EQT-backed Piab acquires Feba Automation

The deal marks the second bolt-on in three months after Piab acquired SAS Automation in November 2017. 

With SAS and Feba on board, Piab plans to strengthen its position in the global robotic gripping market. The firm is integrating itself as a single supplier of both vacuum-based and mechanical gripping technology.

EQT invested in Piab in December 2015 via its EQT VII fund, which held a final close on €6.75bn in August 2015.

Previous funding
Altor Fund II acquired vacuum technology business Piab Invest from the Tell family in July 2006. The private equity house was attracted to the deal because of Piab's technology and growth potential.

Altor sold the Swedish company to EQT, in what was understood to be one of the GP's best ever exits, with Altor Fund II reaping a 30% IRR on the investment over a 10-year holding period.

EQT made the acquisition through EQT VII, its 2015-vintage €6.75bn vehicle, having followed Piab for a few years prior. The company's founders, the Tell brothers, reinvested part of their proceeds from the sale alongside EQT, taking a stake of less than 10%.

According to Unquote Data, the deal value was in excess of SEK 3bn, with EQT having faced competing bids from other Nordic GPs, and US and Asian investors.

According to Unquote sister publication Debtwire, SEB and Swedbank provided a SEK 1.5bn senior debt package to support the deal.

Company
Founded in 2009 and headquartered in Schmallenberger Sauerland, Feba is a gripping robot manufacturer. The firm employs a staff of 28.

People
EQT – Harry Klagsbrun (partner).
Piab –Anders Lindqvist (CEO).

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