Auxiliary equipment supplier Piovan sold to Italian private equity firm

Italy-based auxiliary equipment maker Piovan SpA is being purchased by Automation Systems S.p.A., an independent investment subsidiary of Italian investment firm Investindustrial VIII.

Following a mandatory tender offer, Investindustrial will own 75 per cent of Piovan and Nicola Piovan, executive chairman of Piovan’s board of directors, will reinvest with 25 per cent, according to a statement from Invesindustrial officials.

Founded in 1934 and headquartered in Santa Maria di Sala (VE), Piovan entered the plastics sector about 60 years ago, and is a global manufacturer of auxiliary machineries and solutions for the processing automation industry. Piovan owns a wide range of plastics auxiliary equipment brands including Conair Group, Doteco, Pelletron, Piovan, Thermal Care, and UnaDyn.

“I am very proud of the growth path taken and the results achieved by the Piovan group from its foundation to today,” Nicola Piovan said in the statement. “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.”

The transaction is expected to close within the next few weeks, the statement said.