Luxembourg-headquartered Mindful Capital Partners, together with minority shareholders Marsupium, Annalisa Azzolini and Berrier Capital, led by Alberto Craici, has completed the sale of the Sidam Group, an Italy-based producer of biomedical consumables, to Plastiflex Group, a Belgian multinational specialised in tubing systems and fluid transfer solutions for the healthcare market.
Healthcare has become one of the pillars of Plastiflex’s growth strategy and this transaction expands its capabilities in the medical sector.
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 CEO 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.
Founded in 1953, Plastiflex, which was acquired by IK Partners in 2021 from 3d investors, has built an international platform through a combination of organic growth and acquisitions. In 2022, it acquired Walter Potthoff, a German company specialising in components for healthcare applications, and in 2025 it acquired US-based Smooth-Bor Plastics, a healthcare company specialised in the production of corrugated heated tubes for continuous positive airway pressure (CPAP) devices, and Slovenia-based TIK, a manufacturer of disposable medical devices, specialised in the production of coated urethral catheters and follicle aspiration needles.
The group currently operates manufacturing facilities across Europe, the US, Mexico and China, and employs approximately 1,500 people.
Mindful acquired its controlling stake in Sidam in August 2020. Over its hold of almost six years, Sidam has achieved significant growth. Revenue increased from approximately €19m in 2020, according to Mindful, to more than €45m expected in 2026 – a CAGR of around 16%.
This was achieved through the acquisition of Emotec in 2021 and the completion of a new manufacturing facility in Mirandola 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,” said Alberto Camaggi, partner at Mindful Capital Partners. “Under Plastiflex’s ownership, Sidam will be well positioned to continue its growth journey.”
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.
