21 INVEST, BNP PARIBAS BNL EQUITY & FONDO ITALIANO DI INVESTIMENTO take majority stake in ELSE SOLUTIONS

21 Invest took a majority stake in Else Solutions, the Italian manufacturer and distributor of nuclear medicine and radiation protection equipment based in Trezzano sul Naviglio, in a transaction completed in September 2025 through its 21 Invest Healthcare fund. BNP Paribas BNL Equity Investments and Fondo Italiano di Investimento joined as co-investors, and Banco BPM financed the purchase and provided operating credit lines to the company. The sellers were Massimo Agosti and Ferdinando Guallini, each holding 35%, Giacomo Bartesaghi and Benvenuto Beretta with 10% each, and Monica Filograsso and Giampaolo Papetti with 5% each. At the time of the deal, Else Solutions generated revenue of €20m and an EBITDA of €4m, an EBITDA margin of [members only], and employed around 50 people. The existing management team reinvested alongside the fund and kept its operational responsibilities, while Emiliano Spagnolo, an executive from the nuclear medicine sector, joined as chief executive. It was the second investment of 21 Invest Healthcare, an Article 9 impact fund launched in November 2024, after a majority stake in Prosol in July 2025. 21 Invest was advised by McDermott Will & Schulte on legal and corporate matters, EY on financial due diligence, Giovannelli & Associati on tax, Roland Berger on commercial due diligence, ERM on ESG and Triadi-Polimi on impact. Else Solutions and its shareholders worked with GC Advisory as financial adviser and Clifford Chance as legal counsel, while Chiomenti advised BNP Paribas BNL Equity Investments, LMS advised Fondo Italiano di Investimento and Ashurst advised Banco BPM.