Target Company Overview

On January 29, 2025, the Silver Economy Fund acquired 100% of MIR - Medical International Research, a leading company in the field of spirometry. The shares were purchased from previous shareholders, including Aksia SGR S.p.A., Overseas Industries, Giovanni Carlino, founder Siro Brugnoli, and the management team. This acquisition was executed alongside a group of co-investors: Turenne Santè, using its new equity fund Capital Santè 3, as well as Eurazeo through its Nov Santé Actions Non Cotées fund, BNP Paribas BNL Equity Investments S.p.A., Entheos S.A.S., and Muzinich & Co. Roberta Di Pinto and Adriano Mencarini, newly appointed CEO and CTO of MIR, will reinvest in the company, thus remaining part of the ownership structure.

MIR, founded in Rome in 1993, is a global leader in the spirometry sector, catering to both professional and personal use. The company promotes early diagnosis and monitoring of major respiratory conditions and offers an integrated diagnostic platform that includes medical devices (such as pulse oximeters, spirometers, and single-use respiratory turbines) and proprietary software for real-time monitoring of vital signs.

Industry Overview

In Italy, the spirometry market is valued at over one billion euros and is on a growth trajectory that is projected to reach 1.8 billion euros by 2031. This growth can be attributed to an increasing focus on respiratory health and technological advancements in diagnostic tools. The market has seen a significant uptick in demand for innovative respiratory devices, driving companies like MIR to invest heavily in research and development.

Furthermore, the presence of a dedicated internal R&D team at MIR significantly contributes to its success by allowing for ongoing product innovation and continuous expansion of its offerings. The upcoming launch of the MIP (Maximal Inspiratory Pressure) system in 2025, which measures respiratory pressure non-invasively, underscores MIR's commitment to advancing the field of spirometry.

The strong presence of regulatory compliance and certifications (including FDA, NMPA, ANVISA, COFEPRIS, and Health Canada) further enhances the company's ability to export its products internationally, positioning MIR favorably in global markets.

As the global population ages, the demand for medical devices that cater to respiratory health is increasing. This trend is expected to continue, making the spirometry market an attractive sector for investment and innovation.

Rationale Behind the Deal

The acquisition of MIR represents the fourth investment by Silver Economy Fund, which is focused on businesses providing goods and services for the elderly population. Quadrivio Group aims to support MIR in its growth and development process, consolidating its market presence while exploring entry into strategic markets such as Germany and the United Kingdom. MIR's strong growth, significant revenue increase—recording 22 million euros in 2024—and innovative product development make it a promising asset for Silver Economy Fund's portfolio.

Quadrivio Group believes that with its expertise and the capabilities of MIR's management team, the company is poised to become the leading player in the global spirometry market and adjacent sectors.

Information About the Investor

Silver Economy Fund, a Private Equity vehicle of Quadrivio Group, focuses on investments that cater to the needs of the aging population. The fund's investment strategy emphasizes companies with international growth potential, particularly those advancing in the medical technology sector. This acquisition reflects the fund's commitment to strengthening its portfolio with firms that are not only established leaders in their fields but also have scalable growth trajectories.

In previous dealings, Silver Economy Fund has acquired several businesses within the health and wellness industry, showcasing its dedication to contributing to improved living conditions for the elderly. The fund’s foresight and strategic planning in identifying growth opportunities indicate its strong positioning in the market.

View of Dealert

From a deal analysis perspective, this acquisition appears to be a sound investment for the Silver Economy Fund. MIR has demonstrated resilience and adaptability in a challenging market environment, evidenced by its remarkable growth performance over the past four years. The leadership team, including Di Pinto and Mencarini, has a proven track record, further assuring investors of the company’s continued success.

Furthermore, MIR's innovative product offerings and dedicated R&D efforts highlight its commitment to maintaining its competitive edge in the market. By expanding both product lines and geographical reach, MIR is well-positioned to capitalize on the projected growth of the spirometry market.

The collaborative stance of Silver Economy Fund with other prominent investors also enhances the investment's potential, as their combined expertise and resources can contribute significantly to MIR's expansion strategy. As more investors recognize the promise of companies like MIR within the aging economy sector, the future looks bright for MIR and its stakeholders.

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