Investor AB, the Wallenberg family’s publicly traded holding company, agreed to buy Swedish powered-wheelchair manufacturer Permobil for an enterprise value of 5.1 billion kronor ($783 million) from a Nordic Capital fund.
Investor expects to inject about 3.5 billion in equity financing into the Timraa-based company, it said in a statement. The remainder will be financed by external debt and equity participation by the board, management and other individuals, Stockholm-based Investor said.
Permobil “has a strong product offering, leading market positions, good profitability and solid cash flow generation,” Investor Chief Executive Officer Borje Ekholm said in the statement.
Permobil had sales of about 1.6 billion kronor last year and earnings before interest, taxes, depreciation and amortization of about 350 million kronor, on a pro-forma basis, Investor said. The deal is expected to close in the second quarter and is subject to approval from competition authorities.