French private equity firm ArchiMed SAS sold Italian dental clinic chain Primo Group Srl to Milan-based investment firm Aksìa Group SGR SpA for an undisclosed sum.
ArchiMed invested in Primo in July 2015 through the MED I FCPR fund, which closed in 2015 at €150 million. The investment generated a 36% annualized return, equal to three times the initial investment, according to a release.
Primo, which was founded in 2010, has expanded its network to 50 dental clinics, up from 15 in 2015.
Fineurop Soditic advised ArchiMed on the transaction. Deloitte served as financial adviser, while IFIS and Equita acted as banking advisers. GMAP and Dentons were the legal advisers to the management and ArchiMed.
ACSL was Aksia's legal adviser.