EQT sells Finn-Power to Prima Industrie.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") 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 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. 208 million. Prima, listed on the Milan Stock Exchange Milan Stock Exchange The largest regional stock exchange in Italy, facilitating more than 90% of the country's trading volume. , 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 Operating Model is a term that is used in many contexts. In essence an operating model describes how an organization operates across both business and technology domains. The Operating Model describes what is important for the organization. , 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 Stahlberg, Senior Partner at EQT Partners
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 (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. , Finn-Power. Vinge acted as legal advisor to EQT and Finn-Power on this transaction. EQT III is one of a group of private equity funds that manage approximately EU11 billion in equity in 11 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, Oslo, Frankfurt, Munich, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Shanghai and Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. . The EQT Funds realise their business concept by acquiring, financing and developing high-quality medium sized companies in Northern Europe and Greater China. They serve 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 Funds have invested in about 60 companies. This information was brought to you by Cision http://newsroom.cision.com |
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