Itaca Finance SA, part of Alpha Private Equity, reached an agreement late last year for the sale of 100 percent of the Savio Group to Vandewiele, a Belgian global leading group operating in the manufacture and installation of textile machinery.
Alpha Private Equity signed an agreement for the sale of 100 percent of the Savio Group to the Belgian company Vandewiele. The acquisition is expected to be completed in the spring of 2021. The financial terms of the sale were not disclosed.
Founded in 1911 and headquartered in Pordenone (Italy), Savio Group operates in Italy, China, India, Belgium, Germany, Switzerland and the Czech Republic. Savio is a leading designer and manufacturer of winding machines and quality control devices for the textile industry. Savio generated 270 million Euro consolidated revenue in 2019.
Founded in 1880 in Kortrijk, Belgium, Vandewiele is a world leader in Mechatronics solutions (combination of mechanical and electronic engineering) developed to serve textile and electronics customers worldwide. Focusing on innovation and a continuous long-term vision will enable further growth for both companies in the new digital age. Vandewiele generated 370 million Euros in 2019 with more than 3,000 employees. The company has factories in Belgium, China, Italy, France, Sweden and Germany.
The acquisition aims to strengthen Savio’s international and industrial development by leveraging significant synergies both commercially and operationally.
Alexander Zschokke will continue his duty as Chairman of the Board of Savio Group.
Alexander Zschokke, President of Savio Group, said: “Having such strong interest from key players in this difficult period is an acknowledgment of Savio’s strategic value. In the long run, being part of the Vandewiele Group will preserve our entrepreneurial culture focused on innovation, operational excellence and business development. ” he spoke.
Charles Beauduin, CEO of Vandewiele, said: “We are extremely proud to host the Savio Group with its strong tradition and technology. The combination of our technological capabilities, R&D and industrial operations will enable us to grow strongly over the next few years. ”
Alpha Private Equity Partner Paolo Magni commented: “Since the acquisition commencement, we have been close to the Management to consolidate Savio’s technological leadership, leverage huge R&D investments, successfully launch innovative products, support them in their strategic mergers and acquisitions. somehow we worked. As a result, we have made Savio a world leader. Its acquisition by Vandewiele marks a new phase of growth for Savio, who will rely on a strong industrial shareholder with solid operational and financial capabilities to develop and promote relevant industrial and commercial synergies. We look forward to following the strong development of the company and the continuation of its journey with its new owners.”