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23 Oct 2025

21 Invest Healthcare Acquires Majority Stake in Else Solutions to Strengthen Medical Sector Presence

"21 Invest Healthcare has acquired a majority stake in Else Solutions, a company specializing in medical equipment and services, particularly in nuclear medicine, radiotherapy, radiodiagnostics, and radiation protection. The majority of the selling shareholders have reinvested 30% of the capital alongside the new CEO, Emiliano Spagnolo. The acquisition was financed by Banco BPM, with various legal and financial advisors involved in the transaction. The aim of this investment is to strengthen Else Solutions' position in both national and international markets by leveraging the expertise of 21 Invest in the healthcare sector."

**Law Firms Involved in the Transaction:** The transaction involved several law firms, including McDermott Will & Schulte, Giovannelli e Associati, Clifford Chance, Chiomenti, LMS – Studio Legale, Ashurst, and Pavia e Ansaldo. McDermott Will & Schulte assisted 21 Invest, Giovannelli e Associati advised the acquirer on tax matters, Clifford Chance represented the sellers of Else Solutions, Chiomenti supported BNP Paribas BNL Equity Investments, LMS – Studio Legale assisted Fondo Italiano d’Investimento SGR, Ashurst represented Banco BPM, and Pavia e Ansaldo aided Emiliano Spagnolo in his role as CEO. **Transaction Overview:** 21 Invest Healthcare, managed by 21 Invest SGR, has completed the acquisition of a majority stake in Else Solutions, a company engaged in the production and provision of equipment and services for the medical sector, with highly qualified personnel in nuclear medicine, radiotherapy, radiodiagnostics, and radioprotection. The majority of the selling shareholders have reinvested in the project, holding a total of 30% of the capital, alongside the new CEO, Emiliano Spagnolo. The transaction was financed by Banco BPM. **Lawyers Involved:** - **McDermott Will & Schulte:** - Ettore Scandale (Partner, Corporate) - Enrico Raso (Partner, Corporate) - Emma Greselin (Associate, Corporate) - Maria Stefani (Trainee, Corporate) - Emanuele Licini (Corporate) - Giancarlo Castorino (Partner, Financing) - Nicolò Perricone (Counsel, Financing) - Edoardo Testagrossa (Associate, Financing) - **Giovannelli e Associati:** - Diego De Francesco (Partner, Tax) - Saverio Pizzi (Partner, Tax) - **Clifford Chance:** - Umberto Penco Salvi (Partner) - Vittorio Novelli (Senior Associate) - Andrea Andolina (Senior Associate) - Edoardo Coletti (Associate) - Simonetta Candela (Partner, Labor Law) - **Chiomenti:** - Manfredi Vianini Tolomei (Partner) - Luigi Vaccaro (Senior Associate) - Giulia Uboldi (Associate) - Matteo Berti (Associate) - **LMS – Studio Legale:** - Annalisa Esposito (Partner) - Fabio Niccoli (Partner) - **Ashurst:** - Riccardo Rossi (Partner) - Marco Sangiorgi (Associate) - Silvia Mattioli De Agostini (Trainee) - **Pavia e Ansaldo:** - Milena Prisco (Partner) - Valentina Simonelli (Partner) - **Notary:** - Angelo Busani (Notary, Busani & Partners) **Financial Advisor:** - GC Advisor served as the financial advisor for the transaction.
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