EQT Sells Findus to CapVest.STOCKHOLM, Sweden -- EQT EQT Environmental Qualification Test EQT Engine Qualification Test EQT Engineering Qualification Testing EQT Equatorial Crossing Time EQT Emotional Quotient Theory EQT Engineer Qualification Tables II ("EQT") has signed an agreement with FoodVest, a holding company controlled by private equity firm CapVest Equity Partners ("CapVest"), to sell Findus AB ("Findus"). EQT acquired Findus from Nestle SA in January 2000 and since then has substantially restructured and reshaped the business and developed its leading positions within select categories of the branded frozen food market. Findus develops, produces and markets a full range of branded frozen food products, focused on the ready meals, seafood, and vegetables segments. The company has its primary activities in the Nordic region and France with a growing market position in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. . Findus operates 6 factories in Sweden, Norway, France and Thailand and employs approximately 1,900 full time employees. In 2005 net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight amounted to approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 450 million. Christian Sinding Christian August Sinding (January 11, 1856–December 3, 1941) was a Norwegian composer and the brother of the painter Otto Sinding and the sculptor Stephan Sinding. , partner of EQT Partners
EQT Partners , comments: "Findus has developed under EQT's ownership to become a successful standalone business with a strong management team and an excellent position from which it can continue to grow." Per Harkjaer, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Findus, comments: "During the last 18 months we have focused the business on the Nordic area and France, divesting our subsidiaries in Australia, Germany, Spain and the UK. We have increased our efforts in product development and consumer marketing with good results. The repositioning of Findus leaves it ready for growth and with CapVest as our new owners I am confident we are in the best hands to take the business forward." The sale is conditional upon approval by the relevant competition authorities. Terms have not been disclosed. Deutsche Bank, Vinge and E&Y acted as advisers to EQT and Findus on the transaction. EQT is a group of private equity funds that manages approximately EUR 6 billion in equity in 8 funds. EQT Partners, acting as investment advisor Investment Advisor 1. A person making investment recommendations in return for a flat fee or percentage of assets managed, known as a commission. 2. For mutual fund companies, it is the individual who has the day-to-day responsibility of investing and monitoring the cash and to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki, Frankfurt 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 value-enhancing strategies. In total EQT has invested in 39 companies, with sales of approximately EUR 16 billion. This information was brought to you by Waymaker http://www.waymaker.net |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion