Nordic alternative asset manager EQT has sold Finn Power to Italian trade buyer Prima Industrie for €170 million ($252.5 million), according to a statement.
The Finn Power group specialises in sheet metal working technology and it had revenues of €208 million in 2006. EQT acquired the firm for an undisclosed sum in 2002 for its €2 billion third fund.
EQT brought in a senior partner Udo Philipp to head up the Helsinki office temporarily, an investor told PEO last year. It has also parted company with three of its senior investment professionals. Partner Juha Lindfors and directors Panu Halonen and Antti-Pekka Kääriäinen have all left the Finnish office, the source said.
EQT at the time had not made an investment in Finland since 2005.
The departures meant the firm was left with just three associate-level professionals in Helsinki.
The move was designed to renew EQT’s Finnish operation, and help the Helsinki office replicate the firm’s strong performance elsewhere in Europe, according to the investor.
Cleary Gottlieb is representing Prima Industrie legally.