EQT acquires Lillbacka Corp

Nordic private equity firm EQT has acquired the Finnish sheet metal manufacturing systems supplier.

EQT Partners has completed the acquisition of Lillbacka Corporation, the sheet metal manufacturing systems supplier using its EQT Northern Europe fund. The company has been sold by Jorma Lillbacka, who founded the company 30 years ago. Lillbacka will join the board of directors and will advise the company management.

The purchase price for the company, which has locations in Finland, Belgium, Italy, and the US, has not been disclosed. The group is expected to generate revenues of around E190m in 2002.

Claes Dahlbäck, chairman of the investment committee of EQT, said that he hopes to float the company within the next four to five years. “The company fits very well into EQT's strategy of acquiring high quality companies with significant growth potential.”

EQT manages a group of private equity funds with equity commitments exceeding E3bn and is sponsored by Investor AB. Since its inception in 1994, EQT has successfully concluded investments in 27 companies and made six exits. EQT Partners, acting as investment advisor to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki and Munich.