Patricia Industries, a part of Investor AB, has agreed to acquire the Swedish company Piab Group AB from EQT.
Patricia Industries is a long-term owner that invests in leading companies with strong market positions and works actively together with the companies to develop each company to its full potential. It currently owns a number of Swedish and international companies including Mölnlycke and Permobil. Patricia Industries is part of Investor AB, an industrial holding company founded in Sweden in 1916 by the Wallenberg family.
For Piab today's announcement is a recognition of a strong position, confirming that Piab's strategy is right. With Patricia Industries as a new owner focus will continue to be, as always, on providing smart solutions for the customers, on continued growth and becoming the global leader in gripping and moving solutions.
“Piab has a strong management team and corporate culture. It provides critical premium products in an attractive market niche. We see significant growth opportunities, driven by the trend towards increased automation. Piab has leading market positions, a large share of recurring revenue, high profitability and strong cash flow generation. By utilizing our broad network of seasoned industrialists and our experience within the engineering sector, we look forward to contributing to taking Piab to the next level”, comments Investor AB CEO Johan Forssell.
“We are proud to become owners of Piab and we look forward to working together with the top-notch management team to further develop the company. Focus will remain on growth, including increased penetration in existing markets and broadening of the product portfolio, both organically and through acquisitions”, states Christian Cederholm, Co-Head Patricia Industries.
“I am excited for Piab to become a part of Patricia Industries and Investor. Their long-term approach, engaged ownership model and focus on innovation will clearly help taking Piab to its next development phase, not least when it comes to expansion into new markets. This will benefit us in strengthening our market position and offering even further”, says Anders Lindqvist, CEO of Piab.
The acquisition is subject to approval by the relevant competition authorities. Closing is expected during the second quarter, 2018.
Patricia Industries, a part of Investor AB, makes control investments in leading companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.
Piab provides smart solutions for the automated world, helping thousands of end users and machine producers in e-commerce logistics, food, pharma, automotive and other manufacturing industries to improve energy-efficiency, productivity and working environments. With 460 employees and over SEK 1bn in sales 2017, Piab is a global organization, serving customers in almost 70 countries from a network of subsidiaries and distributors. By leveraging the ongoing technological development in automation and robotics, and targeting high-growth segments and geographies, Piab's vision is to become the global leader in gripping and moving solutions.