EQT sells Piab to Patricia Industries.

Piab, a Stockholm, Sweden-based global technology leader within industrial vacuum solutions used in automated factory and material handling processes, announced getting int an agreement for getting a new major shareholder in the company, Patricia Industries.

Patricia Industries has agreed to acquire the Swedish company from EQT, which had bought Piab in 2015. Both EQT and Patricia Industries have Investor AB as shareholder in the company. Investor AB was founded by the Wallenberg family a hundred years ago.

Piab, led by CEO Anders Lindqvist, provides smart solutions for the automated world, working with clients in e-commerce logistics, food, pharma, automotive and other manufacturing industries to improve energy-efficiency, productivity and working environments. The company has 460 employees and recorded over SEK 1bn in sales 2017.