Following the purchase of a majority shareholding
of Phase One by Silverfleet Capital in February 2014,
many questions were raised about the future of Phase One.

This video with Phase One CEO Henrik Håkonsson
answers many of those questions

_{Kevin Raber of Luminous-Landscape and Henrik}

Håkonsson of Phase One   Duration: 21 minutes

On February 18, 2014 Silverfleet Capital announced their plans to invest in Phase One.  As happens in the photography industry this announcement sent the rumor mills into high gear.  Loyal Phase One customers were worried that Phase One may be following the path of its competitor which is now run by a VC firm.  Talk of changes and layoffs also were making the rounds.  Not to mention other speculations and rumors. So, we felt what better way to get the right story than to go to the source.  Kevin Raber caught up with Henrik Håkonsson CEO of Phase One, in Las Vegas last week at the WPPI show and had a chat with him on what this new investor means for Phase One.

The February 18, 2014 Announcement

Silverfleet Capital to invest in Phase One A/S

Silverfleet Capital, the European private equity firm, has today agreed to make a significant investment in Phase One A/S, the world’s leading brand in high-end medium format digital camera systems and in image processing software. Completion is subject to obtaining clearance from the competition authorities. The consideration for the transaction has not been announced.

Phase One designs and manufactures medium format camera systems for the world’s most demanding professional photographers and advanced amateurs, as well as having an industrial division supplying camera systems, predominantly for aerial photography. Furthermore, Phase One is a world leader in software for processing raw images. The business is renowned for its technical expertise and innovation, having been the first to manufacture commercially a fully portable medium format digital camera back in 2004. It has continued to launch new, innovative products ever since, culminating in the recent launch of its new IQ250 digital camera back; the first available medium format back using a CMOS sensor.

Silverfleet Capital will acquire a majority investment in Phase One from the existing management team, who will reinvest a significant amount of money for a substantial minority stake. Bank financing for the transaction is to be provided by Nordea.

The investment by Silverfleet will enable the business to grow through continued innovation and new product launches, additional marketing and the potential acquisition of complementary businesses or technology.

Henrik Håkonsson, who is currently the majority shareholder, will continue as CEO of the business after the transaction. He commented: “We are delighted to work with Silverfleet going forward. Their international outlook, financial capability and track record of growing companies, make them an ideal partner for us as we accelerate the growth of our business”.

Gareth Whiley, Partner at Silverfleet Capital with responsibility for the Nordic region and who led the transaction, will join the Board as a non-executive director. Gareth commented: “Phase One is a world class company with unrivalled products and an excellent management team. We are excited to be able to partner with Henrik and his team to further develop this highly successful business and brand.”

The Silverfleet Capital team that worked on the transaction also included Alfa Chan, Rob Knight, Mark Piasecki and Jack Priestman who are based in Silverfleet Capital’s London office.

_{March 9, 2014}