Investindustrial VIII acquires Piovan Group
The independent investment subsidiary of Investindustrial VIII acquires Piovan Group, a global manufacturer of auxiliary machineries and solutions for processing automation. Investindustrial VIII has entered into a sale and purchase agreement that will trigger a mandatory tender offer to ultimately delist the company. After the mandatory tender offer, Investindustrial will own 75% and Nicola Piovan will reinvest with 25%. The acquisition of Piovan represents the ninth public to private executed by Investindustrial and its affiliates in Italy and Spain, with a total EV of €6.2 billion.
Founded in 1934 and headquartered in Santa Maria di Sala (VE), Piovan is a well known global manufacturer of auxiliary machineries and solutions for the processing automation industry. Auxiliary machineries are automation technologies covering the initial part of production processes (i.e. transportation of raw materials and all intermediate preparatory phases to the production of end products including, for example, blending, warming, cooling and drying).
Piovan leverages Investindustrial’s successful and extensive track-record in industrial investments with a strong B2B strategy (Ceme Group and Omnia Technologies, among others) and sourced through a public-to-private strategy (e.g. La Doria S.p.A., Natra, Guala Closures), with Polynt Group sharing all of these characteristics.
Piovan is envisaged to execute an accelerated buy & 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.
Nicola Piovan, Executive Chairman of Piovan’s Board of Directors, stated: “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. Today marks the beginning of a new chapter for the future of the Piovan group and its employees, to be written together with Investindustrial, an international partner with a strong entrepreneurial spirit whose vision, values, and focus on sustainability I share. In a constantly evolving market environment, Investindustrial’s expertise and resources will be key factors in continuing and accelerating the growth path for the benefit of all stakeholders.”
