X

Articles

News Articles

Article

EQT sells industrial automation company Piab
admin2
/ Categories: Article

EQT sells industrial automation company Piab

The EQT VII fund has agreed to sell Piab Group AB to Patricia Industries for an enterprise value of SEK 6,950 million. Piab, headquartered in Sweden, is a global technology pioneer within industrial automation and robot components, and provides smart solutions for the automated world.

Piab was acquired by EQT VII in January 2016. From 2015 to March 2018 LTM revenues, including full-year effect of acquisitions, increased from SEK ~700 million to SEK ~1.2 billion and adjusted EBIT increased from SEK ~200 million to SEK ~330 million.

With the support of EQT VII, Piab has accelerated its strong organic growth and captured market shares across the globe.

This has been enabled by significant investments in innovation and product development and an ambitious expansion of the company’s sales force as well as distribution partnerships, across the globe and particularly in China.

Through four value accretive add-on acquisitions, Piab has expanded into adjacent gripping and moving technologies.

 

 

The add-on acquisitions have increased both the company’s total addressable market and growth profile, and the value proposition for its customers. These acquisitions illustrate EQT’s support and ambition to grow companies both organically and acquisitively.

Harry Klagsbrun, Partner at EQT Partners, Investment Advisor to EQT VII, says: “Piab has undergone an extraordinary transformation and is today a true global market leader in gripping and moving solutions for the broader industrial automation and robotics industry.

“The management team has done a fantastic job and achieved what was set out in EQT’s initial value creation plan faster than expected. Hence, the time is right to hand over the company to a new owner and we believe Patricia Industries will be a great long-term home for Piab.”

“We have continued our strong growth journey together with EQT. Piab’s management team and I are excited about the remaining potential and now look forward to entering the next development phase together with Patricia Industries as our new long-term owner”, says Anders Lindqvist, CEO of Piab.

Previous Article Why you need to embrace robots as colleagues
Next Article Industrial Automation Control - Smart Grid Technology Driving the Market | Technavio
Print
593 Rate this article:
No rating

Please login or register to post comments.

x