Houlihan Lokey Advises Domixtar Pharmaceutical

Houlihan Lokey is pleased to announce that Domixtar Pharmaceutical S.p.A. (DMX), a portfolio company of Alto Partners SGR and Trilantic Europe, has been acquired by Azzurra Capital and The Club Dealers. The transaction closed on 20 November 2025. 

Azzurra Capital and The Club Dealers have completed the acquisition of DMX, a fast-growing, fully integrated contract-development and manufacturing organisation (CDMO) with a leadership position in Italy and a blue-chip international client base.

DMX was formed in 2024 through the combination of Mipharm and Doppel, two long-established Italian CDMOs whose product portfolios, customer relationships, and production capabilities are highly complementary. Operating four GMP-certified plants in Milan, Rozzano, Cortemaggiore, and Copparo, DMX offers the full spectrum of liquid, solid, and semi-solid dosage forms across oncology, anti-inflammatory, cardiovascular, and metabolic therapies. The group employs c. 900 people, runs a 1,000-metre-squared, fully equipped R&D centre and is forecasting approximately €170 million of revenue for 2025, generated from leading European and global pharmaceutical companies.

Alto Partners is an independent company owned by its experienced and multidisciplinary team, focused on promoting and managing private equity funds that invest in small-to-medium-sized Italian companies. Trilantic Europe is an independent private equity investor specialising in middle-market, management-led buyout transactions across Europe. It has local offices and teams in Italy, Spain, Germany, and the U.K., and currently manages approximately €2.4 billion in assets.

Azzurra Capital is an international private-equity firm with offices in Milan, Luxembourg, Dubai, London, and Singapore. The Club Dealers is an initiative based on the club deal investment model that targets profitable Italian SMEs with a strong industrial focus.

Houlihan Lokey acted as the exclusive sellside advisor to Alto Partners and Trilantic Europe on this transaction. The transaction underscores Houlihan Lokey’s strength in the Italian industrial and healthcare sectors.

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