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Eqvitec Technology Fund III invests in Powernet


PRESS RELEASE – 15 MAY 2008

Eqvitec Technology Fund III has as of today acquired the majority of Finland-based power supplies provider Powernet Oy

Powernet designs, manufactures and sells power supplies, power supply systems and related products for the use of several industries. It focuses on demanding applications, where technology know-how plays a critical role and the company’s competitive edge is highlighted. Customers include multinational companies mainly within electric power, machinery and telecommunication. The company had a turnover of EUR13 million in 2007.

The management of Powernet maintains a significant ownership in the company. “We are excited about the transaction, which brings along an investor who is growth and entrepreneurship oriented. Eqvitec brings in a lot of experience and we feel confident to significantly develop Powernet together during the next years”, says Jouni Pasanen, Managing Director of Powernet.

Markus Laine, Investment Manager at Eqvitec Partners Oy, states: “Powernet has demonstrated steady, continuous and profitable growth over the last years. The need for demanding power supply solutions continues to grow and we see strong demand especially in the wind energy sector. This transaction reshapes the company’s ownership base, which we expect to further increase the entrepreneurship spirit in the company.”

Paul-Erik Sjöman starts as the new Chairman together with Hannu Martola and Raimo Juntunen as other new external board members. All have a long background and wide experience in electric power and electronics industries.

For more information, please contact:

Jouni Pasanen, Managing Director, Powernet Oy, tel. +358 9 8362 8322 or +358 50 331 4081, jouni.pasanen@powernet.fi.

Markus Laine, Investment Manager, Eqvitec Partners Oy, tel. +358 207 809 847 or +358 50 466 2838, markus.laine@eqvitec.com.

About Powernet
Powernet Oy is a Finland-based privately owned technology company focusing on power electronics. The company was founded in 1992 and has premises in Vantaa and Äänekoski, Finland. Powernet employs over 90 people and generated a turnover of EUR13 million in 2007. The majority of the products are exported. More information can be found at www.powernet.fi.

About Eqvitec Partners Oy
Eqvitec Partners Oy is one of the largest technology focused venture capital and private equity firms in Northern Europe. The company was founded in 1997 and employs 15 investments professionals in Helsinki and Stockholm. Eqvitec Partners currently advises five funds with a total capital base of 440 million euros. The funds invest in technology companies in all phases from start-up to buyouts. At the moment the funds have investments in 40 companies and have carried out 35 exits. More information can be found at www.eqvitec.com.


Publisher Contact Information:

EQVITEC Partners Oy
+358 207 809 847
markus.laine@eqvitec.com

Company profile of EQVITEC Partners Oy
Past press releases of EQVITEC Partners Oy.

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