EQT to Acquire the Heavy Duty Engine Cooling Division of Valeo

Business Wire, May 21, 2008

STOCKHOLM, Sweden -- EQT Opportunity ("EQT") has agreed to acquire the heavy duty engine cooling division of Valeo, the French automotive Group.

The acquired operations are comprised of some 940 employees in three manufacturing sites - Mjallby and Linkoping in Sweden and Jamestown, NY, in the United States. The business supplies engine cooling solutions to leading manufacturers of trucks, buses, off-highway equipment and industrial diesel engines. In 2007, the division generated sales of 176 million Euros.

"We are very pleased to team up with a reputable investor and look forward to continue developing the business together with EQT. EQT's industrial approach will be valuable for us when implementing our strategy for the future" says Lars Larsson, Managing Director of Valeo Engine Cooling AB.

"The business is well positioned to benefit from the increasing need for cooling solutions in commercial vehicle and industrial end markets. We look forward to working with the management and the employees in the development of the business into a strong and integrated global provider of heavy duty engine cooling solutions" says Paul Schrotti, Partner at EQT Partners.

The investment is the sixth by EQT Opportunity that was launched in the beginning of 2006. The fund, which has committed capital of 372 million Euros, invests in medium sized companies which have a sound underlying business and a clear value creation potential. The scope of investments ranges from turn-arounds to special situations such as the current one where a successful business needs support from a dedicated owner to achieve an ambitious growth strategy and reach its full potential.

EQT Opportunity is one of a group of private equity funds that manages approximately EU11 billion in equity in 11 funds. EQT Partners, acting as investment advisor to all EQT funds, has offices in Stockholm, Copenhagen, Helsinki, Oslo, Frankfurt, Munich, New York, Shanghai and Hong Kong. EQT realises its business concept by acquiring, financing and developing high-quality medium sized companies in Northern Europe and Greater China. EQT serves as an active owner and works in close co-operation with the management of the companies it acquires, to develop and implement value-enhancing strategies. In total EQT has invested in about 60 companies.

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