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Private equity firm KKR has decided it won’t go ahead with a formal bid on Italian healthcare technology company GPI after carrying out a due diligence process, people familiar with the matter told 9fin.

But the Italian listed company still has a chance to be under private equity ownership nonetheless, as BC Partners is considering a potential acquisition of the business, sources said.

BC Partners has engaged in talks with financial advisors, sources added, but it’s too early to determine whether a formal bid will be submitted and via which method a take-private could be executed.

KKR had aimed at a tender offer — called an OPA in Italy — on GPI’s shares for a future delisting of the company from the Milan Stock Exchange.

GPI’s CEO Fausto Manzana is the largest shareholder of the company via an investment vehicle, holding a 48% stake and 57% of voting rights.

The news of a potential takeover by KKR was first reported by Bloomberg.

The group reported revenues of €258m as of June 2025, an increase of 9.1% compared to the first six month of 2024, according to the company’s H1 financial statement. EBITDA was up by 14.8% to €47m from €41m in 2024.

“2025 marks the beginning of a deep and structured transformation phase for GPI,” the company said in the statement.

KKR and BC Partners declined to comment. GPI did not return our request for comment.