Automation Systems S.p.A., an indirectly owned company of Investindustrial VIII SCSp fund, has agreed to acquire 58.35% of the share capital of auxiliary equipment manufacturer Piovan S.p.A. from Pentafin S.p.A.

The price for each share purchased is €14, and the aggregate price of the acquisition is equal to €438 million approximately. It is expected that the closing will take place by Q4, 2024.  

Pentafin, currently Piovan’s main shareholder, shall reinvest in the share capital of the purchaser with a 25% shareholding, according to the sale and purchase agreement.

Piovan will be delisted from Euronext Star Milan, and Nicola Piovan and Filippo Zuppichin will keep their positions of Executive Chairman and Chief Executive Officer of the company, respectively.

Automation Systems has also entered into a sale and purchase agreement with 7-Industries Holding B.V. for the acquisition of a further 6.47% of the share capital of Piovan. Therefore, the purchaser will hold an overall shareholding equal to 64.82% of the share capital of Piovan.

The price for each share purchased is also equal to €14, and the aggregate price of is €49 million approximately. The closing is subject to the execution of the closing with Pentafin.

Piovan is a global manufacturer of auxiliary equipment and automation solutions for plastic materials processing. 

A private equity firm with €15 billion of fund capital

Investindustrial is a leading European group of independently managed investment, holding and advisory companies with €15 billion in funds raised. It focuses primarily on buyouts of mid-market companies in Europe and operates in four main sectors: industrial manufacturing, consumer, healthcare and services, providing industrial and capital solutions.

“Investindustrial intends to focus on the Piovan group’s organic and inorganic globalization and sustainability, areas to which it has always been committed,” stated Andrea C. Bonomi, Chairman of the Industrial Board of Investindustrial, who also emphasized that the investment will further strengthen Piovan’s international market position by penetrating new markets and segments.

“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,” said Nicola Piovan, Executive Chairman of Piovan’s Board of Directors.