EQT Scandinavia I acquires Stenqvist from Duni

EQT Scandinavia I ("EQT") has reached an agreement to acquire 100% of Stenqvist Holding AB from Duni AB.

Stenqvist's operations are focused on paper bags and paper carriers and other paper-based packaging materials for retail and industrial customers. In addition, Stenqvist produces and markets a full product range of plastic and flexible packaging materials.

Stenqvist is Northern Europe's largest producer of paper bags, and holds strong market positions in the Northern European countries. The company has manufacturing facilities in Sweden, Norway, Poland and Austria.

In 1998, Stenqvist's net sales were approx. SEK 850 million.

Stenqvist's strong and stable cash flow forms an excellent platform to further strengthen its position as a leading, focused packaging company. EQT is impressed by management's strong track record in achieving growth and sustain profitability.

"We welcome EQT as our new owners, and look forward to working with them. Stenqvist has potential to grow sales and earnings, and to actively continue the internationalisation process, as well as to participate in the industry consolidation", says Mr. Thomas Billing, CEO of Stenqvist.

The acquisition of Stenqvist means that EQT Scandinavia I (formerly Scandinavian Equity Partners) now has invested almost all of its capital commitments, totalling SEK 2.9 billion. The fund's portfolio currently consists of Sabroe Refrigeration, Perlos, Duni, FlexLink, Struers, TAC, StjärnTV and Ballingslöv. A new fund, EQT Scandinavia II, was established in August 1998 with capital commitments of SEK 5.7 billion.

Headquartered in Stockholm, Sweden, Duni is the world's leading producer of high quality, disposable tableware products such as napkins, tablecloths, candles, plates and cutlery. In January 1997, EQT acquired 50% of Duni from its parent Tidnings AB Marieberg who retained a 50% ownership in the company.

For more information, please contact:
Mr. Massimo Rossi, Chairman, Stenqvist, tel. +41-79-200 3350 (mobile)
Mr. Thomas Billing, CEO, Stenqvist, tel. +46-435-263 00
Mr. Andreas Tallberg, EQT Partners AB, tel. +46-440 53 25