Gridcore S.p.A., an industrial platform promoted by Xenon and established in March 2025 to build one of Italy's leading operators in the construction, maintenance, and enhancement of strategic networks, has acquired Betoncablo S.p.A. and STV Castiglioni S.r.l. from the Castiglioni family. The family has reinvested a portion of the proceeds into Gridcore alongside Xenon and co-investors the Ghilardelli and Bortolami families.

Headquartered in Busto Arsizio, Betoncablo is one of Italy's leading companies in the installation and maintenance of medium-low voltage electrical networks, and also designs and manufactures secondary transformation substations — critical infrastructure for modernising the national electrical grid and meeting growing demand driven by the energy transition. STV Castiglioni complements Betoncablo with the production of structural elements for civil works including bridges, viaducts, and highways.

The acquisition strengthens Gridcore's presence in the medium-low voltage electrical networks sector, improves territorial coverage, expands the range of services offered across secondary substations, and enables the integration of civil construction work into electrical contracts — a strategic capability in a market characterised by long-term, high-value, and increasingly complex projects.

Vitale – IMAP Italy acted as financial advisor to the Castiglioni family on the transaction.