Ionisos
- Sector Social Infrastructure
- Year invested 2019
- Location France
- Status Current
Ionisos is a leading owner and operator of cold sterilisation facilities servicing the medical and pharmaceutical industries. Established in 1993 in France, Ionisos is one of the largest cold sterilisation providers globally and operates a network of 11 facilities in Europe with market leading positions in France and Spain. It has over 250 employees and a highly diversified customer base of around 1,000 customers.
Visit ionisos.com
Overview
Ionisos delivers a mission-critical, non-discretionary service for customers, for whom cold sterilisation is an essential component of the manufacturing process. It is typically applied to single use products that would be damaged by the heat and/or humidity of hot sterilisation methods.
Why we invested
The investment in Ionisos diversified 3i Infrastructure’s sector exposure and increased its presence in the French market. The company has sound market fundamentals with non-cyclical drivers, including an ageing population in Western Europe. Growing demand for healthcare services increasingly relying on single use medical equipment and increasingly stringent regulation governing the sterilisation of medical, pharmaceutical and cosmetics products were also attractive factors. The market has high barriers to entry and the business offers platform potential with growth opportunities both organically and through M&A.
Recent developments
Ionisos performed below expectations due to reduced bio-processing and labware volumes, which have returned to pre-Covid levels, and weaker demand in markets connected to the construction industry which represents a small share of treatment capacity. However, the majority of product categories sterilised by Ionisos continue to exhibit strong volume growth. Ionisos is making progress in its growth initiatives. The expansion of its new greenfield EO plant in Kleve, Germany is progressing and the development of the new X-ray greenfield facility in north east France is proceeding according to schedule and within budget.
Regulatory information
This transaction involved a recommendation of 3i France.