EQT sells Finn-Power to Prima Industrie
EQT III (”EQT”) has signed and closed the sale of Finn-Power Group (“Finn-Power”) to Prima Industrie S.p.A (“Prima”). Finn-Power develops, manufactures and markets flexible and automated sheet metal working machines and manufacturing systems under the brand name FINN-POWER. In 2006 Finn-Power generated sales of approximately EUR 208 million. Prima, listed on the Milan Stock Exchange, is a supplier of high-power laser systems for cutting, welding and drilling of three dimensional (3D) and bi-dimensional (2D) parts. In 2006 Prima had sales of approximately EUR 148 million.
EQT acquired Finn-Power in May 2002 from the founder of the company. Under EQT’s ownership Finn-Power has grown sales from approximately EUR 136 million in 2002 to estimated EUR 240 million in 2007. Since 2002 Finn-Power has continued to invest heavily in product development adding even more strength to the FINN-POWER brand. Moreover, as opposed to being vertically fully integrated Finn-Power’s strategy today is to focus on core competencies including R&D, market presence and services. Production is organized around partnerships with leading suppliers to support the strategy and enabling Finn-Power to concentrate on strategic assembly and system installations. This approach has led to a substantial increase in cost-efficiency, flexibility and scalability of operations.
“I am delighted to see Prima as new owner of Finn-Power. This industrially sound transaction creates the third largest player in the market with unparalleled product offering. Under EQT’s ownership period Finn-Power has completely changed its operating model, which has resulted in significantly improved global competitiveness. To arrive where Finn-Power is today would not have been possible without hard work of Finn-Power’s management and employees as well as continuous support from the owner.” said Jan Ståhlberg, Senior Partner at EQT Partners, who advises EQT.
“We highly appreciate Prima as new owner of Finn-Power. Both from the technological and business point of view the combination is nothing short of excellent. There are obvious synergies to be utilized, and our product ranges complement each other in an exceptional manner with few, if any, overlaps. Together, they constitute a highly competitive whole”, said Tomas Hedenborg, CEO, Finn-Power.
Vinge acted as legal advisor to EQT and Finn-Power on this transaction.
Jan Ståhlberg, Senior Partner,
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