Kevin Dowd December 19, 2016
EQT Partners has agreed to sell BSN Medical, a provider of medical therapy products, to Svenska Cellulosa Aktiebolaget at a valuation of €2.7 billion. In 2012, EQT used its sixth flagship fund to purchase the company at an enterprise value of €1.8 billion.
The firm has maintained a steady exit pace in recent years, selling off between eight and 10 investments each of the past five years, according to the PitchBook Platform. That comes after a two-year stretch—in 2008 and 2009, during the heat of the financial crisis—in which EQT completed a grand total of just four exits.
Like so many other firms in the PE industry, the crisis is a clear point of demarcation for EQT. In the heady days between 2005 and 2007, only one private equity firm in the world—The Carlyle Group—completed more new investments than EQT’s 197. Once the world’s financial markets went haywire, though, EQT nearly dropped off the map: After 78 investments in 2007, the firm completed just 29 in 2009 and 13 in 2010.
Now EQT is busy offloading parts of that engorged portfolio. The sale of BSN marks its biggest exit of the year, but the list includes a handful of other notable deals such as the sale of EEW Energy from Waste to Beijing Enterprises for €1.4 billion in March and a €600 million exit from Automic Software to CA Technologies (NASDAQ: CA) earlier this month.