The deal announced in early September for the sale of Noiro, the cosmetics and detergent business of Finnish healthcare specialist Orion Corporation, to funds managed/advised by CapMan was closed today.
The closing of the deal had been subject to the approval of the Finnish Competition Authority. According to a statement today, the price of the transaction was over €100 million.The deal includes all the business operations and the related assets and liabilities of Noiro and its subsidiaries.
Noiro's 2002 net sales totalled €135.3 million and operating profit €9.8 million. All the 850 employees are joining the new company under the current terms of employment.
The operations will continue under the name Noiro Ltd.