Automation Systems to acquire 64.82% of Piovan’s share capital

Automation Systems, a company indirectly owned by the Investindustrial fund and managed independently, signed an agreement for the acquisition of 58.35% of the share capital of Piovan from Pentafin through the purchase of 31,275,541 ordinary shares at a total price of approximately 438 million euros. 

Under the terms of the agreement, the closure of the transaction is conditional on the obtainment, within nine months, of the authorisations required by the competent antitrust agencies, as well as the authorisations necessary for foreign investments. The latter should be granted by October 15 and the transaction closed in the following weeks. The agreement also provides that, after the closure, Pentafin will purchase a 25% stake in Automation Systems.

Once this transaction is closed, Automation Systems will be required to promote a public purchase offer on the remaining shares of Piovan at a price of 14 euros each, with the aim of delisting the company from Euronext Star Milan. In addition, Nicola Piovan will keep his role as executive chairman of the board of directors while Filippo Zuppichin will be confirmed as CEO of Piovan. 

At the same time, Automation Systems also signed an agreement for the acquisition of an additional 6.47% of Piovan's share capital from 7-Industries Holding through the purchase of 3,467,698 ordinary shares at a total price of 49 million euros. This transaction is subject to the closure of the above-mentioned transactions between Automation Systems and Pentafin.

"I am very proud of the growth path undertaken and the results achieved by the Piovan Group from its establishment to today. Over the last few years, the Piovan Group has been able to strongly consolidate its position as one of the main global players in the development and fabrication of automation systems for production processes. Today a new chapter opens for the future of the Piovan Group and its collaborators that will be written together with Investindustrial, an international partner with a strong entrepreneurial spirit whose vision, values and attention to sustainability I fully share. In a constantly evolving market, Investindustrial's skills and resources will be key in continuing and accelerating the growth path for the benefit of all stakeholders," commented Nicola Piovan.

Investindustrial is a European group of independently managed investment, holding and advisory companies with €15 billion of raised fund capital. It provides industrial solutions and capital to European mid-market companies and its mission is to actively contribute to the development of the enterprises in which it invests, creating growth opportunities and offering global solutions based on a pan-European entrepreneurial vision. Characterized by a strong vocation towards sustainability, Investindustrial boasts a history of over thirty years of partnerships with entrepreneurs and companies in Europe. Certain companies in the Investindustrial group are authorised and subject to the regulatory supervision of FCA in the UK and CSSF in Luxembourg. Investindustrial's investment companies operate independently of each other as well as of the investment funds within the group.