AAC Capital makes second deal since spinning out

AAC Capital Providers, a European buyout firm which spun out of ABN Amro’s private equity activities, has acquired Empower Oy, a service provider for the power, telecoms and industrial sectors in Finland and the Baltic countries.

No sum was disclosed for the transaction, in which 3i and Nordic private equity firm Profita Management realised their investments.

Debt funding was provided by OKO Acquisition Finance and Nordic Mezzanine. AAC Capital Partners has taken a majority stake in the business, with management reinvesting some of their proceeds.

Empower Oy is AAC Capital Partners’ second investment under its new brand name since spinning out.

Empower operates from 70 locations across Finland and the Baltic countries with head offices in Espoo, Finland. It also has subsidiaries in Russia and a branch office in Sweden, employing 2,000 people in total. Revenues have increased from €80m in 2003 to an expected €155m in 2007, according to Warburg Pincus.