Powermill Service Group acquires Philesko

15 March, 2005

Stockholm March 15, 2005

Powermill Service Group AB (“PSG”) has acquired Philesko OY (“Philesko”). PSG is one of the leading participants in the Nordic market for service of home electronics, computers and telecom products and is owned by the private equity-fund Segulah II L.P. PSG was created in the summer of 2004 through the acquisitions of SKV Service AB in Stockholm, Sweden and Powermill OY in Helsinki, Finland, two leading repair centers in their respective markets. In December 2004 Servex AB in Norrköping, Sweden, was acquired by PSG.

Philesko that has now been acquired is the leading repair and service company for consumer electronics in Finland. PSG acquired Philesko from the company’s CEO Esko Jokinen, and his family.

PSG’s Chairman Per-Arne Sandström commented on the acquisition of Philesko: “Philesko is our fourth acquisition in nine months and our second acquisition in Finland. We welcome the company to our group. We see major opportunities for continued growth in repair services in the Nordic region, both in Sweden and in Finland where we are now established as well as in the other countries in the region.”

PSG’s CEO Kent Bladh commented on the transaction: “The acquisition of Philesko is in line with our acquisition strategy. Building on Philesko’s strong market position in consumer electronics we will establish our successful on-site service/installation concept Technical Courier Express in Finland. We are not planning any staff changes as a result of the acquisition.”

Philesko’s CEO Esko Jokinen commented on the transaction: “It is satisfying that the development of the company is now secured when we join a larger group. It will be very interesting to continue developing the business together with PSG.”

Esko and Tomi Jokinen will continue working in Philesko and Powermill Service Group after the transaction.

For further information, please contact:
Kent Bladh, CEO Powermill Service Group AB, +46 (0)70-536 83 50
Esko Jokinen, CEO Philesko OY, +358-405-567-544

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