BraunAbility sells to Swedish investment firm
WINAMAC, Ind. – BraunAbility has signed an agreement to sell to Patricia Industries, a division of Stockholm, Sweden-based Investor AB.
BraunAbility will join Permobil on Patricia Industries’ roster of “high-quality, high-growth” companies, according to a press release.
“With the support of Patricia Industries, we will be positioned to accelerate our rate of growth, powered by product innovation, development of our brand promise within the communities we serve and continued expansion into global markets,” stated Nick Gutwein, BraunAbility’s president and CEO.
The manufacturer of wheelchair-accessible vehicles and wheelchair lifts generated $415 million in sales in 2014, according to the release.
BraunAbility is Investor AB’s first North American subsidiary, following the creation of Patricia Industries earlier this year. It will be managed out of the New York office.
BraunAbility was founded nearly 50 years ago by Ralph Braun, who was himself disabled and built his first wheelchair accessible vehicle in 1972.
In addition to Permobil, Patricia Industries also owns a majority stake in MoInlycke Health Care, a Gothenburg, Sweden-based manufacturer of wound care and single-use surgical products.