The partnership between Adler Ortho, the Cremascoli family and Andera Partners will accelerate Adler Ortho’s development in Europe and North America.
Andera Partners, one of Europe’s leading private capital firms with headquarters in Paris and almost €5.0 billion in assets under management, has completed its investment in Adler Ortho, an internationally renowned player active in the design, production and distribution of orthopedic implants, surgical instruments and bioresorbable products, with a strong focus on 3D-printed complex applications.
Adler Ortho was founded over 20 years ago in Cormano (Milan) and leverages more than 50 years of experience in the orthopedic sector of its founders and management team. Adler Ortho addresses complex clinical applications (revision, limb salvage and custom implants) and has successfully expanded in several key geographies, such as Australia, Japan, UK, and more recently the USA. The group stands out for its high level of technological know-how, innovative product portfolio for critical procedures, level of service and close collaboration with the international medical community. New product launches and market expansion have driven double-digit sales growth in recent years and revenue reached c.€68 million in 2024.
Andera Partners is investing alongside the Cremascoli family, who remains the majority shareholder of Adler Ortho, and the rest of the management team. Andera Partners will hold a 46% stake in Adler Ortho, with the objective of accelerating the commercial initiatives in Europe and North America, continue broadening the range of solutions in knee, limb salvage and small joints procedures, and pursue strategic acquisitions, thus leading to an ambitious change of scale of the group.
Andera MidCap, the lower mid-market private equity team of Andera Partners, has been investing for more than 20 years alongside entrepreneurs and managers of established European companies to accelerate their sustainable growth. Also thanks to the long-standing expertise of Andera Life Sciences and to a proprietary network of industry advisors, Andera Partners has an extensive track record in healthcare investments.
The investment in Adler Ortho represents Andera MidCap’s seventh investment in Italy and the second of Andera MidCap 5, which in September 2023 raised €750 million, well above its target of €600 million. The fund is already invested in 11 companies across Italy (Tecnikabel, Adler Ortho), Belgium (Pauwels, Infra) and France (ERI, GRI, Senstronic, Mistertemp’, Chenue, Ayming and Jaws) and has already realized its first liquidity event within only 2 years from final close.
“Our objective, in partnership with Andera Partners, is the acceleration of Adler Ortho’s growth and presence in key international markets such as the USA”, commented Edgardo and Davide Cremascoli, Managing Directors at Adler Ortho. “We are particularly pleased to start this collaboration with Andera Partners, as they share our entrepreneurial values and bring long-standing sector expertise to help the group to pursue its development plans and ambitions.”
“We are excited to start this collaboration with Adler Ortho, the Cremascoli family and the whole management team, who demonstrated an exceptional track-record of growth, product innovation and geographical expansion. This investment further consolidates the position of Andera Partners in Italy, where we completed several investments, such as Tecnikabel, Pusterla, and Medical Micro Instruments”, commented Francesco Gonzaga, Partner at Andera Partners. “We are very proud to support the ambitions of Adler Ortho in the attractive and fast growing global orthopedic implants market”, concluded Laurent Tourtois, Partner at Andera Partners.
“We are extremely proud of the growth achieved by Adler Ortho over these years”, said Carlo Pagliani and Alfredo Ambrosio, Partners at Space Orion. “By following the entrepreneurial vision of the Cremascoli family, and thanks to the commitment and expertise of the management team, the company has achieved outstanding results in terms of innovation, international expansion, and industrial development. We are confident that Adler will continue its successful growth path in the coming years with the support of Andera Partners.”