Automation Systems S.p.A., an independent investment subsidiary of Investindustrial VIII, has acquired PiovanGroup, which makes auxiliary machinery and processing automation technologies.
Following a mandatory tender offer, Investindustrial will own 75 percent of Piovan and Nicola Piovan, executive chairman of Piovan’s board of directors, will reinvest with 25 percent, according to an post on Investindustrial's LinkedIn page.
“Piovan is envisaged to execute an accelerated buy and build strategy similar to the one achieved by Investindustrial VII portfolio company Omnia Technologies, which has completed 19 add-on acquisitions since Investindustrial’s entry,” the post states.
According to a press release, Investindustrial focuses on mid-market European companies in the industrial manufacturing, consumer, health care and services sectors.
With a portfolio that includes blow molding specialist Sacmi, Omnia Technologies provides automated solutions for the food, beverage and pharmaceutical sectors.
The deal may be finalized by Oct. 15, the press release states.
“I am very proud of the growth path taken and the results achieved by the Piovan group from its foundation to today. In recent years, the Piovan Group has been able to firmly consolidate its position as one of the leading global players in the development and production of automation systems for manufacturing processes,” said Nicola Piovan.
The Piovan announcement comes around six months after Piovan simplified the architecture and nomenclature of its brands, which include Conair, Doteco, Pelletron, Piovan UnaDyn and Thermal Care, as well as Piovan Fdm, Piovan Fea and Piovan Penta. Piovan was founded 90 years ago and entered the plastics business 60 years ago.
