The process, which is expected to begin in the coming weeks, will target financial and strategic buyers, the source close said. The process is for the sale of the whole business, both sources said.

Last month the Italian financial newspaper Milano Finanza reported that this asset was coming up for sale, with HIG Capital close to launching a beauty contest to mandate an advisor.

Deenova will be marketed off its EUR 12m 2021 adjusted EBITDA on over EUR 30m revenues, both sources said.

The sponsor’s investment in Deenova has reached its maturity, the sources said, adding that huge levels of liquidity in the markets and revived M&A activity since the summer break have also influenced the decision to sell.

HIG bought a majority interest in Deenova in July 2018 when it was known as Santa Lucia Pharma Apps (SLPA), with the founders, the Giglio family, retaining the remainder, as reported. 

Deenova offers integrated turn-key solutions to hospitals for the traceability and management of unit dose drugs and medical devices.

HIG Capital and Deenova declined to comment. William Blair did not return requests for comment.