Patricia Industries funds strategic add-on acquisition by Piab Group
Piab Group, a leading provider of gripping and moving solutions, has acquired COVAL, a global player in vacuum automation components and systems. With more than 35 years of history, COVAL adds a portfolio of premium products, highly experienced and skilled employees, a strong brand known for the highest quality standards, and many new customers, including in automotive, food and packaging, to the Piab Group. For the 12-month period ending December 2022, COVAL’s revenues and adjusted EBITDA amounted to approximately EUR 23m and EUR 5m, respectively. The acquisition will be funded with EUR