Click here for printer friendly page
3i, Profita to sell Empower to AAC22/11/2007. Source: AltAssets. 
 3i and Finnish private equity firm Profita Management's Profita Fund II have agreed to sell their shareholdings in Finnish energy and telecoms service provider Empower to European private equity firm AAC Capital Partners. Financial details of the deal have not been disclosed.
Following the transaction, AAC Capital Partners will hold a majority stake in the Espoo-based company, while Empower's management will continue to hold a minority stake.
Empower provides services in energy data management, production services, transmission networks and distribution and telecom networks sectors in Finland, Estonia, Latvia, Lithuania and Russia. Revenues reached €155m in 2007, with EBITDA up from €4m to an expected €12m in the same time period. The number of employees has also risen from 1,100 to 2,000.
3i and Profita acquired respective 42 per cent and 33 per cent stakes in Empower from Pohjolan Voima and Vattenfall in early 2004.
3i director, Berndt Schalin, said, 'During 3i's investment period, Empower completed a critical stage in its development. It went from a company owned by its clients to a leading independent business operating on market terms. With Empower's milestones achieved, we felt the time was right for a new partner to accompany it on its next stage of growth.'
The sale is the latest this year for 3i, who recently sold Nordic service management company Coor Service Management Group to Cinven in a deal worth around €540m. The private equity firm also recently agreed to acquire upmarket underwear retailer Agent Provocateur in a deal thought to be worth around £60m.
Copyright © 2007 AltAssets
|
