The Finnish private equity firm CapMan, which manages Russia-focused fund CapMan Russia Fund L.P., has invested an undisclosed amount in exchange for a 29% equity stake in Lumex Instruments, a leading Russian analytical instrumentation company. CapMan Russia also plans to increase its ownership in Lumex to 44% during the next year. The founding shareholders of Lumex will hold the remaining shares.
Founded in 1991, Lumex develops and manufactures analytical instrumentation products for scientific, industrial and environmental control applications in the food and beverages, power and utilities, agriculture, chemical, and other industries. St. Petersburg-headquartered Lumex has a dominant market share in Russia and significant market share in a number of analytical technologies markets worldwide. Lumex generates 25% of its sales outside of Russia and CIS markets. Lumex, which has a holding company in Cyprus, holds production facilities in Russia and sales & service offices in Russia, Germany, China, and the US. Lumex is expected to generate sales turnover of EUR 11 million in 2011.
In July 2011, CapMan Russia invested in Expert Photo.