EQT divests Vaasan & Vaasan to CapVest

EQT divests Vaasan & Vaasan to CapVest

EQT Scandinavia II has signed an agreement with the private equity
investment firm CapVest to sell Vaasan & Vaasan. Completion of the
transaction is subject to approval from the competition authorities.

Vaasan & Vaasan was acquired by EQT Scandinavia II in 1998. Following
EQT's acquisition, Vaasan & Vaasan has focused on expanding the
company's international footprint by increasing exports and achieving
growth through acquisitions in Lithuania and Sweden. As a result of the
growth strategy, Vaasan & Vaasan's sales have increased from EUR 220
million in 1998 to almost EUR 280 million in 2003.

Andreas Tallberg and Christian Sinding, Partners at EQT Partners,
commented in a joint statement: "During EQT's ownership the Vaasan &
Vaasan management team has been highly successful in growing the company
and building Vaasan & Vaasan into the leading bakery player in both
Finland and the Baltic states. The work of the management team has been
complemented by an experienced and dedicated Board of Directors, who
together have contributed to making Vaasan & Vaasan a very successful
investment for EQT."

Matti Lappalainen, CEO of Vaasan & Vaasan, comments: "I am certain that
Vaasan & Vaasan will continue its growth with CapVest as new owners. We
are looking forward to continuing to drive the Company's long-term
development in accordance with our strategy."

Vaasan & Vaasan is a leading producer and distributor of fresh bread and
other bakery products in Finland and the Baltic states. The company's
product portfolio comprises some of the most recognised consumer brands
in Finland and the Baltics, such as "Vaasan", "Leibur", "Hanzas
Maiznica", "Vilniaus Duona" and "Finn Crisp". Vaasan & Vaasan employs
approximately 4000 people.


Contact:
Andreas Tallberg, Partner, EQT Partners Oy, + 358 9 6962470
Christian Sinding, Partner, EQT Partners GmbH +49 89255 49 90
Matti Lappalainen, CEO, Vaasan & Vaasan Oy, + 358 20446 111


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