Nordic Capital becomes new owner of Permobil

Through its wholly owned subsidiary Permobil International AG, the Swedish Foundation for Technical Aid for Disabled Persons has agreed to transfer all its holdings of 75% of the shares of Permobil to Nordic Capital Fund V. The remaining 25% will be sold by Handinter Gamma AG, owned by the sons of Permobil’s founder Per Uddén, and members of the corporate management. Permobil is a world-leading producer and supplier of powered wheelchairs. This transfer of ownership signals greater growth ambitions and the company’s onward progression, providing the conditions for further expansion. The corporate management will become partners of, and remain with, the company.

Permobil, founded in 1963 by physician and inventor Per Uddén, has secured positioning as a world leader in the production and supply of powered wheelchairs for the disabled for over 40 years of operations. It has conducted uninterrupted development activity, passing a series of momentous milestones and creating new possibilities that extend to very severely disabled people. The corporation is now established on the global market through subsidiaries in locations such as the US and across much of Europe. Sales at year-end 2004 were approximately SEK 840 m, and at year-end, expected staffing will be over 500 people at year end 2005. Toni Weitzberg, Partner, Nordic Capital, commented: “This is a very promising segment of the healthcare sector; we will be supporting Permobil’s efforts to sharpen competitiveness. We will back Permobil’s onward expansion by building on its successful strategy in specialised powered wheelchairs and entering new markets. There are great prospects for the company to make further progress. Permobil’s strong brand will give the business the opportunity to grow on new and existing markets.” Hans Bergh, Permobil’s CEO, continued: “We are delighted to get Nordic Capital as our new owner. They are very interested in our business and believe in our future activities. Moreover, they have got extensive experience of developing enterprises, and bring industrial expertise and financial resources. We want to grow on new markets and through product development. Over the years, the Foundation has made unparalleled efforts to develop the business, and with our new owners, we will gain new prospects to make even faster progress. Nordic Capital’s view of Permobil is very consistent with our own ambitions.” Anders Uddén, Permobil’s Chairman and former CEO, added: “We think this is a good solution. We have traced an uninterrupted curve of high organic growth and good profitability since 1995, but we still think there is a lot left to do. We are the world’s third-largest supplier of powered wheelchairs, and we want to create an even stronger position. This new ownership enhances our prospects of doing so.” The parties have agreed not to disclose the transaction value. The acquisition is conditional on Competition Authorities’ approval. Press event invitation Hans Torngren, General Secretary of the Swedish Foundation for Technical Aid for Disabled Persons, Permobil’s CEO and Chairman, Hans Bergh and Anders Uddén, and Toni Weitzberg, Partner of Nordic Capital, will be attending a press event on the following date and location: Date: Friday 25 November at 1.00 p.m. Location: Permobil AB, Per Uddéns väg 20, Timrå, Sweden.