Aksia buys Medical International Research

Following the deal, MIR's founders, Siro Brugnoli and Paolo Boschetti Sacco, will collectively retain the remaining 25% stake.

Paolo Boschetti Sacco will become co-CEO and head of R&D, and Siro Brugnoli will be chair of the new board. They will be joined by Giovanni Carlino, who will be appointed as co-CEO and head of business development and commercial operations.

The acquisition of MIR was supported by a debt package provided by private debt specialist Muzinich, and Crédit Agricole Italia as agent bank.

The GP invested in the company via Aksia Capital V, which targets European businesses with potential for high growth, and deploys tickets in the €15-25m range.

The fund held a €100m first close in July 2019 and an interim close on €200m in December 2020. It expects to reach a final close in June 2021 on its €250m hard-cap, the GP told Unquote.

MIR is the fifth acquisition made by the fund, following its investments in dental group Primo, bought from Archimed in October 2019; frozen pizza producer Valpizza, acquired in July 2020; machinery manufacturer Vomm, purchased in August 2020; and Nappi 1911, an Italian producer of ingredients for ice cream and pastries bought in November 2020.

Aksia plans to boost MIR's growth by strengthening its management team, further developing its R&D and sales departments and supporting its expansion in new business segments through strategic add-on acquisitions.

Company
Founded in 1993 and based in Rome, MIR produces medical devices for measuring ventilation and oxygen levels, including spirometers, flowmeters and oximeters, for hospitals and clinics.

In addition, the company has recently launched a range of smart portable devices for telehealth and remote patient monitoring.

MIR sells its products in more than 90 countries worldwide. In 2020, the company recorded EBITDA of €4m from revenues of around €15m, of which 85% came from outside Italy.

People
Aksia Group – Marco Rayneri, Nicola Emanuele (managing partners).
Medical International Research – Siro Brugnoli (co-founder, chair); Paolo Boschetti Sacco (co-founder, co-CEO).

Advisers
Equity – Giliberti Triscornia e Associati (legal); Russo De Rosa Associati (tax); EY (financial due diligence); EY-Parthenon (commercial due diligence).
Company – Mediobanca (corporate finance); Pedersoli Studio Legale (legal); De Rossi & Associati (legal); BDO Italia (tax).

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• Topics
• Buyouts
• Southern Europe
• Healthcare
• Aksia Group
• Italy
• Credit Agricole Corporate & Investment Bank
• EY (Ernst & Young)
• Mediobanca