
PRESS
Aksia exits MIR in secondary buyout to Quadrivio
Aksìa has sold its stake in Medical International Research (MIR), a portable respiratory device provider. It is the first divestment from its Aksìa Capital V fund, which closed on €275m in 2022.
The 100% sale of the company includes the shares held by the fund, Overseas Industries, founder Siro Brugnoli, CEO Giovanni Carlino and the rest of the management team.
The firm’s shares have been acquired by Quadrivio’s Silver Economy Fund, alongside a group of co-investors that include: Turenne Santé, via its Capital Santé 3 fund; Eurazeo, via its Nov Santé Actions Non Cotées fund; BNP Paribas BNL Equity Investments; Enthéos; and Muzinich & Co.
The firm’s Silver Economy Fund is the first Italian PE fund to invest in European and US companies offering bespoke products and services targeting the over-50s and baby boomers generation.
For Quadrivio, the MIR deal is its fourth investment from the Silver Economy Fund. Real Deals undestands that Quadrivio has a target of €250 m for its Silver Economy Fund and will close fundraising in March.
As part of the deal, the new CEO, Roberta Di Pinto, and new CTO, Adriano Mencarini, will reinvest in the company to ensure managerial and strategic continuity.
Since Aksìa's acquisition of MIR in 2021 from the founding shareholders, the company has grown at an annual rate of approximately 20%, from €11m to over €22m in four years. This growth has come from expanding the business from Rome to the rest of Italy and abroad.
During Aksìa's four-year investment, the company acquired key distributors in France and Brazil, built a new marketing strategy, introduced a subscription-based business model, and launched products in the telemedicine and homecare markets.
The company now has three subsidiaries in North America, France and Brazil, in addition to an established distribution network that makes its products available in over 100 countries, as well as an in-house R&D team and unique patents.
Aksìa's told Real Deals "Since the growth strategy outlined by Aksìa at the time of the investment had successfully materialised - through the managerialization of the company, the development of new products, and expansion into international markets - we made the strategic decision to entrust the next phase of growth to another investor."
The firm chose to sell to Quadrivio because "they were the first to reach out" and "had a dedicated fund specifically for companies like MIR". Moreover, throughout the process, Aksìa said the firm "demonstrated the highest level of commitment to the asset, both in terms of speed and valuation".
With Quadrivio’s investment, MIR – which was founded in Rome in 1993 – intends to launch a new system in 2025. This is focused on maximal inspiratory pressure, or MIP, and will allow for the non-invasive measurement of respiratory pressure strength.
Aksìa has invested more than €600m through five funds since launching in 1997 and is now raising capital for its sixth fund, Aksìa Capital VI, with a target of €400m.
ADVISERS
Aksìa and MIR
EY and EY Parthenon (financial and commercial due diligence, and tax coordination)
Giliberti Triscornia e Associati Law Firm (legal)
RDRA Law and Tax Firm (tax)
Baird (corporate finance)
Quadrivio
Lincoln International (corporate finance)
Chiomenti (debt advisory)
GPBL (tax)
PwC (financial due diligence)
Gide (legal: France)
Demarest (legal: Brazil)
Muzinich & Co (unitranche financing)