London and Milan, 10 September 2026 – G Square Healthcare Private Equity LLP (“G Square”), a leading European private equity firm specialising exclusively in healthcare, is pleased to announce that it has acquired a majority stake in Valtecne S.p.A. (“Valtecne” or the “Company”), an Italian manufacturer of high-precision components and instruments for the orthopaedic, traumatology and spinal surgery markets, whose shares are traded on Euronext Growth Milan.

G Square has acquired approximately 82% of Valtecne’s share capital. The Mainetti family, Valtecne’s largest shareholder, has reinvested alongside G Square and retained a significant indirect interest in the Company. Paolo Mainetti will continue to lead the business as Chief Executive Officer. Muzinich & Co acted as debt provider on the transaction.

Following the Acquisition, G Square will launch a full mandatory tender offer (“MTO”) in the coming weeks, with the aim of delisting Valtecne on Euronext Growth Milan.

This transaction underscores G Square’s commitment to partnering with ambitious European healthcare businesses to deliver sustainable growth and long-term value.

Key Highlights

  • About Valtecne: Founded and headquartered in Berbenno di Valtellina, Sondrio, Valtecne is a specialist manufacturer of high-precision components and instruments for medical device customers, with a particular focus on orthopaedics, traumatology and spinal surgery.
  • Strategic Rationale: The investment will enable Valtecne to accelerate organic growth, invest further in capacity, technology and quality systems, and pursue selective acquisitions in Italy and internationally, in line with a strategy focused on building medium to long-term business value.
  • Management Continuity: G Square intends to support the development of the Company in substantial continuity with the existing management team. The reinvestment by Paolo Mainetti and the Senior Advisor, Luigi Ferrari, aligns the interests of management and shareholders in the next phase of growth.
  • Impact: Customers will benefit from expanded manufacturing capacity, continued investment in precision engineering capability, and the resources to support them across a broader range of implant and instrument programmes.

Executive Quotes

“We are delighted to have completed our investment in Valtecne and to officially begin our partnership with the company and its management team. Valtecne is an exceptional business with world-class precision manufacturing capabilities, and we look forward to supporting its next phase of growth. We will now progress the mandatory tender offer and the objective of delisting in the coming months.”— Renaud Dessertenne, Partner, G Square

“Today marks the start of our partnership with G Square and a new chapter for Valtecne. Over more than forty years we have built our reputation component by component, earning the trust of leading MedTech OEMs. With G Square’s support, we now have the resources and expertise to build on that foundation, grow faster and serve more customers globally, while remaining true to the values on which my father founded the company.” — Paolo Mainetti, CEO, Valtecne

G Square was advised on the Acquisition by Bureau Plattner (M&A), GA Alliance (capital markets) and Pedersoli Gattai (financing) as legal advisors, PwC as financial advisor and Lincoln International as debt advisor. The Sellers were advised by ADVANT Nctm as legal and tax advisor and Luigi Ferrari as business advisor. Muzinich & Co. was advised by White & Case as its legal advisor.

About G Square

G Square Healthcare Private Equity LLP is a leading European private equity firm investing exclusively in the healthcare sector. Based at 24 Savile Row, London, G Square partners with founders and management teams across Europe to build market-leading healthcare businesses. The firm manages a series of healthcare-focused funds and continuation vehicles and supports a portfolio of 16 companies.

About Valtecne

Valtecne S.p.A. is an Italian company with registered office in Berbenno di Valtellina (SO), Via Al Campo Sportivo 277, registered with the Companies’ Register of Sondrio under no. 00479090144. Its share capital of Euro 305,485.00 is divided into 6,109,700 ordinary shares with no indication of par value, traded on Euronext Growth Milan (ISIN: IT0005532525). Further information is available at www.valtecne.com.

Contact

Renaud Dessertenne
Partner
Email: contact@gsquarecapital.com
Phone: +44 2037570160