Medisolve, an Italy-based provider of clinical engineering, maintenance and integrated healthcare technology management services, has completed a refinancing of its existing debt with Barings and Deutsche Bank, with Mediobanca acting as debt advisor.
The transaction refinances the group’s existing facilities and adds €70m (US$78m) of new financing to support organic growth, further acquisitions and continued international expansion.
“The extended maturities and new credit lines give us the financial flexibility to accelerate our strategic plan,” said Nicola Antognetti, CFO of Medisolve.
HIG Capital invested in Medisolve in 2023, since when Medisolve has grown from around €130m of revenue, when it operated mainly in Italy, to more than €200m today, with over 1,000 employees serving more than 300 healthcare facilities across Italy, Spain, Portugal, Germany and Austria.
“In recent years we have built an increasingly international group, integrating highly specialised expertise and expanding our presence across Europe,” said Angelo Maresca, CEO of Medisolve. “The new resources will allow us to keep investing in skills, technology and new markets, while keeping the quality of the services we provide to healthcare facilities at the centre of what we do.”
In the last three years, the group has completed seven acquisitions for a combined value of around €60m, building expertise in diagnostic imaging, ultrasound probes, endoscopy and laboratory equipment. The most recent of these, Austria’s Midea, extended Medisolve’s presence in the DACH region, which the group regards as strategically important to its European development.
Latham & Watkins advised on legal matters, including capital markets aspects, with Ropes & Gray advising on corporate, compliance and foreign direct investment matters and Maisto e Associati on Italian tax. Hogan Lovells Cadwalader advised the bondholders and lenders on the revolving credit facility. Fortlane Partners (Giovanni Calia, Filippo Cerrone, Enrico Sesini, Giulia Falchi) supported business planning and commercial due diligence, EY-Parthenon led financial due diligence and EY advised on tax due diligence, while GLAS acted as escrow, issuing and calculation agent, security agent, bondholder representative and facility agent.