GEA Group Aktiengesellschaft, DE0006602006

GEA Group Aktiengesellschaft, DE0006602006

26.09.2017 - 17:48:57

GEA Group Aktiengesellschaft: GEA takes over Italian Pavan Group

GEA takes over Italian Pavan Group

Düsseldorf, September 26, 2017 - The Düsseldorf engineering group GEA has acquired the Italian Pavan Group, a leading supplier of extrusion and milling technology for processing all kinds of fresh and dried pasta, pelleted snack products and breakfast cereals. With head offices in Galliera Veneta near Padua, the corporate group employs a staff of around 680 at several production sites in Italy and China. In the 2016 financial year, Pavan generated revenue of around EUR 155 million, with EBITDA of almost EUR 29 million. The group generates some 40 percent of its revenue in Europe, followed by America with 27 percent, Asia with 17 percent, and Africa and the Middle East with 14 percent. Previously, the Luxembourg-based Alpha Group held a majority stake in the group. The transaction is still subject to approval by the competent antitrust authorities. The parties have agreed to keep the purchase price confidential. The acquisition is likely to be completed in the course of 2017. "The acquisition is an important milestone in our stated growth strategy of expanding GEA's activities in the area of food processing. With its extrusion know-how the Pavan Group builds an attractive platform for us to extend the technology portfolio. In strategic terms, therefore, the company is an excellent match for us and will help to promote growth at GEA going forward," explained Jürg Oleas, CEO of GEA Group Aktiengesellschaft. "Building on Pavan's 70-year expertise, its broad product range and sustained investment in research and development, our aim is to grow business continuously, e.g. in geographical terms too. In the future, this will enable us to offer our customers not only new, high-worth and innovative process as well as automation solutions for deployment in stand-alone installations, but also complete turnkey systems. With regard to organization, we intend to integrate the new venture in our Business Area Equipment, where we will establish a dedicated product group under the name of Pasta, Extrusion & Milling." "With GEA's extensive sales and service network, we will be able to open up new markets for our solutions across the whole world. As a globally established supplier of systems for the food processing industry, GEA will provide us with ideal growth opportunities," said Andrea Cavagnis, CEO of Pavan S.p.A.

Corporate media and press: GEA Group Aktiengesellschaft Marc Pönitz Peter-Müller-Str. 12, 40468 Düsseldorf Phone +49 211 9136-1500 marc.poenitz@gea.comAbout Pavan Pavan Group is a world leader in the design and engineering of technologies and integrated product lines for cereal based food, from the handling of raw materials to final packaging. It provides a full-service strategy from research and development of new products and project design of manufacturing plants, to final after-sales training and client services. With several production plants in Italy and China, Pavan Group exports 95% of its products to 130 countries all over the world, employing a staff of approximately 700. The Group's client list includes some of the most important food companies in the world. Pavan Group was previously majority owned by Luxembourg-based Alpha Private Equity Funds Management Company, a private-equity firm specialized in mid-market buyouts in Italy, France, Germany, Benelux and Switzerland and focusing on companies in the services and retail and capital goods sectors, alongside Idea Cinquanta Srl, controlled by Andrea Cavagnis - Chairman and CEO of Pavan Group.About GEA GEA is one of the largest suppliers for the food processing industry and a wide range of other industries that generated consolidated revenues of approximately EUR 4.5 billion in 2016. The international technology group focuses on process technology and components for sophisticated production processes in various end-user markets. The group generates around 70 percent of its revenue in the food and beverages sector that enjoys long-term sustainable growth. As of June 30, 2017, the company employed about 17,000 people worldwide. GEA is a market and technology leader in its business areas. The company is listed on the German MDAX (G1A, WKN 660 200). In addition, GEA's stock is included in the MSCI Global Sustainability Indexes. Further information is available on the Internet at gea.com.Alpha Private Equity Alpha is an independent Pan-European Private Equity firm, specialized in Continental Europe mid-market buyouts with EUR2 bn under management. Alpha has offices in Amsterdam, Frankfurt, Luxembourg, Milan and Paris and invests in companies with turnover between 100 and 500 million euros, supporting entrepreneurs and managers in achieving their goals, acting mainly as majority shareholder. In Italy, Alpha's portfolio already includes Caffitaly (one of the world leading B2B designer, producer and distributor of proprietary combined coffee system), Optima Italia (Italian multi-utility service company active in B2B market and providing electricity, gas and telco services), Remazel Engineering (leading designer and manufacturer of deck equipment for the oil & gas offshore industry and component manufacturer for power plants) and Gruppo Savio (world leader in the yarn finishing machine sector).

Contact GEA Group Aktiengesellschaft Phone +49 (0)211 9136 1492 Fax +49 (0)211 9136 31087 gea.com

26.09.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de

Language: English Company: GEA Group Aktiengesellschaft Peter-Müller-Straße 12 40468 Düsseldorf

Germany Phone: +49 (0)211 9136-0 Fax: +49 (0)211 9136-31087 E-mail: ir@gea.com Internet: www.gea.com ISIN: DE0006602006 WKN: 660200 Indices: MDAX Listed: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Munich; Regulated Unofficial Market in Hanover, Stuttgart, Tradegate Exchange   End of News DGAP News Service

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