Investor AB Acquires Permobil from Nordic Capital Fund V
Investor AB announced that it has signed an agreement to acquire the Timra (Sweden) based medical technology company Permobil from Nordic Capital Fund V for an enterprise value of SEK 5.1 billion. Permobil is a active in advanced powered wheelchairs. In 2012, sales and EBITDA (pro forma for acquired units) amounted to approximately SEK 1.6 billion and SEK 350 million respectively. Investor expects to inject approximately SEK 3.5 billion in equity financing. The remainder will be financed by external debt and equity participation by the board, management and other key individuals. Subject to the accumulated level of EBITDA during the period between 2013 and 2015, an earn-out payment of a maximum SEK 400 million can be made to Nordic Capital in 2016. For any earn-out to be paid, average annual EBITDA during the period from 2013 and 2015 needs to exceed the current level by at least 25%. After the closing of the transaction, Permobil will be a subsidiary within Investor’s Core Investments. Closing is expected during the second quarter of 2013.
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