EQT buys Piab

EQT, a Stockholm, Sweden-based private equity firma announced getting into an agreement to acquire Sweden-based Piab, a global technology leader within industrial vacuum solutions used in automated factory and material handling processes.

The transaction has the financial details undisclosed, and was made through EQT's fund, EQT VII, which bought the shares from from Altor Fund II and other minority owners.

Piab, founded in 1951 by the Swedish Tell family and led by Jacob and Peter Tell, is a global technology leader within vacuum ejectors, suction cups and vacuum conveyors that serve to improve the energy-efficiency, productivity and working environments of customers across a broad range of industries, including food, pharmaceuticals, packaging and automotive.

Piab is today headquartered in Sweden and has approximately 270 employees across the world.