Eqvitec Technology Fund III has as of today acquired all shares in StyroChem Finland Oy, the leading EPS producer in Northern Europe, from US-based Wincup, Inc.

StyroChem produces a mix of expandable polystyrene (EPS) grades in its manufacturing sites in Porvoo and Kokemäki, Finland. The company constantly develops new product grades to proactively serve customer needs. StyroChem has a European-wide sales network serving EPS converters operating mainly in construction and packaging. The company had revenues of EUR129 million in 2006 and it employs some 140 people.

The management of StyroChem will also be offered ownership in the company. “We are excited to have a new owner who is growth and entrepreneurship oriented. Eqvitec brings in valuable experience and we feel confident to develop StyroChem together to the next level during the coming years”, says Henrik Åkermark, Managing Director of StyroChem Finland. Markus Laine, Investment Manager at Eqvitec Partners Oy, states: “We have strong belief in the growing demand for EPS insulation in a world of increasing energy and heating costs. StyroChem is in a good position to capitalize on this trend both in the Nordic market, the fast growing Eastern Europe and other European countries. We have also been impressed by the management’s strong commitment to drive the business in an entrepreneurial way.”

Raimo Taivalkoski as Chairman and Ainomaija Haarla will join the Board of Directors. Mr. Taivalkoski, M.Sc. (Eng.), has wide experience from the industry as former long time executive of Partek Corporation and Chairman of Ramirent Plc. Mrs. Haarla, D.Sc. (Tech.), MBA, is Board member at Neste Oil Corporation and former Vice President at UPM-Kymmene.

For more information, please contact:
Markus Laine, Investment Manager, Eqvitec Partners Oy, tel. +358 207 809 847 or +358 50 466 2838

About Eqvitec Partners Oy
Eqvitec Partners Oy is one of the largest technology focused venture capital firms in Northern Europe. The company was founded in 1997 and employs 15 investments professionals in Helsinki and Stockholm. Eqvitec Partners currently advises five funds with a total capital base of 440 million euros. The funds invest in growing technology companies from start-up to later-stage phases. At the moment the funds have investments in 40 technology companies and have successfully carried out 25 exits. More information can be found at www.eqvitec.com.

About StyroChem Finland Oy
StyroChem Finland Oy is the leading northern European expandable polystyrene (EPS) producer which manufactures and markets a comprehensive range of EPS grades. StyroChem Finland Oy serves its customers with a highly competent sales network and technical support team. The sales network covers the whole of Europe with sales offices in Denmark, Germany, U.K, Poland, Russia, Finland and Spain. For additional information please visit www.styrochem.fi.