STOCKHOLM, Sweden, Jan. 23, 2004 (PRIMEZONE) -- 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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