Aksìa buys dental group Primo from Archimed

Unquote understands that Aksìa has bought a 72% stake, while Primo CEO Mirco Puccio reinvested in the business alongside the GP and retained a minority stake of around 25%. The remaining 3% stake was acquired by Equita.

Banca IFIS provided a senior debt package of €20m, including an undrawn capex line of €5m for further acquisitions. In addition, Equita deployed a €7m mezzanine facility via its private debt fund, Unquote understands.

This is the first deal inked by the GP via Aksìa Capital V, which was launched in February 2019 with a €200m target and held a first close in July on €106m. Unquote understands that the GP expects to hold a second closing on €150m by the end of the year and to surpass its €200m target in the first quarter of 2020.

The vehicle targets European businesses with potential for high growth and international expansion, generating EBITDA of €5-25m from revenues in the €20-120m range. It deploys equity tickets in the €15-25m bracket and applies moderate leverage of around 2.5-3x.

The sale ends a four-year holding period for Archimed, which acquired a 48% stake in Primo in July 2015 via its €150m Med I fund. Unquote understands that the GP made a 3x return on the investment.

Company
Established in 2010 and headquartered in Turin, Primo owns and manages a network of 70 dental clinics across Italy. The company provides a full range of dental services, including hygiene and conservation, implantology and prosthetics, orthodontics, endodontics, and periodontology. Primo expects to generate EBITDA of €7m from revenues of around €30m in 2019.

People
Aksìa Group – Marco Rayneri (CEO); Martina Di Gioia (investment manager).
Archimed – Igor Petricca (associate director).

Advisers
Vendor – Fineurop Soditic (corporate finance).

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• Topics
• Buyouts
• Southern Europe
• Healthcare
• Aksia Group
• Archimed
• Italy
• Secondary buyout
• Fineurop Soditic