Industri Kapital, the Swedish private equity house, has acquired Welzorg, a Dutch manufacturer of wheelchairs and other mobility aids, from UBS Capital as the trend towards secondary buy-outs continues in the face of tough exit markets.

Welzorg is a medium-sized company with earnings before income, tax, depreciation and amortisation (Ebitda) of €58m ($58m) last year, which is generally too small for the public markets. Meanwhile, the economic downturn has left trade buyers strapped for cash. Private equity firms have struggled to exit their investments by these routes all year.