Last month, Altor Fund II (Altor; www.altor.com) signed an agreement to divest Piab AB (Täby, Sweden; www.piab.com) to EQT Fund VII (EQT). Altor acquired Piab together with Peter and Jacob Tell from several other members of the Tell family nearly ten years ago. Peter and Jacob Tell will remain as significant owners together with EQT after the transaction.
Piab has been a successful company within automation and material handling for decades, which has been based on a Swedish break-through invention. Peter Tell invented the high technology vacuum ejector in 1971. The vacuum ejector is used together with Piab’s suction cups and conveyors across the world to move material in automation applications in a wide variety of industries. Peter’s inventions have created a growing global niche within automation and are essential in robotics and machinery for food, pharmaceuticals, automobiles and many other products. Piab is today the clear technology leader within vacuum automation.
Piab has greatly benefited from being owned by Altor. We have had an amazing development together, says Peter Tell, Founder of Piab and Member of the Board. It is a great joy to see the company you have founded advance to a new level and both Altor and I are convinced that Piab will continue to grow for many years to come. I am pleased to see EQT taking over the baton and look forward to an exciting journey.
Altor acquired the company in 2006 and since then Piab has almost doubled its turnover and more than quadrupled its operating earnings. The transformation has been accomplished in close cooperation between Altor and the founders. The company has moved from a federation of entrepreneur-led businesses to a global group. A world-class IT-enabled supply chain has been built, a broad and wide modularized product assortment with several new strong innovations has been developed and a coordinated global sales strategy has been implemented. Piab is today a global company ready for a next step.
The transaction is subject to customary regulatory requirements and approvals.