Return to search

EQT sells Findus to CapVest

EQT II has signed an agreement with FoodVest, a holding company controlled by private equity firm CapVest Equity Partners to sell Findus in a secondary buyout transaction. Financial details of the transaction were not disclosed. EQT acquired Findus from Nestlé SA in January 2000 and has since 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 six factories in Sweden, Norway, France and Thailand and employs approximately 1,900 full time employees. In 2005 net sales amounted to approximately €450m.

Christian Sinding, partner of EQT Partners, said: “Findus has developed under EQT’s ownership to become a successful standalone business with a strong management team and an excellent position from which it can continue to grow.” The sale is conditional upon approval by the relevant competition authorities. Deutsche Bank, Vinge and Ernst & Young acted as advisers to EQT and Findus on the transaction.