Elmander completed his Bosman move yesterday.
"It's difficult for Johan and I think he found it frustrating during the first couple of seasons because he never really got firing," Davies told the Bolton News.
"I'm not too sure how he found his time here, whether he had a happy time or not. But this season he's been asked to play in numerous positions and he always gave his all.
"His stats are always really high and he's scored a few good goals. It hasn't quite worked out for him but then I've been on a big move like that and it hasn't quite worked out.
"He's a great lad and the gaffer speaks very highly of him because of his work ethic and what he brought to us, so we wish him well."