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EQT sells Findus to Capvest portfolio firm

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EQT II has signed an agreement with FoodVest, a holding company controlled by private equity firm CapVest Equity Partners, to sell Findus AB. EQT acquired Findus from Nestlé SA in January 2000 and since then has substantially restructured and reshaped the business and developed its leading positions within select categories of the branded frozen food market.

Findus develops, produces and markets a full range of branded frozen food products, focused on the ready meals, seafood, and vegetables segments. The company has its primary activities in the Nordic region and France with a growing market position in Eastern Europe. Findus operates 6 factories in Sweden, Norway, France and Thailand and employs approximately 1,900 full time employees. In 2005 net sales amounted to approximately EUR 450m. The sale is conditional upon approval by the relevant competition authorities. Deutsche Bank, Vinge and E&Y acted as advisers to EQT and Findus on the transaction.
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