CapMan, a Finland-based private equity company, has bought Metso Drives, the world's leading supplier of mechanical engines for the pulp and paper industry and wind turbines, ahead of planned fundraisings.

Excluding undisclosed debt, CapMan paid €98m ($128.5m) to buy Metso Drives from the Metso Corporation, an industrial technology company that is listed in Helsinki and New York and has annual sales of €4bn.