EQT Northern Europe Limited (”EQT”), the Investment Manager of the EQT Northern Europe private equity fund, has successfully finalized negotiations with Electrolux regarding the purchase of the major part of Electrolux Leisure Appliances (”Leisure”), a division within the Professional Indoor Products business area of Electrolux. The agreement is subject to regulatory approval.
Leisure is the world market leader in absorption refrigerators for recreational vehicles, hotel rooms and medical applications. The company is also a world market leader in air conditioners and awnings for recreational vehicles and the European leader in windows and doors for recreational vehicles. Leisure operates 10 manufacturing facilities throughout Europe, the United States, Mexico and South Africa and has approximately 2,200 employees. Total sales in year 2000 amounted to SEK 4,200m.
The agreement does not include the operations in Germany, Austria and Slovakia, which had external sales of approximately SEK 1,100m in year 2000 and about 1,400 employees. Electrolux has an option to divest these operations to EQT at a later date.
EQT believes that Leisure is a very well-managed business with attractive growth prospects in the growing market for leisure appliances. Leisure has an impressive track record, technological leadership and a reputation for high quality products. EQT intends to support the business through investing in product development and geographic expansion to further develop Leisure.
Claes Dahlbäck, Chairman of the Investment Committee of EQT Northern Europe, states in connection with reaching the agreement: ”We are excited about the investment in Leisure which will be EQT Northern Europe’s first investment. We remain impressed by Leisure’s strong management team and its excellent track record. EQT is looking forward to further developing the business by providing support from our extensive international network and industrial expertise.”
Svend Holst-Nielsen, former Head of Unilever in the Nordic region, will be
appointed Chairman of the Board of Directors of Leisure.
The debt financing is solely arranged and underwritten by The Fuji Bank,
Limited (Mizuho Financial Group).
For further information, please contact:
Mr. Claes Dahlbäck
Chairman of the Investment Committee of EQT Northern Europe
Phone: +31-20-577 66 70
Mr. Conni Jonsson
Managing Partner, EQT Partners AB
Phone: +46-8-440 53 00
Mr. Håkan Johansson
Senior Partner, EQT Partners AB
Phone: +46-8-440 53 00