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21 Nov 2018

MCF advises Verdane on the sale of Powernet to Efore

Powernet International Oy (“Powernet”), a Finnish portfolio company of Verdane Capital (“Verdane”), and a specialised developer and manufacturer of power supplies and systems, was sold to Efore Plc (“Efore”), a listed Finnish industrial company. Powernet provides both standard and customised power supplies and systems globally. MCF acted as a financial adviser to Verdane and the shareholders of Powernet in the successful execution of the transaction.

MCF acted as a financial adviser to Verdane and the shareholders of Powernet in the successful execution of the transaction.

The Deal

MCF advised Verdane and other shareholders of Powernet in the sale of the Company to Efore Plc – an international company which designs and manufactures custom and standard power systems and power supplies. After the closing of the transaction, Powernet will initially operate as a separate legal entity, but is later intended to be merged with the Systems-business of Efore and managed as a one unit. The combination bears a great industrial logic with high synergy potential. This deal represents the building of a strong platform for future growth, all based on the long-term Finnish know-how within power electronics, versatile product and systems offering markets, as well as for the continued expansion of international client relationships.

The transaction is conditional upon Efore receiving sufficient proceeds from the contemplated rights offering.

The Target

Powernet was founded in 1992 and has developed into a trusted supplier of efficient and reliable power supplies and converters for the global markets. With its broad experience and offering, Powernet serves customers in rail and transportation, industrial and secure power system business areas.

Powernet has specialised in customer specific solutions, such as customised power supply and power distribution packages as well as turnkey project deliveries for the railway industry. Powernet has also been a frontrunner in the development of IoT enabled monitoring of power supply and power distribution packages.

About Verdane Capital

Verdane funds invest in companies with a strong growth potential, mainly within consumer internet, software, energy and advanced industrial sectors. The funds have invested in over 300 companies since 2003. The team represents a broad range of professional experience. Several team members are former entrepreneurs and others have prior experience from operational positions, management consulting, banking and private equity.