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.
The transaction is subject to approval from the relevant authorities and is expected to close in Q2 2018.
Partner at EQT Partners
Investment Advisor to EQT VII
EQT Press office, +46-8-506-55-334
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
More info: www.eqtpartners.com
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 430 employees and 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.
More info: www.piab.com