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.