Ionisos is a leading owner and operator of cold sterilisation facilities servicing the medical and pharmaceutical industries. Established in 1993 in France, Ionisos is one of the largest cold sterilisation providers globally and operates a network of 10 facilities in Europe with market leading positions in France and Spain. It has over 250 employees and a highly diversified customer base of around 1,000 customers.

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Overview

Ionisos delivers a mission-critical, non-discretionary service for customers, 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.

Why we invested

The investment in Ionisos diversified 3i Infrastructure’s sector exposure and increased its presence in the French market. The company has sound market fundamentals with non-cyclical drivers, including an ageing population in Western Europe. Growing demand for healthcare services increasingly relying on single use medical equipment and increasingly stringent regulation governing the sterilisation of medical, pharmaceutical and cosmetics products were also attractive factors. The market has high barriers to entry and the business offers platform potential with growth opportunities both organically and through M&A. 

Recent developments

Ionisos performed slightly below expectations, primarily due to delays to the completion of the company’s new French X-Ray plant and expansion of its German EO plant. Despite these delays, revenues increased 7% year-on-year and the long-term outlook remains positive.

We strengthened the management team further in April 2026 with the appointment of a new CEO.