PAI Partners has signed an agreement to acquire Orion, an Italian environmental monitoring services provider, from Xenon Private Equity.

The transaction represents the first deal for PAI’s Mid-Market Fund II and will see the firm become Orion’s majority shareholder, alongside founder and CEO Stefano Solmi and the management team.

Based in Padova, Orion delivers integrated solutions in water, air quality, emissions control, and technical asset optimisation. The company operates 13 branches nationwide and serves more than 1,000 clients, including public administrations, utilities, and corporates. Its buy-and-build strategy has brought together six complementary businesses, doubling revenues to €71m in 2025.

“With PAI’s support, Orion will pursue further strategic acquisitions, with three already in advanced due diligence, enabling expansion into complementary services and new markets,” said Solmi.

Raffaele Vitale, Partner in PAI’s Mid-Market Fund, added: “Orion has rapidly established itself as a leading environmental monitoring services platform in Italy, supported by strong secular trends. We are excited to partner with Stefano and his talented team to support the next phase of growth, leveraging our proven expertise and platform of resources to help Orion become a national champion and accelerate its expansion in Europe.”

For Xenon Private Equity, the sale marks the first successful exit from its €180m FIDEC fund, launched in 2023. “We are proud of the transformation that Orion has undergone – more than doubling its revenues and expanding its client base while maintaining its core values,” said Luca Dal Fabbro and Danilo Mangano, founders and managing partners of the fund.

The deal is subject to regulatory approvals and is expected to close in the fourth quarter of 2025.

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