EQT Sells Plantasjen to Apax.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 III ("EQT") is selling Plantasjen to funds managed by Apax Partners ("Apax"), after tripling the company's sales under EQT's ownership. EQT acquired Plantasjen in October 2001. The company has since then entered the Swedish and Finnish market, established a total of 45 new stores and is today the leading Nordic super centre chain with 72 stores in Norway, Sweden and Finland. In parallel, a development program encompassing efficiency and organization-related initiatives has been implemented. These measures have led to strong growth and increased earnings. Plantasjen's sales increased threefold from NOK NOK In currencies, this is the abbreviation for the Norwegian Krone. 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. 840 million in 2001 to approximately NOK 2 500 million as expected in 2006, and in the same period EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become increased from approximately NOK 100 million to well over NOK 300 million. The company's stores provide a wide assortment covering the customers' entire needs for garden and terrace products as well as decorative flowers and in-house plants. Plantasjen's outlets are based on a well-established concept that focuses on customer experience, easy access, high capacity and competitive prices. "During EQT's ownership Plantasjen has evolved into the leading Nordic garden centre thanks to an aggressive rollout strategy, focus on operational excellence, development of the organization as well as clear corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. . Plantasjen's management supported by the Board as led by Chairman Tore Thorstensen, have delivered results above EQT's expectations", said 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 at EQT Partners
EQT Partners , who advises EQT's funds. "EQT established a clear growth strategy in connection to the acquisition 2001 that we have subsequently followed. We highly appreciate Apax as new owners of Plantasjen as they intend to support the strategy of the company entering into new geographical markets. We look forward to continue capitalizing on our attractive future growth opportunities", said HENkan Eriksson, 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 Plantasjen. The sale is conditional on approval by the relevant competition authorities. Merrill Lynch and SEB Noun 1. SEB - a form of staphylococcal enterotoxin that has been used as an incapacitating agent in biological warfare staphylococcal enterotoxin B Enskilda acted as financial advisors and Steenstrup Stordrange as legal advisor to EQT and Plantasjen on this transaction. Contact: Christian Sinding, Partner, +46 8 506 55 336, christian.sinding@eqt.se Johan HEnhnel, Communications & PR, +46 706 056 334, johan.hahnel@eqt.se EQT is a group of private equity funds that manages approximately [euro] 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, Munich and Hong Kong. EQT realises its business concept by acquiring and developing high-quality medium sized companies in Northern Europe and Greater China. 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 about 50 companies. |
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