3i Infrastructure plc (LON: 3IN) has agreed to invest c. €220m to acquire up to 100% of Ionisos, a leading owner and operator of cold sterilisation facilities servicing the medical, pharmaceutical and cosmetics industries, from Ardian Expansion. Completion is expected to take place in September. Established in 1993 in Civrieux, France, Ionisos is the third largest cold sterilisation provider globally and operates a network of 11 facilities in Europe with market leading positions in France and Spain. It has over 200 employees and a highly diversified customer base of more than 1,000 customers. Ionisos delivers a mission-critical service for the medical, pharmaceutical and cosmetics industries for whom cold sterilisation is an essential component of the manufacturing process. It is typically applied to single use products that would be damaged by the heat and/or humidity of hot sterilisation methods. Demand for sterilisation is driven by attractive market fundamentals and non-cyclical market factors, including an ageing population in Western Europe, growing demand for medical services increasingly relying on single use products, and increasingly stringent regulation governing the...