Goldman Sachs Alternatives, the private equity arm of Goldman Sachs, has agreed to acquire a controlling stake in Numantec from Milan-based private equity firm White Bridge Investment.
The deal values Numantec at approximately €700 million (around $776 million at current exchange rates), according to a person with knowledge of the matter cited by Reuters.
The transaction is expected to close in the fourth quarter of 2026. JPMorgan advised the seller; Goldman Sachs International acted as adviser to the buyer.
Numantec is an Italian medical equipment manufacturer with revenues of approximately €200 million ($222 million). The company has recently extended its international reach through two U.S. acquisitions—Health Line and DualCap—and Goldman Sachs Alternatives has indicated it will support continued expansion in both Europe and North America.
The deal gives one of the world's largest asset managers a majority position in a company with established relationships across European hospital procurement and an emerging U.S. distribution presence.
The transaction fits a broader pattern of private equity capital rotating into European mid-market healthcare businesses offering defensive revenue profiles.
With public-market volatility and macroeconomic uncertainty elevating the premium placed on businesses with contracted or recurring revenue, hospital equipment suppliers with long procurement cycles and regulatory barriers to entry have become targets for institutional capital seeking downside protection alongside growth optionality.
For boards evaluating European healthcare assets, the Numantec deal adds to a series of recent transactions suggesting that mid-market medtech with cross-border ambitions commands strong valuations even in a tighter credit environment.
Goldman Sachs Alternatives' entry—at an enterprise value-to-revenue multiple of approximately 3.5 times—sets a reference point for European medical equipment businesses with comparable scale and distribution trajectories.
Source: Global Banking & Finance
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