STOCKHOLM--(BUSINESS WIRE)--Regulatory News
EQT VII (“EQT”) has entered into an agreement to acquire Piab Group Holding AB (“Piab” or the “Company”) from Altor Fund II and other minority owners.
Founded in 1951 by the Swedish Tell family, Piab is a global technology leader within vacuum ejectors, suction cups and vacuum conveyors that serve to improve the energy-efficiency, productivity and working environments of customers across a broad range of industries, including food, pharmaceuticals, packaging and automotive. Piab is today headquartered in Sweden and has approximately 270 employees across the world.
“Given EQT’s Swedish and industrial heritage as well as focus on growth and sustainable long-term value creation, both Jacob and I are pleased to see EQT as the new majority owner of Piab”, says Peter Tell, who together with Jacob Tell, will remain invested in the Company.
“We are very happy with EQT as our new owner and firmly believe that EQT’s industrial approach and network, global presence and access to capital will be of valuable support to Piab in our continued growth ambitions”, says Piab CEO Anders Lindqvist.
“Having followed Piab over the past years, we are impressed by the Company’s ability to continuously innovate and develop new high-quality products, in addition to the well managed operational model developed during Altor’s ownership. We believe Piab is well positioned to further accelerate growth and are excited to partner with the management team and Tell family to further develop the Company”, says Harry Klagsbrun, Partner at EQT Partners, Investment Advisor to EQT.
“Piab is a diamond within the Swedish industry, a diamond that we have carefully polished together with management and Peter and Jacob Tell for nearly ten years. I am very happy to see EQT take over the ownership role and believe they are an excellent partner to Piab. Under EQT ownership, Piab has the potential to further grow and become one of the leading industrial companies in Sweden”, says Bengt Maunsbach, Partner at Altor Equity Partners.
The transaction is subject to customary approval from competition authorities, and is expected to close in early 2016.
EQT is a leading global private equity group with approximately EUR 29 billion in raised capital. EQT has portfolio companies in Europe, Asia and the US with total sales of more than EUR 17 billion and 140,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
For further information, please visit www.eqt.se
Headquartered in Sweden, Piab is a global supplier of industrial vacuum technology solutions. Established in 1951, Piab’s innovative solutions serve to improve the energy efficiency, productivity and working environment of customers around the world. Piab manufactures a complete line of vacuum pumps, vacuum accessories, vacuum conveyors and suction cups for a variety of automated material handling and factory automation processes.
For further information, please visit www.piab.com
EQT VII is part of the leading private equity group EQT (being existing EQT funds or any successor funds advised directly or indirectly by EQT Partners or its subsidiaries, collectively “EQT”).
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