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04.01.2016
Change of management at Piab
In December Altor Fund II (Altor) signed an agreement to divest Piab, headquartered in Täby, Sweden, to EQT Fund VII (EQT). Altor acquired Piab, a technology leader within vacuum automation, together with Peter and Jacob Tell from several other members of the Tell family in 2006. Peter and Jacob Tell will remain as significant owners together with EQT following the transaction. Peter Tell invented the high technology vacuum ejector in 1971. This device 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 Tell, the company’s founder and board member, said: “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”. Since being acquired by Altor, Piab has almost doubled its turnover and more than quadrupled its operating earnings.
“It has been a privilege to earn the trust from Peter and Jacob to help develop Piab for almost 10 years. I have greatly appreciated the cooperation with them and the truly excellent management team that we have built”, said Bengt Maunsbach, member of the board of Piab and partner at Altor Equity Partners. “I am glad to see EQT as the next majority owner of Piab and believe they will be able to take the company to yet another level”. www.piab.com
In late 2015 Piab introduced a series of electro-mechanical pumps for its piFLOW vacuum conveyors
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