Swedish investor buys Permobil
STOCKHOLM, Sweden – Permobil, a manufacturer of high-end power wheelchairs, has been acquired by Investor AB, a Swedish investment firm, according to multiple reports.
Private equity firm Nordic Capital agreed to sell Permobil for $842.3 million. Under Nordic’s wing, the company’s sales have nearly doubled, according to reports.
Last year, Permobil, which operates in 30 countries, generated revenue of about $246.3 million. The company’s annual sales growth over the past decade has averaged 8%, according to reports.
Investor AB President and CEO Borje Ekholm says Permobil offers “an attractive platform for future profitable growth.”
“As a long-term owner, we look forward to, together with the dedicated management and employees, contributing to Permobil’s further development,” he stated. “Investor has a long track record of building companies within the healthcare arena. We believe we can help create an even stronger company by, for example, sharing knowledge within manufacturing, health economics and expansion into new geographies.”
The acquisition, which is subject to approval from competition authorities, is expected to close during the second quarter of 2013.