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Industri Kapital Acquires Majority Stake in Moventas

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February 12, 2007—Industri Kapital signed an agreement with CapMan Funds to acquire a majority stake in Moventas, a Finland-based manufacturer of industrial and wind turbine gears and provider of gear maintenance and service.

CapMan acquired Moventas and Metso Drives in 2005. CapMan and Varma will remain minority shareholders in Moventas. Upon completion of the transaction, Industri Kapital will own 58% of Moventas. The remaining ownership of the company is divided between Varma (4%), CapMan Funs (16%) and company management (22%).

Moventas reported sales of 207 million euros for 2006.

Michael Rosenlew, a partner at Industri Kapital, says, ?We are delighted to be acquiring Moventas which benefits from a leading position as an independent major wind gear manufacturer with a strong position in selected industrial market segments. We are looking forward to working with the management team and CapMan to bring the company to its next stage of development. We will continue organic expansion by leveraging Moventas' unique position, focusing on supporting the company in enhancing operational excellence and in particular in improving customer service. We will also pursue acquisition-led growth.?