21 Nov 2025

Alcedo acquires majority stake in Operamed

"Adacta Tax&Legal and Gitti and Partners advised Alcedo SGR in its acquisition of a majority stake in Operamed from Itago SGR (via Itago IV) and minority shareholders; Pavia e Ansaldo represented Itago; Gianni & Origoni represented other minority sellers. Dentons advised Banco BPM and PedersoliGattai advised Equita Capital SGR. Dawan Corporate Finance and Spada Partners acted as M&A and due diligence advisors. Financing combined Equita private debt funds and a Banco BPM loan."

Adacta Tax&Legal and Gitti and Partners advised Alcedo SGR in the transaction; Pavia e Ansaldo represented Itago SGR; Gianni & Origoni assisted the other minority shareholders; PedersoliGattai advised the subscribing Equita funds; Dentons advised Banco BPM. Dawan Corporate Finance acted as M&A advisor for the sellers and Spada Partners performed the financial and tax due diligence. The transaction: Alcedo SGR, as manager of the private equity fund Alcedo V, acquired a majority stake in Operamed. The stake was purchased from Itago SGR through the fund Itago IV and from minority shareholders Giorgio Cravera, Alberto Bellini and Francesco Boldrin. Operamed is a global company specialised in the design, supply and installation of critical hospital areas, known for its project management capability and for providing prefabricated modular wall systems and turnkey solutions to hospitals and clinics in Italy and internationally. The acquisition was financed through the issuance of a bond subscribed by Equita Private Debt Fund II and Equita Private Debt Fund III, managed by Equita Capital SGR, and by a loan provided by Banco BPM. Several minority shareholders reinvested in the project. Dawan Corporate Finance acted as M&A advisor for all the sellers. Adacta Tax&Legal represented Alcedo SGR with a team composed by: partners Riccardo Carraro and Stefania Sammartano and senior associate Alberta Lazzari (legal and contractual matters). Spada Partners represented Alcedo SGR with a team composed by: Antonio Zecca, Emanuele Arpano and Mara Lorusso (financial due diligence) and Guido Sazbon, Raffaella Piraccini, Matteo Zucchetti and Gian Maria Bascherini (tax due diligence). Gitti and Partners Studio Legale Associato represented Alcedo SGR with a team composed by: partner Angelo Gitti, counsel Filippo Rota and associate Augusto Frattolillo (bond issuance and financing documentation). Pavia e Ansaldo represented Itago SGR with a team composed by: partner Alberto Bianco, counsel Erica Lepore and associate Arianna Bellani (corporate, M&A and contractual matters). Gianni & Origoni represented the other minority shareholders with a team composed by: of counsel Oliviero Pessi and senior associate Giovanna Murador. PedersoliGattai represented the subscribing Equita funds (Equita Private Debt Fund II and III) with a team composed by: partner Gaetano Carrello, senior counsel Marcello Legrottaglie and associates Viola Mereu and Giacomo Marchetti. Dentons represented Banco BPM with a team composed by: partner Alessandro Fosco Fagotto (head of Banking and Finance in Italy and Europe), associate Federico Palazzo and trainee Giulia Brevi. Dawan Corporate Finance acted for all the sellers as M&A advisor with a team composed by: Carlo Dawan, Valentina Osele, Niko Mobili, Francesco Pacioselli and Filippo Cesaroni.
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