007 - initially as an Analyst, thereafter as an Associate and from March 2012 as an Investment Manager. Henrik has worked thoroughly with most of Capideas investments and is a board member in Ellegaard and an observer at the board of directors at Aagaard.

Anders Kiehn Grønborg, Associate
Phone: (+45) 33 38 68 07
Mobile: (+45) 29 27 29 85
Background

Anders Kiehn Grønborg holds a master in Finance and Accounting from Copenhagen Business School and has been with Capidea as an Associate since July 2012. Anders has previously worked for Dong Energy and Deloitte during his study period. Anders is observer at the board of directors at API Maintenance Systems and Xstream.

Advisory Board

Capidea's Advisory Board consists of the following members:
Gert Eg, Chairman, Hanssen Invest A/S
Hans Henrik Kjølby, CEO, Jysk Holding A/S
Jan Lundsgaard Jensen, CEO, VKR Holding A/S
Lars Torpe Christoffersen, Executive
Mogens Hugo, Chairman, Capidea Management ApS and D/S Norden
Knud Flemming Madsen, Chairman, AVK GUMMI A/S

CSR

Capidea’s level of ambition is at the same time high and realistic both when it comes to Capidea itself, but also regarding our portfolio companies and future investments. We live up to DVCA’s guidelines within responsible ownership and good management (more on information on this can be seen here). We wish to take a step further and have developed our own CSR policies within anticorruption and good management. We work in a way that displays openness, trust, confidence and availability as some of our core competences.
We encourage our portfolio companies to work with CSR in the daily business procedures and we also include CSR as an evaluation criterion with the companies we invest in.

More about CSR in Capideas portfolio companies

A number of our companies report their CSR activities in accordance with the Danish legislation ”Årsregnskabslovens §99a”, but we encourage all of our companies to work strategically with CSR. In the portfolio companies work with CSR it is natural to focus on the following questions:

  • Which approach does the company have to CSR?
  • What is the ambition level and what are the areas of focus for the company’s CSR?
  • What is the company’s CSR strategy?
  • Which Code of Conduct and CSR policies does the company have?
  • Which CSR programs and activities does the company have?
  • How are improvements insured?
  • How is the company’s CSR policies fastened?
If deemed necessary we work to secure that the companies integrate CSR in their core values and business strategy. We know that CSR is a dynamic process and we understand that companies can face challenges within developing, implementing and anchoring CSR. Our goal is that CSR becomes an important part of all our portfolio companies’ agendas.

More about Capideas anticorruption policy

We do not accept corruption, hereunder blackmail and bribery in any way. Transparency and availability are important tools to fight corruption. Furthermore openness is a part of our core values that secure that Capidea acts socially responsible. It is of vital importance to Capidea that we are not involved in any form of corruption, hereunder blackmail and bribery. It is also important to Capidea that our work takes place in a respectable way where the investor’s interests are served in the best possible manner. Employees and partners at all levels have to avoid that personal gains and interests affect the work related dispositions or come in conflict with Capideas interests.

Capidea have internally defined guidelines for the scope and content of sponsorships and gifts that are either given or received. This secures that our decision processes are ethically unassailable and are perceived as such by the environment. Capidea has a zero tolerance policy within corruption in that:

  • Capidea does not accept or receive any form of bribery
  • Gifts received or given by Capidea do not exceed our internally accepted marginal limits
  • Our employees, through open and honest communication and information, are well equipped to withstand any potential corrupt situations in their involvement with the environment

More about Capidea’s good management policy

Our goal for our “good management” policy is to help secure that we always are an open and trustworthy investment partner. Good management is vital to creating and developing attractive work places where employees thrive and wish to be employed. We treat all parties equally and with respect. We wish to create good work places, both internally and in our portfolio companies.

Our responsibilities to our investors are based on trust and results. We know that trust is created through our own and our portfolio companies way of leading, as well as through the success of our portfolio companies. We wish to support our portfolio companies in their daily work; through understanding, professional competence and sparring with the management. We focus on securing that our portfolio companies are led by competent management teams.

More about Capidea’s investment policies

Capidea's objective is to provide superior returns to its investors by transforming the portfolio companies into more competitive and profitable entities. The value creation is due to a focused, long term development of the acquired companies, which should lead to a higher price at exit. 

Capidea invests in small and medium-sized companies within trading, distribution, service, and manufacturing with an Enterprise value (total value of company on a debt-free basis) of typically up to DKK 400 million / EUR 55 million. Capidea does not invest in real estate, financial companies, venture capital, or start-up companies.

Capidea primarily focuses on Danish companies, but the fund has the opportunity to invest in Swedish companies as well. 

Capidea invests in companies that meet the following investment criteria: strong and experienced management team, attractive market position, proven products and technologies in attractive sectors, and solid performance and potential for growth. Capidea is not permitted to investment in "unethical companies" and Capidea expects its portfolio companies to work with potential ethical issues relevant for all stakeholders. 

Capidea carries out majority and minority equity investments in well-established Danish companies in partnership with the management team and possibly former owners. Furthermore, Capidea can invite its investors or other investors to co-invest. Capidea only carries out minority investments if a clear exit-mechanism can be agreed upon. 

Capidea always has at least one partner represented on the board of directors. Typically, Capidea involves external board members with relevant industrial experience.