G Square Healthcare acquires majority stake in G21

G Square Healthcare Private Equity has acquired a majority stake in G21, the Italy-based medtech company focused on developing, manufacturing and distributing equipment and solutions for orthopaedic and spine applications

Founded in 2009, G21 is recognized for its innovation in bone cements, modular spacers for shoulder, knee and hip applications, as well as in minimally invasive surgical solutions for kyphoplasty and vertebroplasty. Over the past decade, the company has grown rapidly in Italy, the US and internationally, serving surgeons and healthcare providers in 55 countries.

G Square will partner with G21’s founders Filippo and Maurizio Foroni, as well as with the senior advisor Luigi Ferrari, to support the company’s next phase of growth, with a particular focus on accelerating international expansion (especially in the US), strengthening its global distribution network and delivering a R&D pipeline.

“We have been impressed by G21’s innovation and success to date,” said Dr Laurent Ganem, founder and CEO of G Square. “We see a strong entrepreneurial culture and very significant potential.”

Terms of the transaction were not disclosed.

Keep moving forward
As the global population gets older the demand for age-related hip and knee replacements rises. Obesity and more sedentary lifestyles also result in joint deterioration, and a corresponding need for treatment from those with younger ages. Improvements in techniques are also decreasing costs and time spent in surgery. The global orthopedic reconstruction market is growing rapidly

G Square is not the only PE firm tapping into the sector’s growth potential.

In August 2021, Astorg Partners bought out Keensight Capital’s stake in Italy-based Demetra Holding a world-leading player in the bone cement and biomaterials space. Created in 2016 following the combination of Italy-based Tecres and Germany-based Osartis, Demetra currently directly controls or has participation in some of the most important independent players in the sector, including Tecres, Osartis, US-based OsteoRemedies, a China-based JV with KMC (Yijiutai), and it recently added Switzerland-based GetSet Surgical, a provider of sterile-packaged single-use spine surgical kits, to its portfolio.

And in March 2025, Denmark-based investor Novo Holdings got in on the act, investing in UK-based Biocomposites, alongside US PE firm TA Associates, Biocomposites’ majority shareholder since 2017. Novo Holdings is now the majority shareholder. The new investment supports Biocomposites’ aims to deepen its global footprint.

Also in January 2024, listed Enovis, a US-based med tech company, also moved to strengthen its position in the market with the acquisition of Italy-based LimaCorporate, a company focused on restoring motion through implant solutions.

Further consolidation in the sector is likely. Investors in Healthcare