G Square Acquires Valtecne, Plans EGM Delisting

G Square Healthcare Private Equity has secured a significant majority stake in Valtecne spa, a precision mechanics manufacturer serving the MedTech sector. The London-based firm acquired approximately 82% of the company from the founding Mainetti family for an enterprise value of €72.5 million. This transaction positions Valtecne for a transition away from the Euronext Growth Milan (EGM) exchange, with G Square intending to launch a mandatory takeover bid to delist the company.

The acquisition, executed through Luxembourg-based vehicle ValBlue Holdings sarl, values Valtecne at €11.87 per share. This price represents a notable premium, approximately 35%, over the stock's closing price on June 25th. Following the deal's completion, G Square plans to initiate a full tender offer at the same €11.87 per share price, aiming to take Valtecne private. The deal is anticipated to close in the third quarter of 2026, pending regulatory approvals, including the crucial Golden Power clearance from the Italian Prime Minister's office.

Valtecne, founded in 1983 by Vittorio Mainetti and now led by CEO Paolo Mainetti, has demonstrated robust financial performance. For the first four months of 2026, the company reported pro-forma revenues of €13.3 million and an EBITDA of €4.1 million. Projections for the full year 2026 anticipate revenues between €39 million and €41 million, reflecting an estimated 9-15% growth over 2025, with an EBITDA margin around 29%. This follows a solid 2025, where consolidated revenues reached €35.7 million, with an EBITDA of €8.1 million.

The strategic move by G Square underscores the growing investor appetite for specialized MedTech component manufacturers. The precision engineering segment within healthcare is experiencing sustained demand driven by advancements in medical devices and an aging global population. Valtecne's focus on high-precision components for critical medical applications, including dental and orthopedic segments through its recent acquisition of Utilità srl, places it favorably within this expanding market. The acquisition of Utilità, specializing in contract manufacturing for precision mechanical parts, further strengthens Valtecne's capabilities and market reach.

In a demonstration of continued commitment, key members of the Mainetti family and Valtecne's management team have agreed to reinvest a portion of their proceeds into ValBlue TopCo spa, the new holding company established by G Square. This reinvestment, coupled with governance rights, signals confidence in the future growth trajectory under G Square's ownership. The terms of this reinvestment and the subsequent governance structure of ValBlue TopCo and its subsidiaries are detailed in a comprehensive investment agreement and shareholders' pact.

The transaction saw significant advisory support. G Square was advised by Bureau Plattner (M&A), GA Alliance (capital markets), Pedersoli Gattai (financing), and PwC (financial advisory). The sellers received counsel from ADVANT Nctm (legal and tax) and business advisor Luigi Ferrari. Valtecne's initial public offering on EGM in March 2023 at €5 per share marked its entry into the public markets with a capitalization of approximately €30.5 million. The planned delisting signifies a new chapter focused on private equity-backed growth and operational enhancement.