Schio-based company acquires 70% of Vendix, a newco created by Emilia-based Microhard
FAS Managing Director Francesco Cantini: “A project with great potential. It represents a break and diversification of our business toward retail tech.”
Vendix CEO Andrea Montanari: “FAS provides the right push to meet the needs of the most advanced customers and strengthen our internationalization process.”
FAS International, a Vicenza-based company and one of the leading players in the vending and retail tech market, has acquired 70% of Vendix, a newco spun off from Microhard, a Bologna-based company specialized in the production of customized vending machines, coin changers, payment centers, geolocators, machines for parking, gaming, and automated laundries.
Microhard transferred its pharmacy and tobacco divisions into the new company, areas where it holds a strong market presence. The acquisition of 70% of Vendix by FAS, with the option to reach 100% within two years, has a total value of two million euros.
Microhard currently generates 7 million euros in revenue and employs 20 people, 14 of whom have joined Vendix. The development plan for the new company aims to exceed 3 million euros in revenue for the current year and achieve an approximately 50% increase in revenues in 2026.
“FAS sees this expansion as aligned with its vision and consistent with its retail tech strategy and positioning,” said Francesco Cantini, FAS Managing Director. “With this acquisition, we move even closer to the B2C market and to a particular type of clientele that is more demanding and highly sensitive to innovation. The operation involving Microhard and Vendix also confirms the sector’s confidence in FAS International’s management and business model, which represents a break not only in the company’s internal investments but, more broadly, in the vending world. The market for medical device and tobacco vending machines is a niche, but trends and analyses,” added Cantini, “show that it is a sector with very high potential and growth opportunities.”
“Vendix is built on a solid track record in the vending sector, which enables us to design optimized projects based on existing market components while leveraging the most advanced technologies,” said Andrea Montanari, CEO of Vendix. “Our portfolio also includes ten patents acquired from Microhard, covering exclusive and innovative dispensing systems that allow the simplified sale of products with diverse packaging. We are pleased to become part of the ecosystem of a strategic partner like FAS, which will certainly provide the right boost to meet the needs of the most advanced customers. Through this collaboration, we aim to accelerate our international expansion and increase revenues, while making the most of our strong network of local partners.”
Vendix’s production – now a new brand within the FAS Group – will remain in Emilia Romagna, with no layoffs planned, confirming the shared commitment of both FAS and Microhard to protecting and enhancing the local territory
FAS International is controlled by the Adriani family, which holds over 90% of the company. The business is led by siblings Luca, serving as Chairman, and Mariangela, Vice Chairwoman, representing the second generation after the company was founded by their father Antonio.
In 2024, FAS reported consolidated revenues of €57.4 million, with an EBITDA of €12.9 million (22.5% of turnover), up from €53.2 million in 2023 (EBITDA of €10.3 million, 19.3% of turnover), marking an 8% increase.These positive results stem from a market approach based on a new concept of vending—“retail tech.” The vending machine is no longer just a simple dispenser but a true automated point of sale, capable of selling virtually anything. It integrates interconnected technological solutions, both digital and physical, offering a smooth and engaging shopping experience with a practical, intuitive user interface, integrated and efficient cashless payment systems, and the ability to manage configuration and machine performance remotely.
In 2024, FAS increased its market share in the Snack & Food segment. As for international markets, in addition to the historical presence in Italy, Spain, and France, 2024 saw strong performance in Poland, Turkey, Slovenia, and Romania, all markets with significant growth opportunities. For the current year, the three-year plan forecasts revenues approaching 60 million euros in 2025.
In the acquisition of Vendix, FAS was assisted on legal matters by Silvia Rosina, partner at Casa & Associati.
