EQT Partners, the Nordic mid-market buy-out firm, has made a 50% internal rate of return from the Skr3.83bn (€422m) sale of CAT, a building automation company, to Schneider Electric.

EQT acquired TAC in April 1998 from Incentive, a Swedish industrial conglomerate, for an enterprise value of Skr380m including Skr150m in equity. After replacing the senior management team it oversaw bolt-on acquisitions including a September 2000 acquisition in the US in which it injected a further Skr640m of equity.