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direct/ Glitnir (IS) - Management completes secondary buyout of Nopco Paper Technology

05-18-2007 07:41 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Glitnir (IS)

Glitnir Total Capital assists Nopco Paper Technology

Oslo/Drammen - Friday 18 May, 2007 - Management completes secondary buyout of Nopco Paper technology with the assistance of Glitnir Total Capital. Recently, Glitnir, together with the five man strong management team of Nopco Paper Technology AS, acquired the Drammen based speciality chemicals company in a secondary buyout from previous majority owners, Nordic Capital Fund III. The deal value is undisclosed, but in 2006 the company had revenues of NOK 500 million (EUR 60 million) and 120 employees worldwide.

Nopco Paper Technology is a focused developer and manufacturer of specialty chemicals to various applications in the pulp and paper manufacturing process. The Nopco Group is present in the Nordic countries, Germany, France, Spain, UK, Eastern Europe and Asia. The head office is in Drammen, Norway and production units in Norway, Finland and Spain. Nopco Paper Technology´s business idea is to develop and produce tailor made solutions to the pulp and paper industry, specially based on silicones. Nopco Paper Technology has a market leadership in the pulp and recycling applications.

The deal was completed thanks to Glitnir´s ability to pull in senior resources from offices in Copenhagen, Reykjavik and London assisted by quality professional advisors. The one-stop shop approach applied by Glitnir providing a single source of debt and equity was thus key to ensuring a successful deal.

A Glitnir representative will join the board of Nopco Paper Technology together with the management team and selected non-executive board members will also be invited. The strategy of the company remains unchanged, but with new investors joining forces with the management team the pre-requisites for continued expansion and growth have been established.

Stein Andersson, Chief Executive Officer, Nopco Paper Technology:
"We look forward to working with Glitnir to expand our position on specialty chemicals for the paper and pulp industries. With the help of Glitnir´s strong position in the financial markets, we´ll be able to expand our business further more by new acquisitions, launching new products and targeting new geographic markets."

Nikolaj W. Galskjøt, Executive Director Glitnir Total Capital:
"We are extremely excited about this opportunity to work with a strong management team and to take this company through to the next phase of its development. In addition to existing strong relationships and product pipeline in the traditional pulp and paper industry, the company has recently developed interesting and innovative products, which we expect will further accelerate growth. At Glitnir Total Capital we realise our success is primarily dependent on management. We are therefore very pleased to act as the catalyst for this management buy-out.

Glitnir was advised by Bridgepoint Capital (Odd Paulsen and Dan Petterøe) on Corporate Finance advice. The law firm Steenstrup Stordrange with Ingar Solheim and Terje Gulbrandtsen acted as legal advisors. Deloitte provided Financial Advisory and Pöyry Forest Industry Consulting giving commercial advice.

From Glitnir the following people lead the transaction (debt and equity); Baldur Már Helgason, Jón Gudni Ómarsson, Lasitha Perera and Nikolaj W. Galskjøt.

For more information:
Nikolaj W. Galskjøt, Executive Director, Leveraged Finance, Corporate Banking, mobile +45-5199 5050, e-mail: nikolaj.galskjoet@glitnir.dk
Bjørn Richard Johansen, Managing Director, Corporate Communication, Glitnir, e-mail: brj@glitnir.no, mobile +47-47 800 100

Photo
http://hugin.info/133924/R/1127524/209661.jpg

Caption:
From left; Nikolaj W. Galskjøt, Director Glitnir, Stein Andersson, CEO Nopco Paper Technology,
Baldur Már Helgason, Director Glitnir, Jordi Poll, General Manager NPT Spain, Pekka Niittyla, General Manager NPT Finland, Bernhard Nellessen, General Manager NPT Germany, Leif Holmström, General Manager NPT Sweden and missing in deal team photo is Jón Gudni Ómarsson and Lasitha Perera, both Directors a t Glitnir. For more photos, please contact: akj@glitnir.no

About Glitnir:
The financial group Glitnir offers universal banking and is a leading niche player in three global segments; seafood/food, sustainable energy, and offshore services vessels. Glitnir considers Iceland and Norway its home markets. Services include retail, corporate and investment banking, stock trade and capital management. Glitnir is the sole owner of a bank in Luxembourg (Glitnir Bank Luxembourg S.A) and banks and financial services companies in Norway (BNbank, Glitnir Bank ASA, Glitnir Securities, Glitnir Factoring and Glitnir Property Holding (with partners). Glitnir´s subsidiary BNbank owns 45 percent of the shares in Norsk Privatøkonomi ASA, an independent financial advisory company with 14 branches in key areas of Norway). In Sweden, Glitnir owns the leading Swedish brokerage firm Glitnir AB. Glitnir Property Group recently acquired 91 % of the shares in Leimdörfer AB, the leading commercial real estate advisor in Sweden. The group own 68.1 percent of the shares in the leading Finnish asset management company FIM, with operations around Finland and in Stockholm and Moscow. (Glitnir has submitted a tender offer for all shares in FIM). Glitnir operates branches in London and Copenhagen. The group has representative offices in Halifax, Canada and Shanghai, China, and plans to open an office in New York in 2007. Glitnir is listed on the Icelandic Stock Exchange. For more information: www.glitnirbank.com


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