EQT sells Stenqvist to Triton

The Scandinavian private equity firm has exited the Swedish packaging materials business it acquired in 1999 in a secondary sale.

Stockholm-headquartered private equity firm EQT Partners has sold its Swedish packaging materials business Stenqvist to German private equity firm Triton. Terms for the deal have not been disclosed.


Stenqvist was acquired by EQT's Scandinavia I fund in 1999. EQT has expanded Stenqvist through a series of acquisitions across the Nordic region, including the Finnish market leader Rosenlew in 2000 and the Danish market leader Unibag in 2002. Stenqvist's sales have doubled during EQT's ownership, increasing to SKr1.6bn (E180m) in 2002. Stenqvist’s products comprise paper and plastic based packaging products for retail and industrial use such as bags, carrier bags and reels for flexible packaging.


'During EQT's ownership Stenqvist has accelerated growth and improved profitability,” said Thomas von Koch, partner at EQT Partners, in a statement. “Complementing Stenqvist's strong management team with an experienced and committed Board of Directors has contributed to making Stenqvist a very successful investment for EQT.”


This is the second major deal for Triton, which specialises in buyout opportunities across Germany and the Nordic countries, in the last six months. In November, it acquired aquarium and pond supply business Tetra from US pharmaceuticals giant Pfizer for E240m. The firm is investing from its first fund, the Triton Fund which closed on E590m in 2000.


EQT is also thought to be close to a deal to acquire Comhem, the Swedish-Finnish cable television company owned by TeliaSonera. The firm has agreed to pay around $235m for the business, beating off competition from Apax Partners and Advent Venture Partners. EQT has so far been unavailable for comment.