STOCKHOLM, Sweden, Nov. 2, 2005 (PRIMEZONE) -- EQT Finland ("EQT"), Mellby Gard and certain co-investors have signed an agreement with Siemens to sell Bewator, one of the leading European suppliers of products and systems for access security.
EQT acquired 67% of Bewator from Mellby Gard in December 2002. Since then, Bewator has made significant investments in sales & marketing and new product development, streamlined its operations by divesting non-core assets and made several add-on acquisitions. The ambitious growth strategy and measures implemented have been successful, and sales within access security have increased from approximately MSEK 300 in 2002 to approximately MSEK 500 in 2005.
Today, Bewator develops and offers a complete security product range in access control and video control for security installers. The company has one of the European security market's most established product portfolios, from code locks to integrated systems, marketed in more than 45 countries.
"The ambition when EQT acquired Bewator was to create one of the leading European players in the field of access security. It is very satisfying to see that the potential EQT identified at the time of the acquisition has been realised and that Siemens, being a leading industrial player within the security area, share our view of the continued development potential", says Fredrik Atting, Partner in EQT Partners, who advise EQT's funds.
"Bewator is an exciting company. Together we will take further steps to grow our combined security businesses and to strengthen our position as a leading supplier worldwide. We look forward to developing strong and growth oriented partnerships with Bewator's product distributors and installers," says Francois-Xavier Hedon, Head of Fire Safety & Security Products division at Siemens.
The sale is conditional on approval by the relevant competition authorities. The selling shareholders have been advised by Lehman Brothers.
EQT is a group of private equity funds that manages approximately EUR 6 billion in equity in 7 funds. EQT Partners, acting as investment advisor to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki, Frankfurt and Munich. EQT realizes its business concept by acquiring and developing high-quality, medium-sized companies in Northern Europe. EQT serves as an active owner and works in close cooperation with the management of the companies it acquires in order to develop and implement value-enhancing strategies. To date, EQT has invested in 39 companies with a combined enterprise value of approximately EUR 13 billion.
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