Vandewiele has reached an agreement to acquire Savio Group, the world leader in the yarn finishing sector, operating in the design, manufacturing and distribution of winding machines, quality control devices and electronic boards for the textile industry. It has manufacturing facilities in Italy, China, India, Belgium, Germany and Switzerland.
Vandewiele is convinced that the Savio Group will be a valued member of Vandewiele, consisting of several textile machine companies, all trendsetters in their field like Loepfe, Mesdan, BMSvision, Sedo Treepoint and Eutron. Savio Group was owned by Itaca Finance SA, a company controlled by Alpha Private Equity. In 2019, Savio group reported a consolidated revenue of € 270 million while Vandewiele had recorded a turnover of € 370 million with over 3000 employees. The transaction is expected to be completed by spring of 2021 while the financial vale of the acquisition has not been disclosed.
Charles Beauduin, CEO of Vandewiele said, “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”.
Further he said, “Adding the SAVIO organization to our group will provide benefits to many of our customers. We are very excited to welcome the SAVIO customers and employees to our organization.”
“Receiving such strong interest from important players in this challenging period is a recognition of Savio’s strategic value. In the long-term, being part of the Vandewiele Group will preserve our entrepreneurial culture focused on innovation, operational excellence and commercial development.” says Alexander Zschokke, Chairman of the Savio Group