G Square, an investment firm specialising in the healthcare sector, is acquiring approximately 82% of the share capital of Valtecne, an Italy-based listed contract manufacturer specialising in high-precision mechanical components and assemblies for a wide range of industries, including Medical Devices, from the Mainetti family.
The transaction values the company at €72.5m and provides. Following the acquisition, G Square will launch a full mandatory tender offer aimed at the delisting of Valtecne as an offer price of €11.87 per – a premium of approximately 35%. The company has been listed on Euronext Growth Milan since 2023. It has delivered share price growth of 71% and an increase in market capitalisation from approximately €30.5m to approximately €51.5m following the listing.
Valtecne’s primary focus is the MedTech sector, where it serves as an established contract manufacturing partner to leading global and challenger OEMs. The company specialises in the machining and finishing of high-precision surgical instruments and implants for orthopaedic surgery, with dedicated capabilities across hip, knee, shoulder, joints, trauma and spine applications.
“This transaction marks the beginning of a new phase for Valtecne,” said Paolo Mainetti, CEO Valtecne. “With the objective of further strengthening our international position.”
G Square will support the management team to accelerate organic growth, deepen existing customer relationships, and pursue selective bolt on acquisitions to broaden the group’s capabilities and geographic reach.
“The MedTech outsourcing market is at an inflection point, driven by structural regulatory change and the growing need among OEMs – particularly challenger players – for trusted, high-quality manufacturing partners,” said Renaud Dessertenne, partner, G Square. “Valtecne’s differentiated capabilities across orthopaedic instruments and implants, its co-design expertise, and its competitive cost positioning make it exceptionally well-placed to capture this opportunity.”
The acquisition will be financed in part by a cash contribution from G Square and in part through third-party financing.
G Square was advised by Bureau Plattner (M&A), GA Alliance (capital markets) and Pedersoli Gattai (financing) as legal advisors, and by PWC as financial advisor. The sellers were advised by ADVANT Nctm as legal and tax advisor and by Luigi Ferrari as financial advisor.
Press release: 260625-EXC-GSquare_Valtecne_PressRelease_ENG.pdf
