Investindustrial on Piovan:

Investindustrial acquires a majority stake in Piovan and launches an IPO to delist the company from Piazza Affari. The operation, which takes place through the company Automation Systems indirectly controlled by the Investindustrial VIII fund, gives the acquired company a market capitalisation of 716 million euro, corresponding to 14 euro per share. The stock, in the morning, immediately aligned with the value, which will be offered in the takeover bid, ending the session at 13.70 euro per share (+11.38%). Following the offer, Piovan will be delisted from Euronext Star Milan.

In detail, Automation Systems signed an agreement with Pentafin, Piovan's main shareholder, for the purchase of a 58.35% stake in the company, corresponding to 61.17% of the share capital net of 2,474,475 treasury shares. The total disbursement will be 438 million euro and the closing is conditional on the authorisations provided by the antitrust authorities and the authorisation to control foreign investments (golden power).

At the same time, the acquiring company signed a further agreement with 7-Industries Holding B.V. for the purchase of 3,467,698 ordinary shares of Piovan, equivalent to 6.47% of the share capital (corresponding to 6.78% of the share capital of Piovan net of treasury shares), again at a price of EUR 14 per share. Automation Systems thus holds 64.82% of the capital (67.96% net of treasury shares).

"The Piovan group represents a perfect synthesis of the type of investment that Investindustrial prefers: a family business in a strategic and fast-evolving sector such as automation systems, where the Piovan group represents worldwide excellence and on which Investindustrial intends to focus, with a particular focus on organic and inorganic globalisation and sustainability, issues to which we have always paid great attention," comments Andrea C. Bonomi, chairman of Investindustrial's industrial board.

Piovan's first shareholder also reinvests in the transaction. Pentafin will enter the capital of the holding company, which controls 100% of Automation Systems, with an indirect participation of 25%. Automation Systems Collective S.C.A., a company incorporated under Luxembourg law, and Pentafin will then enter into a shareholders' agreement, which will govern the corporate governance of Piovan and the transfer of the relevant shareholdings. "In a constantly evolving market context, Investindustrial's skills and resources will be key factors in continuing and accelerating the growth path to the benefit of all stakeholders," emphasises Nicola Piovan, who will continue to hold the position of company chairman, just as Filippo Zuppichin will remain CEO.