G Square Healthcare Private Equity has acquired Valtecne with acquisition financing provided by Muzinich & Co
Valtecne
Founded and headquartered in Sondrio, Italy, Valtecne is a leading manufacturer of high-precision components and instruments for medical device OEMs, with a particular focus on orthopedics, traumatology and spinal surgery. The company operates primarily as a contract manufacturing organization for the medical sector and benefits from long-standing relationships with leading OEMs. Supported by the scarcity of scaled C(D)MO platforms, Valtecne represents a strategic asset with significant consolidation potential.
The Deal
G Square has acquired a majority stake in Valtecne from the Mainetti family, the company’s largest shareholder, which has reinvested alongside G Square and retained a significant interest in the business. Following completion of the acquisition, G Square intends to launch a mandatory tender offer (MTO) with the objective of delisting Valtecne from Euronext Growth Milan and completing the take-private transaction. Lincoln International supported G Square Capital to structure the most appropriate financing package to enable the acquisition of Valtecne S.p.A. Muzinich & Co provided a unitranche facility to finance the acquisition of the majority stake. The financing package also includes a Capex / Acquisition Facility (CAF) designed to support Valtecne’s organic expansion as well as its buy-and-build strategy, and a Super Senior RCF to fund Valtecne’s working capital needs. The structure provides flexibility to re-leverage the business in connection with future acquisitions, providing Valtecne with significant financial capacity to pursue selective mergers and acquisitions (M&A) opportunities in Italy and internationally.
Our Perspective
Aude Doyen and Daniele Candiani, Managing Directors at Lincoln International, commented, “We are pleased to have supported G Square on this cross-border transaction. A key focus was to structure a financing solution that supports not only the initial acquisition but also G Square’s broader pan-European buy-and-build strategy, providing the flexibility to execute and finance future acquisitions across multiple jurisdictions as Valtecne continues to pursue M&A as a key pillar of its value creation plan.”
Lincoln’s pan-European financing expertise and ability to navigate the local complexities of an Italian public-to-private transaction were particularly valuable. The team delivered a flexible financing solution that supports both the acquisition and our broader growth strategy for Valtecne.
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