Swedish private equity firm EQT has accepted a $970 million takeover offer for Adapteo after supporting the Swedish modular space solutions provider’s sale process as its top investor.

On Monday, Adapteo revealed that Goldman Sachs-managed infrastructure fund West Street Global Infrastructure Partners proposed 165 Swedish Krona per share to purchase all of its stock, an offer valuing the target’s equity at about 8.1 billion krona ($970 million). Adapteo’s board has recommended in favor of the bid, which carries a 53% premium to the company’s unaffected share price.

Buyout shop EQT, the largest shareholder in Adapteo with a 17.6% stake via its vehicle EQT Public Value Fund, has welcomed the transaction and signed an agreement to sell its shares. The Fourth Swedish National Pension Fund, owner of a 4.4% stake in Adapteo, also gave its nod for the transaction.

Shares in Adapteo were up 51.5% at 163.60 krona each at 11 a.m. Central European Summer Time on Monday, which takes 12-month gains to 153%.

Adapteo’s board includes two members of EQT’s advisory team and is led by Peter Nilsson, an adviser to EQT since 2004.

EQT said on Monday that the sale process behind West Street’s offer was “competitive” and included “several rounds of indicative bids.”

The private equity firm helped Adapteo identify the best proposal and the one from West Street recognizes the company’s performance in recent years and offers a “compelling valuation and significant premium,” said EQT partner Niklas Ringby.

During EQT’s involvement at Adapteo, the company separated from equipment rental specialist Cramo, went through a management revamp, and more than doubled its revenues and earnings through “organic growth as well as strategic acquisitions,” according to an investor note seen by Activist Insight Online.

The expected exit from Adapteo’s share register is the fourth for EQT Public Value Fund, a vehicle managing about 1.15 billion euros ($1.4 billion) that has delivered net returns of 80% since its inception in September 2018. The fund has 12 positions, with half of those being under build-up and not yet public, and holds board positions on all disclosed portfolio companies.