Capanova Rekrytering goes to i2i Venture

2000-12-19

Adcore is reorganizing its operations and sells all of its shares in Capanova Rekrytering AB to i2i Venture AB. Capanova Rekrytering carries out qualified recruiting within the IT sector. Total sales are SEK 20 million and there are about 15 employees.

– During the year Capanova has developed a strong position in the Swedish market of recruitment business. Since recruitment is not Adcore’s core business, this solution will create far better conditions for Capanova to develop its full potential. Capanova has all the possibilities to become one of the leaders in the recruitment and staffing business, says Adcore’s CEO, Göran Wågström.

– As the owner of 37,5 percent of the smaller of i2i’s funds, Adcore’s shareholders can continue to profit from future increase in value in Capanova as i2i invests in the recruitment business, Göran Wågström continues.

– Capanova Rekrytering is a profitable business with a strong brand that operates in a business in good growth. We will continue to develop the business, says Ole Oftedal, CEO at i2i Venture.

The decision to sell Capanova Rekrytering requires the adoption of a resolution by Adcore’s shareholders. An extraordinary shareholders’ meeting will be held on 25 January 2001. Possession of the shares in Capanova shall take place on 31 January 2001. The company is being sold for SEK 24 million. As a result of the sale, Adcore will realize a capital gain of SEK 21 million for the current year.

i2i Venture is a management company that finances start-up companies through a small fund as well as more traditional risk capital projects through a relatively large fund. i2i Venture was founded in June 2000 by Adcore, Skandia Investment and Ole Oftedal.