2003-02-12

Industri Kapital finalises the sale of Paroc to Banc of America Equity Partners

The Industri Kapital 1997 Fund, Partek Corporation, part of the Kone Group and the management of Paroc have on 12 February 2003 finalised the sale of Paroc Group Oy Ab to a Finnish holding company owned by a fund administered by Banc of America Equity Partners.

Paroc is one of the leading manufacturers of stone wool insulation products and solutions in Europe. Paroc products include building insulation, technical insulation, marine insulation, structural stone wool sandwich panels and acoustics products. Paroc’s net sales in 2001 totalled EUR 281 million (January-September 2002: EUR 206 million) and the company has 1,800 employees. Last year’s operating profit before depreciations and non-recurring items (EBITDA) totalled EUR 38 million (33). Paroc’s main markets are Finland, Sweden, the Baltic countries and Poland, and it has sales companies in 13 countries.

Industri Kapital is one of the leading private equity firms in Europe with equity capital under management in excess of EUR 3 billion from Nordic, European and international institutional investors. Since its formation in 1989 Industri Kapital has, through its four funds, carried out 46 strategic investments. Industri Kapital currently has a portfolio of 25 companies with a total turnover exceeding EUR 11 billion.

Further information
Michael Rosenlew, Director, Industri Kapital, tel. +46-8-6789500
Peder Biese, President and CEO, Paroc Group, tel. +358-204-55-4868

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