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Eqt Annual Review — 20 Years Edition

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Eqt Annual Review — 20 Years Edition EQT ANNUAL REVIEW — 20 YEARS EDITION MISSION STATEMENT “By making portfolio companies stronger for the long-term, EQT creates returns to investors and adds value to society.” EQT TODAY EQT is the leading private equity firm in Northern Europe, with a 20-year track record of delivering attractive risk-adjusted returns to investors. EQT is acknowledged as a responsible investor and owner, with unique skills in developing companies into great and sustainable enterprises for the long-term. EQT has around 60 companies in its portfolios, in a variety of industries on three continents, with approximately 500,000 employees and revenues totalling more than EUR 25 billion. EQT has around 300 employees globally, of which approximately 120 are professionals advising the funds within EQT’s four investment strategies – Equity, Mid Market, Infrastructure and Credit – guided by a responsible ownership approach and an industrial growth strategy. A key competitive advantage is EQT’s unrivalled network of Industrial Advisors, who are established business leaders and entrepreneurs with experience from many industries and regions, all providing great competence in operational and strategic issues in their fields of expertise. EQT rigorously applies a distinctive governance model, with clear roles for the owner, the board of directors and the management of portfolio companies, which ensures each company performs with excellence and reaches its full potential. EQT Partners and its affiliates, acting as Investment Advisor/sub-advisor to the managers of each EQT fund, have offices in Copenhagen, Frankfurt, Helsinki, Hong Kong, London, Munich, New York, Oslo, Shanghai, Singapore, Stockholm, Warsaw and Zurich. 5 20 YEARS OF COMPANY DEVELOPMENT 13 LETTER FROM MANAGING PARTNER AND CHAIRMAN 18 BOARD OF DIRECTORS’ ROUNDTABLE DISCUSSION 25 INSIDE EQT PARTNERS 37 A RESPONSIBLE INVESTOR AND OWNER 40 EQT PORTFOLIO COMPANIES 41 PORTFOLIO COMPANY CASES – BSN MEDICAL – CLASSIC FINE FOODS – ITSLEARNING – SYNAGRO – XXL 53 EQT’S INDUSTRIAL APPROACH – INVESTMENT STRATEGIES – GROWTH AND DEVELOPMENT – INDUSTRIAL NETWORK – CORPORATE GOVERNANCE MODEL 61 THE EQT ACADEMY 65 INVESTORS 69 EQT FUND FACTS 75 PEOPLE 79 CONTACT INFORMATION AND DEFINITIONS 20 YEARS OF COMPANY DEVELOPMENT 6 EQT ANNUAL REVIEW 20 YEARS EDITION 20 YEARS OF COMPANY DEVELOPMENT The idea of starting a private equity firm, built on the programs etc. I talked to Claus Moller at AEA Investors philosophy of the Wallenberg family and the Nordic almost every night during the first years and Vincent values and approach to company development, Mai, CEO of AEA Investors, played an important role in was born in 1993 at Restaurant Eriks in Stockholm’s the development of EQT.” Old Town. Conni Jonsson (Vice President) and Claes SEB, the Swedish bank, was the third founding Dahlbäck (CEO) at Nordic-based industrial holding partner, alongside Investor AB and AEA Investors. With company Investor AB, together with John Hepburn and SEB came a young banker, Fredrik Åtting, who has now Griffith Sexton at Morgan Stanley, had shared a long worked for EQT in many locations in Europe and also dinner brainstorming new business models. led EQT’s business in Asia for many years before most Conni remembers: “We all much believed in the recently moving to work for EQT in Germany. private equity concept. The first step to make it happen Peter Wallenberg also wanted another aspect to was to convince Peter Wallenberg, Chairman of the be covered before he could support the concept: the board of Investor AB and the head of the Wallenberg industrial expertise to truly develop companies. Proven family, and the other members of the board of directors Swedish business leaders, such as Gösta Bystedt (CEO to support the idea. We knew that the only way to Electrolux), Harry Faulkner (CEO Alfa-Laval), Massimo convince them was to develop a concept that was in Rossi (CEO Swedish Match) and Leif Östling (CEO line with the Wallenberg values of long-term company Scania) all became involved in EQT. development and industrial approach.” “It was the starting point of our Industrial Network that has played such a big role in the development of EQT 1994 over the years. All these individuals were industrialists The board of Investor AB with, among others, Bo and businessmen, but ultimately entrepreneurs. The Berggren (Stora) and Anders Scharp (Electrolux), liked experiences from these years have influenced our the idea and gave Conni Jonsson the mandate to start recruitment of Industrial Advisors ever since. Both the business. Massimo Rossi and Leif Östling still play important roles He put together a small team, consisting of Thomas in EQT’s business,” Conni explains. von Koch (now Managing Partner of EQT) and Bengt The idea of small, active boards of directors, investing Hellström (now with one of the biggest Swedish pension personally and chaired by an Industrial Advisor with the funds). relevant expertise to support management, was born. “At this time, we didn’t know much about how to For the Swedish partners it was also a natural model successfully implement the private equity model so we of governance with the kind of long-term thinking, clear contacted AEA Investor, the “pioneer” of private equity accountabilities, mutual trust and support that had made in the US, and convinced them to become owners in the many well-known Swedish companies so successful in new venture, EQT Partners,” Conni remembers. the past. AEA Investors was founded in 1968 to make As part of EQT’s governance model, the TROIKA was investments in small- and medium-sized companies with developed as a forum for trustful cooperation between backing from the Rockefeller, Mellon and Harriman owner, board and management. The idea was to form families as well as S G Warburg & Company. Conni a group including the Chairman, CEO and an EQT Jonsson and Claes Dahlbäck got to know them through Partner to meet in between the board meetings and Investor AB’s operations in New York. discuss daily issues, usually on a weekly basis, giving Conni Jonsson: “We learned a lot from them about the CEO the support and a second opinion that he how to structure investments, management participation or she might be missing in a more traditional set-up of 7 EQT ANNUAL REVIEW 20 YEARS EDITION Stockholm 1994 corporate governance. EQT has built and developed Conni Jonsson remembers how it felt. “People said: the governance around it since then. Is that possible? But for us that just proved the concept The new venture also needed a name. At the time the was right and from thereon people started believing it.” state-run Swedish radio and TV monopoly had ceased, Jan Ståhlberg sees it as a pivotal moment for EQT: resulting in many new radio channels being started. “It was EQT’s first deal so all resources were put on it. One of them was NRJ, pronounced “Energy”. Thomas The strategy was to buy and build; several companies von Koch had listened to the radio channel and came were acquired and put together into a private industrial up with the idea: “What about calling it EQT, as a short context, where EQT could develop it. You can see a form of Equity?” They looked up the word. Equity means number of things that have become part of EQT from the ideal of being just, impartial and fair, which since that very deal.” then has been part of EQT’s value base. Fredrik Åtting: “Brukens proved that the model worked Now all the pillars were in place, except for one. but, what’s also important is that the investment advisory “Peter Wallenberg told me: you must recruit someone team worked. We had good chemistry and liked to who understands companies in depth, who can work with each other.” spot discrepancies in the books. After some time we During this time, the team made a considerable effort were able to identify Jan Ståhlberg, CFO at the steel raising the first fund. Investor AB had committed 15% to the producer Ovako,” explains Conni. fund, but with 85% of the capital still missing, it was crucial to get momentum into the fundraising. The first important 1995 step was to convince a group of AEA investors, as well It turned out to be a successful recruitment of a person as wealthy families in the US and Europe, to invest. with an acute business sense. The team soon identified “I have never been as nervous as when I went up Brukens Thermotreat, a specialist in heat treatment of on stage in New York in front of this distinguished metals with a leading position in its Nordic markets. gathering. But they invested another 15% and we were EQT believed it was undervalued by the stock market. on our way,” recalls Conni. Jan, with his business experience from the sector, made The team saw plenty of opportunities for growth in a huge contribution with the analysis. The team went the Nordic region. Henning Kruse Petersen (at that time to Vienna to discuss their thoughts with the owner and Managing Director at Nykredit Group) recommended left the meeting with an option to acquire their shares. Conni to recruit a Dane, Bjørn Høi Jensen, who worked The first investment was secured. EQT invested EUR 20 for Enskilda in London. As a result, Bjørn joined EQT million and acquired 100% of the company in a buy-out Partners as partner and moved to Stockholm. from the Stockholm stock exchange. In 1995, General Partners and Fund Management A new board of directors was appointed, with offices were established in Amsterdam and Guernsey. significant industrial expertise, including the CEOs, or former CEOs, of Scania, SKF, Electrolux and Alfa 1998 Laval: people who really knew the company’s markets The partners were convinced that key to EQT’s success and opportunities.
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