Private equity group PAI Partners has agreed to acquire Orion, an Italian provider of environmental monitoring services, from Xenon Private Equity. The deal marks the first investment from PAI’s Mid-Market Fund II (PAI MMF II), which focuses on mid-sized opportunities across Europe.
Founded in 1988 and headquartered in Padova, Orion’s services span four key areas: water, air quality, emissions control and technical asset optimisation.
The company has pursued an aggressive buy-and-build strategy in recent years, integrating six businesses to create a unified national platform and more than doubling its revenues to €71 million by 2025. With PAI’s backing, Orion plans to continue its expansion, with three further acquisitions already in advanced due diligence.
Stefano Solmi, Orion’s founder and chief executive, welcomed the partnership, saying: “We are delighted to have chosen PAI to support our ambition to develop a stronger international presence for Orion … to replicate Orion’s unique multi-specialist business model.”
Raffaele Vitale, a partner at PAI MMF, said Orion was well positioned to capitalise on growing demand for environmental monitoring: “We are excited to partner with Stefano and his talented team to support the next phase of growth, leveraging our expertise to help Orion become a national champion and accelerate its expansion in Europe.”
Xenon Private Equity, which acquired Orion through its €180 million Xenon Fidec fund in 2023, described the sale as its first successful exit. Founders Luca Dal Fabbro and Danilo Mangano said Orion had undergone a “transformation”, more than doubling revenues and broadening its client base.
The transaction remains subject to regulatory approval and is expected to close in the fourth quarter of 2025.
