Active in the field of inspection machines - particularly in the pharmaceutical sector - Convel carries out leak testing for products packaged in glass and plastic containers. With this acquisition, Antares Vision has taken a further step towards strategic diversification.
At the beginning of July, an agreement was finalized for the acquisition of 100 % from this Italian company based near Vicenza in northern Italy. Convel S.r.l. has been specializing in automated inspection systems for the pharmaceutical industry for over 20 years, and boasts an extensive international sales network. The company employs 16 people, mainly highly specialized technicians.
Convel is a leader in leak testing. Its technology guarantees high-quality inspection by detecting leaks that can affect container sterility.
In 2019, Convel recorded sales of 4.2 million euros, including 60% generated abroad, and operating income of over 1.6 million euros, with a positive financial position at the end of the last financial year of 3.2 million euros. Based on first-half figures and the order book, Convel expects to generate sales in 2020 equivalent to those of 2019.
"The acquisition of Convel is part of our strategy to diversify and strengthen reference industrial sectors. Convel will enable Antares Vision to strengthen its presence in the inspection machine market, complete the product range and broaden the customer base, generating cross-selling opportunities, as well as reinforce the management team with valuable individuals."said Emidio Zorzella, President and CEO of Antares Vision. For his part, Massimo Bonardi, CEO of Antares Vision, expresses his pride in the acquisition of Convel: " industrial innovation is an important value in staying competitive. Over the years, Convel has brought important developments to the market, particularly in high-voltage leak detection (HVLD) technology, which analyzes sealed glass or plastic containers. Understanding our customers' needs and anticipating new market challenges helps us deliver genuine value through technology."
Andrea Gallo and Giovanni Lovato, members and directors of Convel, emphasized the opportunity that the acquisition by Antares Vision represented for their company: "We are confident that our collaboration will provide significant support for the growth of the Group as a whole. Convel is now accelerating its development trajectory by strengthening its competencies and taking advantage of the synergies that the new group membership will bring. as important as Antares Vision can generate, by standing by its customers with renewed determination."
The agreement was signed between Antares Vision and Convel shareholders Andrea Gallo and Giovanni Lovato, who each own 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 balance sheet date of 12.5 million euros, corresponding to one eighth of the operating income achieved in 2019.
As part of this investment, management agreements have been signed with Convel's current managers, Andrea Gallo and Giovanni Lovato, to support the development project following the acquisition by Antares Vision and ensure continuity of business management.
Antares Vision offers inspection systems for quality control, tracking solutions for anti-counterfeiting, supply chain control and intelligent data management in the most demanding industrial sectors, from pharmaceuticals to biomedical devices, from food to beverages, from cosmetics to fashion. Present in over 60 countries, the company boasts 20 years' 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. With the aim of pursuing and supporting the growth and development strategy, equity investments were finalized in 2019 with T2 Software, a software publisher in Brazil, and Orobix, the Italian leader in artificial intelligence services, in addition to the acquisition of 100% from FT System, a leader in control and inspection in the beverage sector. Also in 2019, Emidio Zorzella and Massimo Bonardi received the Ernst & Young Entrepreneur of the Year Award for Innovation.
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www.antaresvision.com