EQT, Vaaka Partners sell shares worth €119m in Musti

The shares in the company, which was floated on Helsinki Stock Exchange in January this year, were sold for €15.8 a share to institutional investors.

Finnish GP Vaaka acquired Musti in a management buy-in in June 2010, which saw the GP buy out owner Matti Varpula, with Mika Sutinen taking over as CEO. EQT acquired the company in 2014 using its EQT Mid Market Fund. 

The GPs chose an accelerated book-building process to divest their shares worth €118.5m. Carnegie and Nordea Bank acted as joint bookrunners on the sale. 

Following the transaction, EQT Mid Market Fund will hold 1.9 million shares in Musti. 

The GP has entered into a lock-up agreement to not to sell any more shares till 12 November or publication of the next interim report by Musti, whichever occurs earlier. 

Founded in 1988 and based in Helsinki, Musti is a Nordic pet care specialist operating in Finland, Sweden and Norway. It has a market capitalisation of €538.2m.

The company generated EBITDA of €34.3m from revenues of €246.6m for the year ending in September 2019.

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• Topics
• GPs
• Nordics
• EQT
• Vaaka Partners Ltd (Formerly Pohjola)
• Finland