EQT I bought Vaasan & Vaasan, a leading producer and distributor of bakery products in Finland and the Baltic states in 1998 from Cultor Group.

During EQT´s ownership Vaasan & Vaasan focused on expanding the company’s international footprint by increasing exports and achieving growth through acquisitions in Lithuania and Sweden. As a result of the growth strategy, Vaasan & Vaasan’s sales increased from EUR 220 million in 1998 to almost EUR 280 million in 2003.

EQT I sold the company to the financial buyer CapVest in 2004.

Key events during EQT's ownership:

• Acquisition of Vilniaus Duona and full utilization of synergies from Baltic baking operations.
• Focus on improving the base profitability.
• Improvement of cash flow through investments in mass production