EQT VII buys BlueStep

Financial details surrounding the transaction remain undisclosed. The deal saw the GP acquire the business from UK-based firm EMK Capital.

EQT closed its seventh buyout fund, EQT VII, on its €6.75bn hard-cap in August 2015, less than six months after launch. In line with previous funds, EQT VII focuses on investments in northern Europe and across all sectors, targeting equity investments typically ranging between €125-600m.

Bregal Capital bought a majority stake in BlueStep in 2008 for an estimated £25-50m. The firm spun out from the Bregal Investments umbrella earlier this year and rebranded as EMK.

Company
Founded in 2005, BlueStep is headquartered in Stockholm and offers mortgages and personal loans in Sweden and Norway. The bank provides mortgage products to borrowers who self-certify their income, have adverse credit histories or for other reasons have difficulties accessing the mainstream mortgage market. The bank reported a post-tax profit of SEK 116m in 2016.

People
EQT - Albert Gustafsson (partner).
BlueStep Bank - Öyvind Thomassen (CEO).

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