Cassiopea Partners is acting as sole financial advisor to Vandewiele NV (“Vandewiele”) in the acquisition of 100% of Savio Macchine Tessili S.p.A. (“Savio Group” or the “Company”).
Vandewiele, a Belgian global leading group active in the construction and installation of textile machinery, reached late last year an agreement for the acquisition of 100% of Savio Group from Itaca Finance S.A., a company controlled by Alpha Private Equity (“Alpha Private Equity” or “Alpha”).
Founded in 1880 in Kortrijk (Belgium), Vandewiele is a world leader in Mechatronics solutions (combination of mechanical and electronics engineering) to serve textile and electronics customers around the world. The relentless focus on innovation and long-term vision will allow further growth for both companies in the new digital age. Vandewiele reported 2019 revenues of €370 million with over 3000 employees. Its major plants are located in Belgium, China, Italy, France, Sweden and Germany.
Founded in 1911 and headquartered in Pordenone (Italy), Savio Group is the world leading designer and manufacturer of winding machines and quality control devices for the textile industry, with operations in Italy, China, India, Belgium, Germany, Switzerland and Czech Republic. In 2019 Savio reported consolidated revenues of €270 million.
The transaction aims at strengthening Savio’s international and industrial development, exploiting significant synergies, both from a commercial and operational standpoint.
Charles Beauduin, CEO of Vandewiele, stated: “We are extremely proud to welcome the Savio Group with its strong tradition and technology in our Group. The joining of our technological capabilities, R&D and industrial operations will allow us to grow strongly in the next few years”.
Alexander Zschokke will keep on serving as Chairman of Savio Group.
“Receiving such strong interest from important players in this challenging period is a recognition of Savio’s strategic value – says Alexander Zschokke, Chairman of the Savio Group – In the long-term, being part of the Vandewiele Group will preserve our entrepreneurial culture focused on innovation, operational excellence and commercial development”.
Alpha is a private equity group with 2 billion euros under management, specialising in mid-cap transactions in continental Europe.
Even though most of the due diligence activities and negotiations took place during the pandemic crisis due to the spread of COVID-19, the parties reached a mutually satisfactory agreement.
This deal further underscores the track record of Cassiopea Partners in industrial and textile sectors as well as the ability to successfully complete cross-border transactions.
Alongside Cassiopea Partners, Vandewiele was assisted by Deloitte Legal and teams from Deloitte as accounting and tax advisers.
The closing is expected to take place in spring 2021.