EQT acquires Lillbacka Corporation (“FINN-POWER”)
EQT Northern Europe (“EQT”), the private equity fund managed by EQT Northern
Europe Ltd, has acquired 100% of the shares in the Finnish based Lillbacka Corporation (“FINN-POWER”) from Mr. Jorma Lillbacka.
FINN-POWER is a leading supplier of flexible and automated sheet metal working machines and manufacturing systems (other business areas – swaging machines and logistics – are not included in the transaction). The manufacturing and R&D are located in Finland, Belgium, Italy, and the U.S, while the distribution network covers all the significant markets globally. With a workforce of approximately 1200, the group is expected to generate revenues of around EUR 190 million in 2002.
EQT intends to go public with FINN-POWER in four to five years.
Mr. Jorma Lillbacka, the founder and CEO of FINN-POWER, says: “I am glad to hand over responsibility for the business I founded some 30 years ago to EQT. I am assured that the company will benefit from EQT’s competence, resources, and significant experience in developing companies.”
Claes Dahlbäck, Chairman of the Investment Committee of EQT, adds: “We are very excited to have acquired FINN-POWER. The company fits very well into EQT’s strategy of acquiring high quality companies with significant growth potential. The company’s leading market position, strong global network and the well-recognised brand are additional investment attractions. Furthermore, we are happy to have Mr. Lillbacka, who has been a key contributor to the past success of the company, on the Board of Directors of the company and as a resource to the management team also in the future.”
For further information please contact:
Chairman of the Investment Committee of EQT Northern Europe
+31-20-5 77 66 57
Senior Partner, EQT Partners Oy
EQT is a group of private equity funds with equity commitments exceeding EUR 3 billion and is sponsored by Investor AB. Since its inception in 1994, EQT has successfully concluded investments in 27 companies and made 6 exits.
EQT Partners, acting as investment advisor to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki and Munich. EQT realises its business concept by
acquiring and developing high-quality medium sized companies in Northern Europe.
EQT serves as an active owner and works in close co-operation with the management of the companies it acquires, to develop and implement