21 Invest, the European investment group founded by Alessandro Benetton with offices in Italy, France, Spain, and Poland, announces the second transaction of its impact fund 21 Invest Healthcare. Launched in November 2024, the fund is entirely dedicated to the healthcare and wellbeing sector. The new deal involves the acquisition of a majority stake in Else Solutions, an Italian company active in the distribution and production of medical products.
Founded over thirty years ago and headquartered in Trezzano sul Naviglio (Milan), the company specializes in the production and commercialization of therapeutic radiopharmaceutical equipment, with a particular focus on the design and manufacturing of systems for radiation handling and measurement. These activities provide advanced nuclear medicine and radiotherapy technologies to a wide range of healthcare facilities, from major hospitals to smaller clinical centers, both in Italy and abroad. The innovation brought by Else Solutions in the healthcare sector supports significant scientific progress in oncology, broadening the understanding of biological mechanisms and treatments while opening new therapeutic perspectives.
In 2024, Else Solutions reported revenues of approximately €20 million (+47% vs 2023) and an EBITDA of around €4 million (+60% vs 2023), with a workforce of about 50 employees. Historically focused on the distribution of large-scale equipment, the company began diversifying its business lines in 2022 by developing and producing proprietary solutions, which in just two years have already contributed to around 20% of total revenues.
With the support of 21 Invest, Else Solutions will continue its growth path under the leadership of the current management team, which will reinvest alongside the fund while maintaining its operational responsibilities. The team will be further strengthened by Emiliano Spagnolo, an experienced executive in the nuclear medicine sector, who will assume the role of CEO. Value creation will be driven by the consolidation of the company’s leadership in distribution and by growth in the radiation-handling systems segment, where Else Solutions stands out for its highly competitive and cutting-edge product portfolio, supported by the expansion of its production capacity.
At the same time, the company will continue its international expansion into high-potential markets. The transaction fully aligns with the impact investing strategy of the specialized 21 Invest Healthcare fund, which sets tailored sustainable and impact-oriented objectives for the companies in which it invests.
Alessandro Benetton, Founder and Chairman of 21 Invest, commented: “The investment in Else Solutions confirms our commitment to sustainable and high impact investing. Over the years, we have successfully supported several companies in their growth journeys, such as ProductLife Group and SIFI, generating both value and positive social impact. We continue along this path, as the company operates in a highly specialized sector that helps make treatments more effective and improves patients’ quality of life.”
Alessandro Damiano, Partner at 21 Invest Healthcare, commented: “We are excited to have completed our second investment just 10 months after the launch of the 21 Invest Healthcare Fund. We are very pleased that the shareholders recognized 21 Invest as the ideal partner for the company’s next phase of growth and that Emiliano Spagnolo, an executive with extensive experience, will join us on this journey.”
Massimo Agosti and Benvenuto Beretta, shareholders and managers of Else Solutions who have supported founder Ferdinando Guallini for over a decade, added: “We are very pleased with the company’s growth over the years and have seen 21 Invest as the ideal partner to support and accelerate our rapid growth, enhance and develop the production of advanced healthcare solutions, and strengthen the ELSE Solutions brand both nationally and internationally.”