CASE CASSIOPEA advised PAI PARTNERS on the acquisition of Orion

CASE CASSIOPEA acted as M&A financial advisor to PAI Partners, a renowned private equity firm, on the acquisition of Orion, a leading Italian provider of environmental monitoring services, from Xenon Private Equity.

The transaction marks the first investment of the PAI Mid-Market Fund II (PAI MMF II), PAI’s second fund dedicated to mid-market opportunities. Upon completion, PAI Partners will become the majority shareholder, partnering with Orion’s management team, led by Group CEO and Founder Stefano Solmi. 

Founded in 1988 and headquartered in Padova, Orion has grown into a national multi-specialist platform, offering integrated environmental solutions across water, air quality, emissions control and technical asset optimisation. With 13 branches across Italy and more than 1,000 clients, Orion plays a key role in enabling the sustainable transition, supporting both corporate and public administrations in meeting evolving ESG requirements. 

In recent years, Orion has successfully implemented a buy-and-build strategy, doubling its revenues to €71 million in 2025, and is currently pursuing further strategic acquisitions. With the support of PAI Partners, Orion aims to expand into complementary services and new geographical markets, reinforcing its position as a leading environmental monitoring services provider. 

This transaction underlines CASE CASSIOPEA’s expertise in advising private equity firms on strategic investments and reinforces our track record in the environmental and sustainability sectors.