HIG Capital Acquires the Biotech Company Polygon

U.S. private equity HIG Capital has won the auction for control of Polygon spa (the former Tecnologie Sanitarie), a Rome-based company specializing in the management of medical devices, diagnostic imaging, and biomedical devices, and hitherto controlled by the Zanzi family. That is stated in notices to the market from the Antitrust Authority, which is reviewing the transaction. In detail, HIG Capital has formed the newco Luna BidCo srl, which will buy 100 percent of Polygon’s share capital.

Read more about the latest acquisition in the biotech sector and find other interesting news with our companion app. Born2Invest’s team of journalists gathers the most interesting business news in a single mobile application. It’s impossible to keep up with everything you’re interested in, but our companion app will help you keep track of the important news. Our app is being updated throughout the day.

The auction, managed by advisor Vitale & Co, had been underway since the spring

The deal promises to be of a certain size, given that the company ended 2021 with €116.7 million in net revenues, Ebitda of €27.3 million, and net income of €19.8 million, against net cash of €61.2 million and shareholders’ equity of €89.2 million.

The auction, managed by advisor Vitale & Co, had been underway since the spring, as the company’s main shareholder has been embroiled in controversial court cases as part of an investigation called “Sister Health” into kickbacks in public health contracts. In fact, CEO Francesco Zanzi was sentenced in August 2021 in the first instance to 7 years and 2 months in prison for bribes (according to reports at the time by ANSA). The affair investigated by the judiciary concerns, in particular, Estar, the technical and administrative support body of the Tuscany Region, which in 2017 had opened the bidding for a tender aimed at the maintenance of biomedical equipment that Tecnologie Sanitarie spa would later win in 2019 together with a temporary grouping of companies.

Precisely in order to put these problems behind it, in 2021 the company revolutionized the old name Tecnologie Sanitarie, assuming precisely the name Polygon, 50.1 percent of whose shares, however, are still owned by Fab srl (a company created on December 11th, 2020, and whose majority shareholder is precisely Francesco Zanzi himself), with other direct holdings by members of the same family. In the new organizational chart, Alessandro Zanzi is now at the top, serving as CEO.

Founded in 1939 in Rome by Giuseppe Zanzi, over the years the company has transformed from a fuel supplier to a provider of integrated services in various fields: Facility Management, Technology Management, and Energy Services. In 1988 the Electromedical Division was born, while in 2015 it began the process of internationalization with the opening of a permanent plant in Madrid and a subsidiary in the United Kingdom. At the moment, it is one of the big names in the industry, ranging from biomedical equipment and medical device maintenance to clinical engineering, from prosthetic aid management to healthcare solutions.

__

(Featured image by kkolosov via Pixabay)

DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.

This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.

First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.