Quadrivio's Silver Economy fund closes in on fifth acquisition - partner

Italian consumer sector-focused private equity (PE) firm Quadrivio Group expects to close the fifth acquisition via its Silver Economy Fund by early March, Partner Stefano Malagoli said.

The candidate is an Italian company generating almost EUR 20m in revenue, active in the medical devices sector, Malagoli said, adding that the deal follows in the footsteps of the fund's recent acquisition, Medical Research International (MIR).

The fund expects to pursue a similar buy-and-build strategy on the new asset, he said.

Quadrivio announced last week that it had taken over MIR together with a pool of co-investors. MIR specialises in the spirometry segment and expects to pursue M&A in this space, as well as among developers of technologies related to sleep apnoea, as reported.

The Silver Economy Fund is also evaluating an acquisition overseas, having identified a potential target based in the US, Malagoli said. The company, which has similar revenue and EBITDA to MIR, specialises in promoting longevity to improve people's lives within their communities, he said.

Once these two investments are completed, Silver Economy will be almost depleted except for portfolio-company add-ons, having space for one last acquisition either later this year or next year, he said.

The fund reached its target of EUR 250m last year, but might see a further expansion, he said without elaborating. There are no plans for a second Silver Economy fund for the time being, he added.

The fund's portfolio includes Siare, a Bologna-based company specialising in the design and manufacturing of electromedical equipment, as well as clinic groups The Private Clinic, based in the UK, and CareHub, based in Milan.

Launched in 2021, Silver Economy focuses on companies offering bespoke healthcare products and services to the over-50s. It is concentrating on executing its portfolio company's growth plans and does not have any exits in sight at present, Malagoli said.