Antares Vision has acquired Convel for €15.7m ($17.9m). The Italian company specialises in automated inspection in the pharmaceutical industry; operating in Italy and boasts an extensive sales network abroad.
Convel employs 16 people, mostly highly specialised technicians with over 20 years of experience in inspection machines for the pharmaceutical market. Their aim is to guarantee innovative solutions with the most cutting-edge technologies, together with a highly qualified after-sales service.
The company provides leak testing, a technology aimed at guaranteeing inspection of the highest quality through the detection of any leaks that may affect container sterility.
Emidio Zorzella, Chairman and Managing Director of Antares Vision: “The acquisition of Convel is consistent with our strategy to diversify and strengthen our target industrial sectors. Convel will allow Antares Vision to consolidate its presence in the inspection machine market, complement its range of products and expand its customer base – thus creating cross selling opportunities – and to strengthen the management team with people of proven standing.”
Massimo Bonardi, Managing Director of Antares Vision: “We are proud of this acquisition: industrial innovation plays a key role in our company’s continued competitiveness. Over the years, Convel has led to significant market evolution, especially with regard to High Voltage Leak Detection (HVLD) technology, to analyse sealed glass or plastic containers.”
The agreement was signed by Antares Vision and Convel’s shareholders 100% of shares have been transferred, for a total price (equity value) of €15.7 ($17.9) million, paid in cash.
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Within of the investment transaction, Andrea Gallo and Giovanni Lovato – the current Directors of Convel – have signed management agreements to attend to the development project underlying the acquisition by Antares Vision, thus assuring continuity in the company’s management.