Nordic Capital divests global market leader Permobil to Investor
Mar 27, 2013
Nordic Capital Fund V ("Nordic Capital") today announced a
definitive agreement to sell Permobil to Investor AB ("Investor").
The transaction values the company at an enterprise value of SEK
5,500 million (EUR 655 million) of which 5,100 million cash and 400
million in a performance based potential future earn-out payment.
Under Nordic Capital's ownership, Permobil has been transformed
from a Swedish family run business into the global leader in
advanced power wheelchairs. The new owner will enable
Permobil to continue to take advantage of its unique position in
this fast growing market.
Since Nordic Capital acquired Permobil in 2006,
the company has nearly doubled its sales and is now the global
leader in the complex rehabilitation power wheelchairs
"I am proud that Nordic Capital has been part of
the evolution of Permobil. The strategy of operational improvements
by investments in R&D and expansion into new markets, such as
the US, led by an excellent management team has propelled Permobil
into a global leader," said Fredrik Näslund, Partner, NC Advisory
AB, advisor to the Nordic Capital funds.
"Permobil has been transformed over the past seven
years from a family firm into an international market leader with
the support of Nordic Capital. As the only company solely focused
on the advanced high-end segment of the market we have taken a
leadership position. Our focus is on the users, innovation and
strong customer relationships and support. We are now well poised
for further growth. I am very pleased with Investor as our new
owner. Their experience and international reach will enable us to
further realize the potential of our technology, brand and sales
organisation," said Jon Sintorn, CEO of Permobil.
Headquartered in Timrå, Sweden, Permobil operates
across four continents and employs approximately 700 people. In
2012, the Group generated revenues of approximately SEK 1,600
million (EUR 190 million).
The acquisition is subject to approval by the
Katarina Janerud, Communications Manager,
NC Advisory AB, advisor to the Nordic Capital Funds
Tel: +46 8 440 50 69
Jon Sintorn, CEO, Permobil
Contact through Katarina Janerud, Nordic Capital, see above.
Since being founded in Sweden in 1967, Permobil has been committed
to enhancing the lives of people with physical disabilities.
Permobil has since become the global leader in manufacturing of
powered wheelchairs, with approximately SEK 1,600 million (EUR 190
million) in revenue 2012. Focused on the complex rehab segment,
every wheelchair is built to order and custom-fit to meet the
unique medical needs of each individual. Permobil is headquartered
in Timrå, Sweden, operates in 30 countries and has approximately
700 employees. For more information please visit www.permobil.com
About Nordic Capital
Since 1989, Nordic Capital Private Equity Funds have invested in
large and medium sized companies, primarily in the Nordic region.
Nordic Capital creates value in its investments through committed
ownership and by targeting strategic development and operational
improvements. The funds invest in companies in Northern Europe and
in selected investment opportunities internationally. The most
recent fund is Nordic Capital Fund VII with EUR 4.3 billion in
committed capital, principally provided by international
institutional investors, such as pension funds, asset managers and
insurance companies. Nordic Capital Funds are based in
Jersey, Channel Islands, and are advised by the NC Advisory
companies in Sweden, Denmark, Finland, Norway, Germany and the UK.
Additional information about Nordic Capital is available on www.nordiccapital.com
About Nordic Capital Private Equity Funds
Since the start in 1989, Nordic Capital Private Equity Funds
have invested in large and medium sized companies, primarily in
Northern Europe. Through committed ownership and by targeting
strategic development and operational improvements, Nordic Capital
creates value in its investments. The funds invest in companies in
Northern Europe and in selected investment opportunities
internationally. They are based in Jersey, Channel Islands, and are
advised by the NC Advisory companies in Sweden, Denmark, Finland,
Norway, Germany and the UK. Additional information about Nordic
Capital is available through its corporate website, www.nordiccapital.com.
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