Mindful Capital Partners sells Sidam to Plastiflex
Il Sole 24 Ore
Mindful Capital Partners, together with minority shareholders Marsupium, Annalisa Azzolini and Berrier Capital, led by Alberto Craici, has completed the sale of 100% of the Sidam Group to Plastiflex Group, a multinational company specialising in the development and manufacture of tubing systems, components and fluid-transfer solutions, with a particularly strong presence in the healthcare sector.
The transaction represents a strategic milestone for Sidam, which is headquartered in Mirandola, at the heart of the biomedical district of Modena, while also reinforcing Plastiflex’s strategy in the medical solutions market.
Founded in 1953, the Belgian group has established a strong international position in the manufacture of systems for the healthcare industry. Today, Plastiflex employs approximately 1,500 people and operates 12 manufacturing facilities across a network of 16 sites worldwide, with an industrial footprint spanning Europe, North America and Asia. Headquartered in Beringen, Belgium, Plastiflex has built its international platform through a combination of organic growth and acquisitions. The group currently operates manufacturing facilities across Europe, the United States, Mexico and China.
Healthcare has progressively become one of the pillars of the group’s growth strategy. In 2022, Plastiflex acquired Walter Potthoff, a German company specialising in components for healthcare applications. Its facility in Kierspe, Germany, was subsequently designated as the group’s European manufacturing hub.
The acquisition of Sidam forms part of Plastiflex’s broader strategy to expand its capabilities in the medical sector. The integration of a business specialising in fluid management devices will further strengthen and broaden the group’s product offering.
Founded in 1991, Sidam specialises in the supply of single-use medical devices for the fluid management market, with applications primarily in radiology, radiopharmacy and cell therapy.
The current management team, led by Chief Executive Officer Annalisa Azzolini, will join the leadership team of Plastiflex’s Fluid Management division. Sidam’s manufacturing operations and R&D activities will continue at their existing locations, thereby preserving the company’s industrial roots within the Mirandola biomedical district.
Mindful acquired a controlling stake in Sidam in August 2020 from the current minority shareholders, who reinvested alongside the private equity firm.
Over a holding period of almost six years, the company achieved significant growth. Revenue increased from approximately €19 million in 2020 to more than €45 million expected in 2026, representing a compound annual growth rate (CAGR) of around 16%.
Two developments were particularly significant in driving this growth trajectory. The first was the company’s entry into the cell therapy segment through the acquisition of Emotec in 2021. The second was the completion, between 2024 and 2025, of a new manufacturing facility in Mirandola, an investment that doubled production capacity.
“Over these years, we have supported the company through an important phase of growth and development, strengthening both its market position and its industrial and commercial capabilities. Under Plastiflex’s ownership, Sidam will be well positioned to continue its growth journey, benefiting from the strong industrial complementarity offered by the group’s broader platform”, said Alberto Camaggi, Partner at Mindful Capital Partners.
For MCP, Sidam represents the second exit from Fund III, following the partial divestment of Eurmoda in 2025. Following its recent exit from Italcer, the largest investment made by MCP II, the firm has launched fundraising for Fund IV, targeting €200 million.
The sellers, Sidam and its management team, were advised by Lincoln International, Lmcr, LS Laghi & Partners, Deloitte and Alira Health.
Plastiflex Group was advised by A&O Shearman.