Armònia buys 100% of Italian medtech maker HPF as PE piles into precision parts
What's the deal? Italian private equity firm Armònia has acquired 100% of HPFDealroom has a profile for this one. Try Dealroom →, a manufacturer of precision metal components mainly for the medical sector, in a deal whose value was not disclosed. The sellers were Gradiente SGRDealroom has a profile for this one. Try Dealroom →, founding shareholder Amil S.r.l. — the Lualdi family's holding company, which will reinvest — and German asset manager Nord HoldingDealroom has a profile for this one. Try Dealroom →. Ethica GroupDealroom has a profile for this one. Try Dealroom → advised Armònia as financial advisor.
What does HPF do? Founded in 2007 in Forgaria nel Friuli, near Udine, HPF is a contract development and manufacturing organisation (CDMO) specialising in orthopaedic implants and surgical instruments for international OEMs. Its expertise spans hot forging and precision machining for hip, knee, and spine applications, with a secondary presence in energy and aerospace.
The company reached revenues of nearly €30 million in 2025, with average annual growth of about 10% since 2022 under chief executive officer Marco Pirisi.
What's the endgame? Armònia plans to back HPF's next growth phase, including potential acquisitions. The deal is the sixth investment of Armònia Italy Fund II; BNP Paribas BNL Equity Investments joins as a minority investor, and Muzinich & Co.Dealroom has a profile for this one. Try Dealroom → provided financing that includes dedicated credit lines to fund future acquisitions.
Why now? The purchase lands amid a run of private-equity interest in Italian precision manufacturers serving orthopaedics. In June 2026, UK investor G SquareDealroom has a profile for this one. Try Dealroom → agreed to take control of ValtecneDealroom has a profile for this one. Try Dealroom →, another Italian supplier of high-precision components for medical-device OEMs.
The signal: The HPF deal — paired with dedicated credit lines for add-ons — points to consolidation in a specialised medtech supply-chain niche, with investors aiming to build platforms rather than simply hold assets.
Read more: mergers-alliance.com
Image credit: Fagor Automation
