Active in the inspection machinery sector - in particular in the pharmaceutical sector - Convel performs leak testing for products packaged in glass and plastic containers. With this acquisition, Antares Vision is thus taking a new step in the path of strategic diversification.
It was at the beginning of July that an agreement was finalized for the acquisition of 100% of this Italian company based near Vicenza, in northern Italy. Specialized in automated inspection in the pharmaceutical industry, for more than 20 years, Convel Srl has in particular an extensive sales network abroad. The company employs 16 people, mainly highly specialized technicians.
Convel is a leader in leak testing. Its technology guarantees a high quality of inspection by detecting leaks that can affect the sterility of the containers.
In 2019, Convel recorded a turnover of 4.2 million euros,60% of which was generated abroad, and an operating result of more than 1.6 million euros and a positive financial situation at the end of the last financial year of 3.2 million euros. Based on first half and backlog data, Convel expects to generate sales in 2020 equivalent to that of 2019.
“The acquisition of Convel is part of our strategy to diversify and strengthen benchmark industrial sectors. Convel will enable Antares Vision to strengthen its presence in the inspection machinery market, complete the product line and expand the customer base, generating cross-selling opportunities, as well as strengthening the management team with valuable people , ”said Emidio Zorzella, Chairman and CEO of Antares Vision. For his part, Massimo Bonardi, CEO of Antares Vision said his pride in acquiring Convel: “industrial innovation is an important value to remain competitive. Over the years, Convel has brought significant developments to the market, particularly in High Voltage Leak Detection (HVLD) technology, which analyzes sealed glass or plastic containers. Understanding the needs of our customers and anticipating new market challenges helps us deliver genuine value through technology. "
Andrea Gallo and Giovanni Lovato, members and directors of Convel, stressed the opportunity for their company to be taken over by Antares Vision: “We are sure that our collaboration will provide significant support for the growth of the entire Group. Convel is now accelerating its evolutionary trajectory by strengthening its skills and taking advantage of the synergies that the new membership in a groupas important as Antares Vision can generate, by standing by its customers' side with renewed determination. "
The agreement was signed between Antares Vision and Convel shareholders, Andrea Gallo and Giovanni Lovato, each owner of 50% of Convel's capital. The sale of 100% of the shares was finalized, for a total price of 15.7 million euros, paid in cash.
The acquisition of 100% of Convel's capital is based on an enterprise value at the closing date of 12.5 million euros, corresponding to one-eighth of the operating profit achieved in 2019.
As part of this investment, management agreements have been signed with the current directors of Convel, Andrea Gallo and Giovanni Lovato, to support the development project following the acquisition by Antares Vision to ensure the continuity of the Business Management.
Antares Vision offers inspection systems for quality control, monitoring solutions for the fight against counterfeiting, supply chain control, and intelligent data management, in the most demanding industrial sectors, from pharmaceuticals to biomedical devices, from food to beverages, from fashionable cosmetics. Present in more than 60 countries, the company has 20 years of experience in vision technologies.
Antares Vision has been listed on the Italian Stock Exchange (AIM Italia) since April 2019, on the market dedicated to dynamic and competitive SMEs, thanks to a business combination with ALP.I, SPAC promoted by Mediobanca. In order to pursue and support the growth and development strategy, equity investments were finalized in 2019 with T2 Software, software publisher in Brazil, and Orobix, Italian leader in artificial intelligence services, in addition the acquisition of 100% of FT System, leader in control and inspection in the beverage sector. Also in 2019, Emidio Zorzella and Massimo Bonardi received the Ernst & Young award for best entrepreneur of the year for innovation.