PIOVANGROUP AGREES TO ACQUIRE AASTED TO ACCELERATE ITS GROWTH IN THE FOOD PROCESSING AUTOMATION INDUSTRY

Creates a distinctive end-to-end offering through complementary capabilities from food handling to processing, unlocking commercial, technological and service value creation
Aasted enters a new chapter to accelerate growth and strengthen its global position, creating new opportunities for customers, employees and future growth

PiovanGroup, a leading global operator in the design, manufacture and installation of systems that automate storage, transport and processing of polymers and food ingredients, today announces that it has agreed to acquire Aasted, one of the world's leading providers of process solutions and equipment for the confectionery and bakery industries.

The acquisition will represent a significant step in PiovanGroup’s strategy to scale its food processing division and expand into attractive, high-growth segments. The combination of PiovanGroup’s leading capabilities in raw material handling and treatment and Aasted’s advanced processing and transformation technologies will enable the group to deliver fully integrated, turn-key production lines, from ingredient handling through to finished product processing. Such offering is expected to resonate strongly with food producers, who are increasingly seeking a single partner to manage the full production line, particularly in fast-growing and developing markets.

Moreover, the combination is expected to unlock meaningful commercial and operational value creation, including sales opportunities across a shared blue-chip customer base, a more effective combined go-to-market strategy, an expanded global service footprint, as well as the sharing of R&D capabilities and engineering expertise, further strengthening the group’s innovation capacity.

For Aasted, this marks an important milestone and creates a strong foundation for its next phase of growth as part of PiovanGroup. Headquartered in Farum, Denmark, Aasted is a global business, operating production sites across Denmark and the United States and supported by a global network of service offices and agents across Europe, the Americas and Asia. The company’s offering includes fully automated tempering machines, moulding lines, enrobing machines and integrated lines for the manufacturing of chocolate, nutrition bars and bakery products. The company employs over 500 people of more than 15 nationalities. For generations, Aasted has been built on a unique combination of innovation, entrepreneurship, customer focus and long-term thinking. Under the ownership of the Aasted and Hedstrøm families, the company has grown into a global market leader, serving customers around the world with industry-leading technologies and solutions.

"I am really proud of what PiovanGroup has achieved over the years, building a strong position in increasingly complex and evolving markets," said Nicola Piovan, Executive Chairman. "The agreement with Aasted marks the beginning of a new chapter, bringing together two companies that share a deep commitment to innovation, quality and long-term customer relationships. We have great respect for the heritage and culture that Aasted has developed over generations. Together, we will continue to build on these strong foundations, supported by a shared vision and aligned values, with the objective of further strengthening our international growth strategy for the benefit of all customers and stakeholders."

"The agreement to acquire Aasted represents a major milestone in the development of our food processing division," said Filippo Zuppichin, Chief Executive Officer of PiovanGroup. "It will significantly strengthen our position in attractive segments such as chocolate processing and will allow us to be the first to offer fully integrated, end-to-end solution to our customers. The combination of complementary technologies, global production and service capabilities resulting from the merger of the two companies lays the foundations for even faster growth towards industry leadership."

"This is about creating even more opportunities for Aasted, our customers and our employees," said Piet H. Tæstensen, Chief Executive Officer of Aasted. "We are proud of what has been built over generations, and we remain deeply committed to the culture, values and entrepreneurial spirit that define Aasted, while continuing to build the company from its longstanding home in Farum, Denmark. At the same time, we see tremendous opportunities in joining a strong international group that shares our long-term perspective and ambition for growth."

"As Aasted enters this new chapter, the company would like to express its sincere gratitude to the Aasted and Hedstrøm families. Their vision, commitment and long-term stewardship have created the culture, values and foundation that have made Aasted the company it is today. This legacy will continue to guide Aasted as it takes the next step in its development and growth journey."

PiovanGroup has pursued a growth strategy in the food sector through significant investments in food processing technologies. PiovanGroup entered the food sector in 2015 through the acquisition of Penta, a company based in Emilia-Romagna (Italy) that at the time generated approximately €2 million in revenue in the food sector. This was followed in 2019 by the acquisition of Fea Process & Technological Plants, leading to the creation of the Food & Powders division in May 2025 and the additions of Modena-based BHT at the end of 2025 and Mix&Co in 2026. With the acquisition of Aasted, PiovanGroup’s Food & Powders division will have revenues of approximately €200 million. This growth trajectory is expected to continue in the coming years through important organic investments in people, technology and manufacturing, including the redevelopment of the Scarnafigi facility in Piedmont (Italy), and the opening of a new facility in Modena, Emilia-Romagna (Italy) in 2026.

PiovanGroup was supported by ABG Sundal Collier (M&A) and Moalem Weitemeyer and Chiomenti (Legal). Aasted was supported by DNB Carnegie (M&A) and Kromann Reumert (Legal).