Ethica Group, through its M&A and Debt Advisory teams, advised Armònia, a leading Italian private equity firm, on the acquisition of 100% of the share capital of HPF S.r.l., one of Europe’s leading manufacturers of precision metal components, primarily serving the medical sector. The transaction was completed through the acquisition of shares held by Gradiente SGR S.p.A., founding shareholder Amil S.r.l., the holding company of the Lualdi family, which will reinvest in the transaction, and German asset manager Nord Holding.
Founded in 2007 in Forgaria nel Friuli, in the province of Udine, HPF is a contract development and manufacturing organisation (CDMO) specialising in orthopaedic implants and surgical instruments, including forged components, for leading international OEMs. The company combines product development and design capabilities with established expertise in hot forging and precision machining, delivering high-value solutions for applications involving the hip, knee and spine. HPF also serves the energy and aerospace/industrial sectors.
Long-standing relationships with leading customers, together with ongoing investments to strengthen its manufacturing platform, have enabled HPF to consolidate its position among the leading players in Italy and Europe. Under the leadership of CEO Marco Pirisi and with the support of Gradiente, the company has pursued a sustained growth trajectory, recording average annual revenue growth of approximately 10% since 2022 and reaching revenues of nearly €30 million in 2025. This performance has also benefited from a market characterised by solid growth prospects and favourable long-term structural trends.
In line with its investment strategy, Armònia will support HPF in its next phase of growth, working alongside the management team led by Marco Pirisi to further strengthen the company’s market position and pursue additional development opportunities, including potential acquisitions.
The transaction represents the sixth investment of Armònia Italy Fund II and will also involve BNP Paribas BNL Equity Investments, as a minority investor, alongside a number of private investors. Muzinich & Co. acted as a financing partner, providing funding facilities that also include dedicated credit lines to support future acquisition-led growth.
