Accent Equity Acquires Stake in EQT-Owned Scandic Hotels
Private equity firm EQT has sold a 17 percent stake in Scandic Hotels to Accent Equity. EQT had previously acquired Scandic from Hilton Hotels Corporation.
Private equity firm EQT announced on April 30, 2007, that it has sold a 17 percent stake in Scandic Hotels, the largest hotel chain in the Nordic region, to Accent Equity. This transaction is part of EQT's earlier acquisition of Scandic from Hilton Hotels Corporation in March 2007.
Scandic Hotels operates 132 hotels with over 23,000 rooms across nine countries in Northern Europe. The company reported sales exceeding SEK 6 billion in 2006 and employs approximately 5,700 individuals.
Following the completion of the transaction, EQT V fund holds an 83 percent ownership in Scandic Hotels, with the Accent Equity 2003 fund now owning the remaining 17 percent.
A new board of directors for Scandic Hotels was elected at an extraordinary general meeting on April 26, 2007. Vagn Sörensen was appointed as the Chairman of the Board.