Altor Fund II has signed an agreement with the Tell family to acquire PIAB Invest AB. As part of an agreement with the Tell family, Altor plans to grow PIAB significantly over the coming years, further building upon the company's reputation for providing technical innovation and customer value. Peter Tell and Jacob Tell remain as large owners and executive management of PIAB.
"With Altor as owner, PIAB will have access to the capital and industrial expertise required to take the company to the next level," says Jacob Tell, CEO of PIAB. "I see ample opportunities to grow and will work together with PIAB's global management team to further strengthen our offering to our customers around the world."
Based in Taby, Sweden, PIAB provides efficient, reliable vacuum technology for OEMs and end-users in a variety of industries such as packaging, automotive, graphic, general industrial and conveying. "PIAB has developed a technology base that no one in the world can match in terms of productivity improvements for its customers and energy efficiency," says Bengt Maunsbach, director at Altor Equity Partners AB. "We believe that the growth potential for PIAB is substantial."
Founded by Sven Tell in 1951, PIAB has grown significantly to become a global leader in industrial vacuum technology, with a focus on providing innovative solutions that improve the productivity and working environment of vacuum users around the world. "We had come to the point where few family members were active in the company and it was natural to make an ownership transition," says Göran Tell, chairman of the board of PIAB. With Altor together with Peter Tell and Jacob Tell as the new owners PIAB has great prospects for the future."
Peter Tell founded PIAB's vacuum division in 1968 after inventing the world's first vacuum pump based on multistage ejector technology. PIAB has since continued to lead the technology development, for example with the COAX vacuum pump technology introduced in 2000. "The Tell family has developed PIAB into an impressive company with industry leading products," says Harald Mix, partner at Altor Equity Partners AB. "Based on that platform we plan to drive global consolidation and develop PIAB into an important player in the industrial automation sector."
PIAB Sweden AB, producer of force measurement equipment, will remain with the Tell family and change its name to Xerex AB.
