EQT Scandinavia I has signed an agreement with the private equity investment firm Triton to sell Stenqvist. Completion of the transaction is subject to approval from the competition authorities.
Stenqvist was acquired by EQT Scandinavia I in 1999. Following EQT’s acquisition, Stenqvist has pursued a Nordic consolidation strategy and Stenqvist acquired the Finnish market leader Rosenlew in 2000 and the Danish market leader Unibag in 2002. As a result of the acquisition-led growth strategy, Stenqvist’s sales have doubled during EQT’s ownership and pro-forma sales for 2002 were approximately SEK 1,600 million.
Thomas von Koch, Partner at EQT Partners, says: “During EQT’s ownership Stenqvist has accelerated growth and improved profitability. Complementing Stenqvist’s strong management team with an experienced and committed Board of Directors has contributed to making Stenqvist a very successful investment for EQT”.
Thomas Billing, CEO of Stenqvist, comments: “With Triton as new owners of Stenqvist, I am certain that Stenqvist will continue its growth as well as looking to take the business to its next stage of development”.
Stenqvist is a leading manufacturer of packaging materials within its field in the Nordic region. The company’s products comprise paper- and plastic based packaging products for retail and industrial use such as bags, carrier bags and reels for flexible packaging. The company has manufacturing facilities in Sweden, Norway, Finland, Denmark, Poland and Austria and sells its products all over Europe. The number of employees is approximately 1,000.