Our strategy

Industry:

Solar energy systems

Exit method:

Sale to the Management

Location:

Örebro, Sweden

Project team:

Vesa Keränen and Jussi Salminen

Website:

www.freebo.se

• Investment year 2018
• Exit year 2024
• Personnel at exit 47

Freebo provides rooftop solar energy systems as turnkey solution mainly for households living in detached houses. Company has successfully delivered over 6,000 solar energy systems to its Nordic customers. The comprehensive turnkey Freebo solutions have made clean and emission-free small-scale production of solar energy a more attractive option for many households. Freebo serves today their customers nationwide in Sweden through its five sales offices and employs 40 solar energy professionals.

MB Funds become the majority shareholder of the company in January 2018 when the founders of Freebo were looking for an experienced partner to support company’s development.

The energy industry is going through a transitional period, and decentralized energy production, such as small-scale solar energy production in single-family houses, is quickly gaining more ground. The small-scale solar energy production capacity connected to the electricity network has almost doubled annually in Sweden during past years, and this trend is expected to continue. The development and growth prospects in other Nordic countries are quite similar.

Freebo has done groundbreaking work in bringing renewable energy production solutions easily available to households. The company’s business model emphasizes an active direct sales concept – serving customers in their homes.

Under MB Funds ownership, Freebo has continued to invest in developing its organization, service offering and key processes with the aim to offer its customers the best service experience and the best product and service solutions in the industry. Freebo has extended its clean technology offering to cover the charging solutions for electric vehicles, too. The organic growth of the company is expected to continue strong in the coming next years.

Industry:

Industrial software and digitalization services

Exit method:

Sale to private equity firm

Location:

Jyväskylä

Project team:

Juha Tukiainen, Aapo Eskelinen

Website:

pinja.com

• Investment year 2017
• Exit year 2022
• Net sales at exit 57 M€
• Personnel at exit 550

Pinja is a Finnish company specializing in industrial automation, software and digitalization services for customers mainly in industrial sectors such as pulp & paper, energy and marine.  Pinja offers software development, industrial automation, quality assurance and process digitalisation services. The company has its own software products that can make the customers’ production and service processes more efficient.

Entrepreneur Timo Akselin founded Pinja in 1990, and under his lead the company grew into a significant service provider in the industry. In the late 1990’s, the company added software expertise to its services in addition to engineering services. In the summer of 2017, MB Funds became the majority owner of Pinja to support and finance the development and growth of the company.

Industrial digitalisation, automation and industrial internet are interesting and growing industries. The significance of digitalisation is expected to grow considerably in the industrial sector within the next years. The added value produced by industrial internet is based on the data it helps to gather and produce. The right processes can refine the data produced by industrial internet into a more usable format. The network helps the automatic real-time analytics organise the vast amount of data into usable key figures and progress reports. The produced data can help optimise and control the processes automatically.

Pinja has successfully managed high-quality customer projects relating to digitalisation, automation and industrial internet, as well as produced the required services. The company’s customer base is very diverse, from a wide area and a wide array of industries.

With MB Funds’ support, Pinja has made several acquisitions that have reinforced their operating model and renewed their service processes. The company keeps growing and reaching new international frontiers.

With MB Fund’s support Pinja has made several acquisitions that have reinforced their operating model and renewed their service processes. In May 2021 Pinja sold Pinja Industry Oy, affiliates specialized in industrial planning services, and Pinja’s local company in China, to AFRY. After the transaction Pinja is now purely a software company.

MB Funds sold Pinja to a private equity player Norvestor in February 2022.

Industry:

Home care services

Exit method:

Sale to industrial buyer

Location:

Helsinki

Project team:

Eero Niiva, Kimmo Vanne, Hannu Puhakka

Website:

debora.fi

• Investment year 2017
• Exit year 2021
• Net sales at exit 28 M€
• Personnel at exit 390 (FTE)

Debora, founded in 1999, is a Finnish social and health service company operating nationwide in Finland. The company provides home care services for the elderly, disabled, and families with children. Key services include home care and home nursing, personal assistance, and outpatient services for families with children. Debora acts as a partner in outsourced public sector social and health services and is an active service provider in the care and support activities based on freedom of choice and service vouchers. Debora makes thousands of home visits each month.

MB Funds became the majority owner of Debora in July 2017 after purchasing the majority stake from the company founders, the Ritola family. CEO Elisabeth Ritola remained as shareholder and other key personnel also became shareholders.

Debora made five business acquisitions in 2018 and expanded to new areas like Raasepori, Rovaniemi, Porvoo and Heinola. In 2018, Debora also bought the personal assistance company Sortso Oy.

Debora is one of the leading home care service providers in Finland. At the time of MB Funds’ exit from Debora the company operates through 16 regional units in approximately 60 municipalities and employs over 1500 professionals.

In December 2021 MB Funds sold Debora to Mehiläinen. Debora’s child welfare services businesses were not included in the transaction. They were sold to Humana in June 2022.

Industry:

Forest industry

Exit method:

Sale to industrial buyer

Location:

Kotka

Project team:

Hannu Puhakka, Eero Niiva

Website:

www.kotkamills.com

• Investment year 2015
• Exit year 2021
• Personnel at exit 522

Kotkamills is an integrated forest industry company focusing on folding boxboard and food service boards, laminating paper and sawmill products. The company’s production site is located in Kotka and 90% of its products are exported mainly to Europe, but also to other continents. In the fall of 2015, Kotkamills invested 170 million euros to close the printing paper machine and built a new high-quality board machine. This machine, with baseboard, laminating and packaging lines, is one of the most advanced in the world and one of the largest in capacity (400,000 tonnes) in Europe.

Kotkamills aims to reach a globally significant market position as a producer of cupstock and food service board with its unique plastic-free and completely recyclable solution. The company has already reached 10% market share in folding boxboard production in Europe. The customers include brand companies selling products to consumers as well as packaging manufacturers.

As a manufacturer of laminating paper, Kotkamills is one of three largest companies in the world with the annual production of 165,000 tonnes. The company’s product is used for coating materials that are in heavy use in furniture manufacturing, building materials and the demanding plywood solutions in the transport industry. The principal markets are in Europe and Asia.

Kotkamills is also a significant producer of whitewood in Europe with its 210,000 m³ capacity. The sawmill operations satisfy the company’s need for woodchip required by the board production. Central parts of Kotkamills industry are, in addition to the sawmill, the CTMP plant producing chemi-thermomechanical pulp needed for baseboard, the pulp mill producing unbleached pulp for laminate, the processing plant for pulp made of recycled paper, and steam and power plants.

MB Funds, together with the management team behind the board innovation, bought the shares in a management buy-in from the private equity firm Open Gate Capital. To finance the investment, the purchase of shares was backed by simultaneously issuing bonds worth 105 million euros. The project was also backed by outside investors. Other Kotkamills key personnel also became shareholders.

The global market for consumer packaging board that could use Kotkamills products amounts to 12,3 million tonnes. In Europe, the market is growing approximately 3% annually. The growth is fastest in food service board, which is replacing plastic as a material. The eating habits of people are expected to become even more focused on fast food and the takeaway culture, which promises increasing demand for disposable food packaging. At the same time, regulating the use of plastics has become more severe especially in Europe. The EU has made the decision to prohibit the use of disposable plastic cups, plates and cutlery by the end of 2021, since plastic has become a significant environmental threat for the plants and animals in the oceans as well as many land areas. Board products, especially ones that are plastic-free like Kotkamills products, have a huge market potential as a replacement for current plastic products made of polyethylene.

Kotkamills’ growth strategy has been based on strategic board investment, the development of board products, launching products, and forming relationships with customers. The board production and sales began in the fall of 2016 and exceeded 150,000 tonnes by the end of 2017. In 2018, the sales were over 240,000 tonnes, and the growth will continue throughout 2019 and 2020.

Industry:

Vehicle inspection and drivers’ examination services

Location:

Helsinki

Project team:

Juha Tukiainen, Marko Palmunen and Jussi Salminen

Website:

www.a-katsastus.com

• Investment year 2019
• Exit year 2021
• Net sales at exit 68 M€
• Personnel at exit 876

A-Katsastus Group is Finland’s leading provider of vehicle inspection, drivers’ examination, registration and road traffic licensing services. The company has nationwide station network and it provides drivers’ exams and license services under an exclusive nationwide governmental contract with Traficom.

A-Katsastus Group returned to Finnish ownership as MB Funds acquired a majority stake of the company from a foreign private equity firm in the summer of 2019.

Over the past years the inspection industry has experienced notable transformation due to the development of service concepts and regulatory reforms in the industry.

In February 2021, the entire share capital of A-Katsastus Group Oy was sold to Tradeka-Yhtiöt Oy

Industry:

Professional kitchen equipment manufacturer and turnkey provider

Location:

Helsinki

Project team:

Marko Palmunen, Vesa Keränen, Hannu Puhakka

Website:

www.dieta.fi

• Investment year 2015
• Exit year 2023
• Net sales at exit 41 M€
• Personnel at exit 144

Dieta, founded in 1993, is one of the leading turnkey providers of professional kitchen equipment in Finland. Dieta manufactures, imports and markets kitchen equipment, instruments and tabletop products, as well as offers maintenance and technical services primarily to restaurants, hotels, and educational units and hospitals in the public sector. Dieta’s subsidiary Dietatec is the world’s leading manufacturer of cook-mix-chill kettles for professional kitchens. In addition to the Finnish market, Dieta also operates in Sweden and Estonia.

MB Funds became the majority owner of Dieta in February 2015 after purchasing the shares from the company founders and other shareholders. Managing director Juhani Järvenpää continued as a minority owner of the company.

Global trends like urbanization and developments in the restaurant industry, caused by busy everyday life and the search for new experiences, increase the demand for Dieta’s products and services. Households become smaller and a growing percentage of meals is eaten outside of the home. It is estimated that the demand for restaurant services will grow faster than the economy on average. Dieta is the only operator in the market with the capacity to serve their customers with a competitive selection of appliances, equipment and services both in the kitchen as well as the dining areas.

The widest selection of products makes Dieta one of Finland’s leading operators in its field. Under MB Funds ownership, the range of products and services has been improved to better meet the changing needs of the customers. The company has also determinedly expanded in the Nordics. In the years 2016-2017, Dieta enhanced its position in Sweden through two add-on acquisitions.

MB Funds sold  Dieta Group to WestStar, a Finnish family owned company, in 2023.

Industry:

Food products

Exit method:

Sale to industrial buyer

Location:

Jyväskylä

Project team:

Hannu Puhakka, Marko Palmunen

• Investment year 2014
• Exit year 2021

Makua Foods manufactures, sources and imports pioneering products in chosen food categories. The company’s operations are based on long-term cooperation within the domestic market. Makua Foods actively searches for new interesting products for consumers and develops new operating models together with its retail customers.

In 2014, MB Funds and Makua Foods management acquired a small liquorice company Makulaku Lakritsa Oy to act as an anchor company and to find more products suitable for the concept.

The demand for food products grows at an even rate and changes happen constantly within the industry. The grocery stores face severe price competition and are constantly searching for new products. Makua Foods aims to work as a small and agile operator to find new niche products that entice consumers and have less price competition.

In 2015, Makua Foods acquired Arho Nordic Oy (its name subsequently changed to Green Taste Oy), expanding the product range to Myrttinen pickled cucumbers, Pappagallo ice creams, Memmas Knossos olive oils and San Benedetto beverages. In 2016, Makulaku Lakritsa invested in a modern production line, which has led to a strong increase in the exports of liquorice.

Industry:

Logistics outsourcing services

Exit method:

Sale to industrial buyer

Project team:

Matti Mertsola, Marko Palmunen

• Investment year 2010
• Exit year 2019
• Net sales at exit 132 M€
• Personnel at exit 3287

Suomen Transval Group offers internal logistics outsourcing and HR services in Finland and the Baltic countries. Transval’s customer base mainly consists of international or regional companies in the logistic and industrial sector as well as retail chains. The services include streamlining material flow in warehouses, terminals and industrial operations as well as flexible human resourcing and consulting in continuous logistic process development.

MB Funds, along with key management, acquired Suomen Transval in June 2010 from the main shareholder and company founder Kari Valtanen. Mr. Valtanen remained a significant minority shareholder in the company.

Under MB ownership, Transval’s development and growth have been strong and the turnover has grown from 27 million euros to 132 million euros. In June 2014, Transval acquired the industrial packing solutions company Vindea Oy from Panostaja Oyj. In 2017, Transval acquired Humanlink, a company offering shelving services for retail customers in Finland and the Baltic countries.

In January 2019, the entire share capital of Suomen Transval Group Oy was sold to Posti Group Oyj.

Industry:

Movable rental spaces

Exit method:

Sale to private equity firm

Project team:

Juha Tukiainen, Hannu Puhakka

• Investment year 2012
• Exit year 2018
• Net sales at exit 101 M€
• Personnel at exit 200

Parmaco designs, manufactures and rents pre-fabricated high-quality modular buildings primarily to municipalities in Finland and Sweden for use as day-cares and schools, but also as nursing homes and office spaces. The buildings are typically designed to meet the customers’ specific needs and rented for 3-10 years periods.

Parmaco is an expert in rentable buildings and aims to make building rentals an integral part of municipal strategies both in Finland and Sweden. Parmaco wants to utilize its concept to ease the economic situation in municipalities, improve predictability and eliminate risks that come with ownership.

MB Funds acquired the custom-made modular rental space business, with 33,000 m² of space as well as production sites in Leppävirta and Pyhäjoki, from Cramo in 2012. The acquired businesses were named Parmaco.

During MB Funds’ ownership Parmaco invested strongly in growth. In early stages, the most important measures were activating and organising sales and developing production. The industrial hall business that were not a part of the core business were sold to focus specifically on high-quality movable day-care and school rentals. By the end of 2018, Parmaco’s rental fleet covered 200,000 m², consisting mainly of day-cares and schools rented to municipalities.

In 2015, Parmaco expanded its operations into Swedish markets. In the same year, Parmaco also began designing and manufacturing standard buildings, which offered a more sophisticated, faster and more efficient concept for schools and day-cares. Sweden has proved to be an interesting growth market, and in 2018 Parmaco built in Sweden the largest movable school building in Europe covering approximately 13,000 m².

In the fall of 2018, Parmaco was sold to an international group of investors led by Terra Firma.

Industry:

Medical diagnostic services

Exit method:

Sale to industrial buyer

Project team:

Juha Tukiainen, Kimmo Vanne, Aapo Eskelinen

• Investment year 2015
• Exit year 2017
• Net sales at exit 20 M€
• Personnel at exit 80

Cityterveys, founded in 2014, focused exclusively on medical diagnostic services and operated independently of large medical chains and traditional health centers. The company’s services included magnetic resonance imaging (MRI), x-ray, ultrasound scans, mammography screening and laboratory testing. Cityterveys utilized new technologies and its customers included private and public customers, occupational health care organisations, and other medical service providers.

Cityterveys was founded by Dr Martti Kiuru. In its early stages, the company opened clinics specialising in magnetic resonance imaging in Helsinki, Tampere and Vaasa. When the expansion of the network required further resources, MB Funds joined in to support and finance the growth of Cityterveys in 2015.

Cityterveys grew rapidly with the help of MB Funds resources, reaching a nationwide network of over 25 clinics. The company conducted several outsourcing projects concerning diagnostic services in occupational health care and primary health care. Cityterveys quickly grew into the largest magnetic resonance imaging provider in Finland. The success was based on the customer-oriented operating model, modern IT-systems and affordable pricing. By focusing exclusively on diagnostics, the company could make the pricing lower and thus better available to patients.

In the summer of 2017, Cityterveys was sold to Synlab, the leading medical diagnostics provider in Europe.

Industry:

Chemical production

Exit method:

Sale to industrial buyer

Project team:

Eero Niiva, Juhani Suomela

• Investment year 2007
• Exit year 2013
• Net sales at exit 135 M€
• Personnel at exit 42

Forchem is the second-largest tall oil fractionation plant in Europe. Under MB Funds ownership, the products were sold through the company’s sales organisation to nearly a hundred industry customers mainly in Europe. Forchem’s raw material is tall oil, which is a byproduct of the pulp industry. Forchem purchased the oil from over 20 pulp mills, mainly from the Nordic countries.

Forchem’s production plant was located in Rauma, Finland, and production began in late 2002. The annual distillation capacity was approximately 175,000 tonnes and the company had 40 employees. All products were natural products made with 100% renewable raw materials. Typical end uses were alkyd paints, diesel fuel additives, printing inks, adhesives, machining lubricants and detergents.

MB Funds acquired Forchem from four private equity investors specialised in early-stages companies and two management owners in early 2007. In the transaction, a group of key personnel also became company shareholders.

During the six years of MB Funds ownership, Forchem’s organic growth was rapid and the turnover grew by 80%. The production-oriented operating model was changed into a market-oriented model focusing on the customer. The raw material supplier base was diversified and the company developed new products to meet the changing needs of the customers. The fractionation operations were developed to keep the supply high under all circumstances. Forchem established its position as an industry leader and a product development partner for several key customers.

In the fall of 2013, Forchem was sold to the Portuguese industrial company Respol, one of leading rosin upgraders in Europe and a previous Forchem customer. After the acquisition, Respol became a significant company in the sector of crude tall oil-based industrial products.

Industry:

Refrigeration solutions

Exit method:

Sale to industrial buyer

Project team:

Eero Niiva

• Investment year 2005
• Exit year 2013
• Net sales at exit 135 M€

Under MB Funds ownership, Norpe was the leading manufacturer of refrigeration solutions for food retail and food industry. The company’s main products were supermarket fixtures, self-condensing plug-in equipment and separate condensing units with included installation services. The company also ran an efficient service network in all Nordic countries.

In 2005, MB Funds and the company management acquired Norpe from Hollming Oy, a family company from Rauma.

Under MB Funds ownership, Norpe’s turnover grew by more than 50% and the company expanded its direct exports into new markets, such as Germany and Denmark. Norpe exported products to 25 different countries. The company also developed new energy-efficient and user-friendly refrigeration equipment. Norpe’s strategic target was to become a major service provider for 25 largest food retail chains and strengthen its position in the convenience store sector in the Nordic countries.

In the fall of 2013, Norpe was sold after bidding to German family business Viessmann Group, one of the leading international manufacturers of heating systems, industrial systems and cold generation systems, with turnover exceeding 2 billion euros. After the acquisition, the name Norpe was changed in accordance to the Viessmann brand.

Industry:

Elderly care services

Exit method:

Sale to private equity firm

• Investment year 2004
• Exit year 2011
• Net sales at exit 59 M€

Industry:

Vehicle inspections

Exit method:

Sale to private equity firm

• Investment year 2003
• Exit year 2006
• Net sales at exit 97 M€

MB Funds became the main owner of A-Katsastus Ltd. (formerly known as Suomen Autokatsastus, Finnish Vehicle Inspections) in April 2003, when the company, previously state-owned, was sold by competitive tender. The sale was the next logical step for the state, following the company’s transformation, first into a public utility and then into a company, thus freeing competition in the sector.

Once MB Funds had joined the owners, the company strategy was renewed to aim for the goals of growth and internationalisation. The downward trend of the company’s Finnish market share was reversed by means of the establishment of new inspection stations and the acquisition of existing stations. After the Danish market had been freed for competition, A-Katsastus soon became the second largest operator on the market, with the establishment of more than 20 stations, and was outstripped only by the previous monopoly. The first stations in Russia were also established and the company’s standing in Poland and Latvia was strengthened. In addition to driving licence and vehicle inspection operations, testing was selected to complement the company’s business operations. To this end, Test World Ltd., a company based in Inari, Lapland, and operating in the field of vehicle and tyre winter testing, was acquired.

During the period under the ownership of MB Funds, which lasted less than three years, the A-Katsastus turnover was increased by more than 50 percent, profits were multiplied and the share of international operations grew significantly. In 2005, A-Katsastus’s turnover totaled approximately €97 million.

Industry:

Technical inspection, testing and certifications

Exit method:

Sale to private equity firm

• Investment year 2002
• Exit year 2007
• Net sales at exit 112 M€

Inspecta provides versatile testing, inspection and certification services in the Nordic countries. Under MB Funds’ ownership the company’s operational area covered Finland, Sweden, Estonia and Latvia and its client base was broad, with the central customer segments including energy and process sectors, property sector, construction and manufacturing industries, and infrastructure and service sectors.

MB purchased Inspecta from the Finnish state in 2002, after public tender proceedings. In connection with the transaction, SFS Sertifiointi (SFS Certification Ltd.) was merged with Inspecta, and its owners became minority owners of Inspecta. At the time, Inspecta’s turnover was around €18 million. The implementation of a growth strategy was initiated in the new product and market segments, with company acquisitions being an important part of the growth strategy right from the outset.

Under the ownership of MB Funds, Inspecta acquired nearly 20 new companies. An important internationalisation process began in 2005, with the purchase of the Latvian company, JSC IBNA, in April, followed by the December acquisition of the Swedish inspection operations of Det Norske Veritas. The acquisition in Sweden more than doubled Inspecta’s turnover.

In 2007, after successful add-on acquisitions and having achieved a sound profitability level, Inspecta had more than 1,000 employees and a turnover exceeding €110 million. Furthermore, the company’s prospects for additional growth were favorable, as was participation in the consolidation process ongoing in the sector.

In the summer of 2007, Inspecta was sold by MB Funds and its other owners to the private equity investor, 3i.

Industry:

Occupational health care services

Exit method:

Sale to industrial buyer

• Investment year 2000
• Exit year 2007
• Net sales at exit 109 M€

In February 2000, the privatisation process at Medivire Occupational Health Services Ltd. led to MB Funds become the main owner of the company, with other owners being the state, Ilmarinen pension insurance company and the operative management. In 2004, MB Funds purchased the state’s minority share. Medivire Occupational Health Services evolved from an internal, occupational health service unit of the state to become the leading company in the field. It was the only nationwide company specialising in occupational health services and was a market leader in terms of both size and advanced operational methods.

Under the ownership of MB Funds, Medivire Occupational Health Services almost tripled in operational volume and its profits multiplied. The challenging goal of turning an internal, state service unit into a market leader in an extremely competitive field proved to be a success thanks to long-term development methods.

The Medivire Occupational Health Services turnover totaled €109 million in 2007. MB Funds exited the ownership in the company by selling it to Suomen Terveystalo in August, 2007.

Industry:

Confectionery industry

Exit method:

Sale to industrial buyer

• Investment year 2000
• Exit year 2005
• Net sales at exit 56 M€

MB Funds became the main shareholder in Panda in October 2000, after the Norwegian conglomerate, Rieber & Son, had decided to withdraw from operations in the confectionery sector. The operative management of the company joined the owners with a 15% share. Panda’s main market was Finland. The major export countries included the Nordic countries, the UK, the US and Poland. In Finland, Panda was the market leader in liquorice products and chocolate confectionery.

Under the ownership of MB Funds, Panda’s strategy was to be among the top two or three suppliers in selected product categories. The market position was improved, especially in liquorice products, and the market share in Finland increased to around 50 percent. Market shares were also considerably increased in central export markets. Panda’s growth was clearly more significant than general growth within the market, and profitability was substantially increased. In 2005, Panda’s turnover reached over €56 million.

MB Funds relinquished its ownership in Panda in June 2005, when Felix Abba, a part of the Norwegian conglomerate Orkla, acquired the company.

Industry:

Colorants and tinting systems

• Investment year 2000
• Exit year 2005
• Net sales at exit 157 M€

Industry:

Market research and opinion surveys

• Investment year 1999
• Exit year 2001
• Net sales at exit 37 M€

Suomen Gallup was a pioneer in opinion and market research in Finland. The company was founded in 1945 and is a founder member of Gallup International, which operates in over 50 countries.

In 2000, Suomen Gallup Group had net sales of €30.7 million and employed 650 persons. Besides market research in Finland, through its subsidiaries and affiliate companies Suomen Gallup has had a profound influence on market and media research in the Baltic countries and Russia since the end of the 1980s.

MB Funds purchased Suomen Gallup from the relief association of the Institute of Marketing in July 1999. The management of Suomen Gallup and the Institute of Marketing relief association became shareholders in MDC Research Group Oy, the group’s parent company. Suomen Gallup Group developed through acquisitions and concerted efforts in Russia. In spring 2001 the company was sold to British Taylor Nelson Sofres Ltd., one of the leading companies worldwide in the sector. The total value of the disposal was €50.5 million.

Industry:

Feed industry

• Investment year 1999
• Exit year 2003
• Net sales at exit 175 M€

Industry:

Electricity meters

• Investment year 1999
• Exit year 2006
• Net sales at exit 81 M€

Industry:

Cleaning, real estate, security and care services

Exit method:

Sale to industrial buyer

• Investment year 1999
• Exit year 2004
• Net sales at exit 203 M€

At the end of 1998, MB Funds acquired the Engel group by competitive tender, following the state’s privatisation procedure. The state remained a minority shareholder and the management of the company joined the new ownership. After the purchase, in spring 1999, an issue of shares targeted at the entire personnel, was organised.

The Engel group offered cleaning, security and care services. During the period of its ownership, MB Funds was actively involved in the development of Engel’s operations. As a result of both organic growth and 20 add-on acquisitions, the company expanded, becoming the market leader. In 2004, the Engel group turnover totaled approximately €203 million and it had a staff of around 7,000 persons.

MB Funds sold the Engel group to ISS Finland in June 2004. The purchase price, excluding debt, was €192 million.

Industry:

Plastics industry

• Investment year 1998
• Exit year 2002 / 2005
• Net sales at exit 195 M€

Industry:

Printing

• Investment year 1997
• Exit year 1998
• Net sales at exit 190 M€

MB Funds made an investment in Tryckinvest i Norden AB (“TINA”) in December 1996. The investment was made together with UBS Capital, a Swiss-registered private equity investor. TINA was formed through the purchase of Sweden’s leading printing company, comprising the printing houses Interprint Kungens Kurva and Sörmlands Grafiska. The company’s management became shareholders of TINA.

TINA grew through an acquisition in Finland in September 1997. Helprint Oy, owned by A-Lehdet, became part of the TINA Group and A-Lehdet became a shareholder. At this stage MB Funds made a further investment. Helprint’s management also became shareholders in TINA. Net sales of the TINA Group including Helprint in 1997, the year of the investment, amounted to SEK 1.6 billion.

Following a number of technical and structural adjustments, TINA listed on the Stockholm Stock Exchange on 5 June 1998. At the same time MB Funds realized part of its investment. After two competing public bids were made for the company, the entire share capital of the company was sold to Canadian Quebecor Printing Inc.

Industry:

Chemicals industry

• Investment year 1997
• Exit year 2000
• Net sales at exit 200 M€

Industry:

Paper industry chemicals

• Investment year 1996
• Exit year 2005
• Net sales at exit 210 M€

Industry:

Paper sacks manufacturing

• Investment year 1996
• Exit year 1999
• Net sales at exit 10 M€

Industry:

Electronics manufacturing services

• Investment year 1996
• Exit year 2000
• Net sales at exit 752 M€

Industry:

Construction information services

• Investment year 1996
• Exit year 1998
• Net sales at exit 13 M€

Industry:

RF filters

• Investment year 1995
• Exit year 1998
• Net sales at exit 17 M€

Industry:

Rental of construction machinery and equipment

• Investment year 1995
• Exit year 1998
• Net sales at exit 35 M€

A-Rakennusmies Oyj (now Ramirent Oyj) is the leading company in Finland in rentals and sales of construction machinery and equipment. During MB Funds’ ownership the company had a nationwide network of over 70 outlets. The main product groups included small site machinery, scaffolding and protective equipment, shuttering and bracing, site huts and containers and tower cranes and hoists. In the year it listed, A-Rakennusmies had net sales in excess of FIM 210 million (EUR 35.3 million) and employed 322 persons.

The company was owned by Partek Oy Ab, Oy Julius Tallberg Ab and Starckjohann Tekniikka Oy until December 1995, when a management buy-out was arranged through MB Funds. A large number of the company’s key personnel, MB Funds and its investment partner CapMan became shareholders. A further investment was made in November 1997, when Partek and Starckjohann divested their holdings in full.

A-Rakennusmies Oyj listed on the Helsinki Stock Exchange on 30 April 1998, following which MB Funds realized its shares.

Industry:

Protective housings for electronic and other equipment

• Investment year 1995
• Exit year 2000
• Net sales at exit 5 M€

Industry:

Plastics industry

• Investment year 1991
• Exit year 1994/2005
• Net sales at exit 35 M€

Industry:

Wholesale of information technology

• Investment year 1988
• Exit year 1998
• Net sales at exit 92 M€