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Milan, 23 October 2025 – Space Orion announces the sale of its 46% stake in Adler Ortho S.p.A., a leading Italian company in the development, production and commercialization of high-tech orthopedic implants and bioresorbable products, to Andera Partners, a leading European private capital firm.

The investment in Adler Ortho, completed in 2020 entirely through a capital increase, was the first transaction completed by Space Capital Club, the club deal platform launched by the Space team to support the growth and development of outstanding Italian SMEs.

Founded over 20 years ago by the Cremascoli family, which boasts more than 50 years of experience in the orthopedic sector, Adler Ortho stands out for its ability to support complex clinical applications (revisions, massive reconstructions and custom implants) through additive manufacturing technologies. Over the years, the group has successfully expanded internationally and is now recognized worldwide for its innovative product portfolio for complex surgeries, its excellence in service, and its close collaboration with the international medical community.

During the Space Orion investment period, Adler Ortho embarked on a significant growth trajectory, more than doubling its revenues to approximately 68 million euros in 2024, and further consolidating its technological leadership in the sector through: 

  • direct expansion into France, the United Kingdom, Japan and Australia, and the recent entry into the U.S. market; 
  • the launch of new innovative product lines for knee, small joint and massive reconstruction applications; 
  • the enhancement of its industrial and production infrastructure through continued investments in R&D and additive manufacturing technologies. 

“We are extremely proud of the remarkable growth journey Adler Ortho has achieved in recent years”, said Carlo Pagliani and Alfredo Ambrosio, Partners at Space Orion. “By embracing the entrepreneurial vision of the Cremascoli family and leveraging the dedication and expertise of the management team, the company has delivered outstanding results in innovation, international expansion and industrial development. We are confident that Adler will continue its successful growth trajectory in the coming years with the support of Andera Partners.”

“We would like to thank the Space team for the trust and support provided over the years”, commented Edgardo and Davide Cremascoli, Co-CEOs of Adler Ortho. “Together we have successfully accelerated the company’s international growth and strengthened its innovation capabilities. We are particularly pleased to start this collaboration with Andera Partners, which shares our entrepreneurial values and brings significant industry expertise to further support the group’s international development plans in key markets such as the United States.”

“We are delighted to start this partnership with Adler Ortho, the Cremascoli family and the entire management team, who have demonstrated an outstanding track record in growth, product innovation and geographic expansion. This investment further strengthens Andera Partners’ presence in Italy, where we have already completed several investments such as Tecnikabel, Pusterla and Medical Micro Instruments”, said Francesco Gonzaga, Partner at Andera Partners. “We are very proud to support Adler Ortho’s ambitions in a highly attractive and fast-growing global orthopedic implant market”, added Laurent Tourtois, Partner at Andera Partners.

Space Orion was advised by UBS as M&A advisor and Bonelli Erede as legal advisor. Adler Ortho was advised by BDO for financial vendor due diligence and by Bird & Bird as legal advisor. Andera Partners was advised by Fineurop Soditic as M&A advisor, Avicenne Medical for commercial and operations due diligence, Alira Health for regulatory due diligence, PwC for financial and tax due diligence, ERM for ESG and EHS due diligence, and Marsh for insurance due diligence.

Space Orion
Space Orion is the vehicle dedicated to the investment in Adler Ortho, promoted in 2020 by Space Partners Carlo Pagliani, Edoardo Subert, Alfredo Ambrosio and Laura Selvi as part of a club deal platform, which completed two private equity investments (Adler Ortho and Bruno Generators Group) with the aim of supporting entrepreneurs in the growth of their companies.

In 2023, the Space Capital Advisors team then promoted, in partnership with Arca Fondi SGR, the launch of Arca Space Capital, a private equity fund dedicated to small and medium-sized enterprises with a total commitment of 205 million euros. The fund is already invested in three Italian companies that are leaders in their respective sectors (RINA, Eurosirel and Mosaiq Group).

Adler Ortho
Founded in 2004 by the Cremascoli family, which boasts over 50 years of experience in the orthopedic sector, Adler Ortho is an Italian biomedical group specialized in the development, production and commercialization of high-end orthopedic medical devices. The group is a global leader in the field of 3D-printed products and custom-made implants.

Now led by the second generation, Edgardo and Davide, sons of founder Patrizio Cremascoli, Adler Ortho is headquartered in Cormano (Milan) and operates three production facilities in Italy. A pioneer in additive manufacturing technology, Adler Ortho was the first company in the industry to adopt this technology on an industrial scale and stands out for its broad portfolio of highly innovative products, particularly in the fields of limb revision and salvage, for example in oncological procedures or severe trauma cases.

Andera Partners
Over the past 20 years, Andera Partners has established itself as one of the leading private capital firms in Europe. With nearly 5.0 billion euros in assets under management, Andera Partners operates across six investment strategies: healthcare-focused venture capital (Andera Life Sciences), private equity (Andera MidCap, Andera Expansion/Croissance, Andera Co-Invest), mezzanine financing (Andera Acto), and infrastructure supporting the energy transition (Andera Infra). Headquartered in Paris and with a presence in Antwerp, Milan, Madrid and Munich, Andera Partners has a team of 130 professionals, including more than 80 investment professionals.