Kestrel Vision
Active in the control and inspection industry, Kestrel Vision is an international machine vision specialist organised as a fabless manufacturing model (i.e. selling the machines they design internally while outsourcing their production). The Group has a strong expertise in glass packaging and has recently expanded to plastic and metal packaging through recent acquisitions
Ownership
Turnover: ca. (Pro-Forma 2022)
Date of acquisition
Saint-Genis-Laval, France
Industrials
The Group designs inspection systems controlling rigid containers’ production and filling (using machine vision), while providing complementary added-value services (data collection and analysis, support services…).
Kestrel Vision is an international Group (c. 2/3 of sales coming from outside Europe) which operates in end-markets where the inspection on containers and filling is mandatory: Food & Beverage (F&B) and, to a lesser extent, Pharma.
Investment thesis
Our investment thesis is built on several attractive attributes:
- Global and leading player in inspection machine vision-based solutions relying on must-have container and filling inspection systems, enjoying incumbent advantages from its large installed base and benefitting from stable recurring revenue streams
- Resilient business model based on (i) fabless manufacturing with variable COGS, (ii) a global footprint of both sales force and field services engineers, (iii) a flexible OPEX model for R&D and field services, (iv) a material-agnostic positioning with exposure to glass, metal and PET and (v) a specific attention paid to sustainable growth goals