ADVANCED INSTRUMENTS acquired by PATRICIA INDUSTRIES

Ardian Growth acquired a minority stake in H2 Pharma in its inaugural healthcare investment. The partnership was established to support the company's ambitious industrial scaling, with a production target of 100 million units per year. The strategic roadmap focuses on internationalizing the group's footprint within the European market and diversifying its service offering to include regulatory affairs and analytical control. Ardian provides strategic support to leverage H2 Pharma's automated manufacturing processes and R&D capabilities, aiming to strengthen its position as a preferred CDMO partner for international pharmaceutical laboratories.

Sulzer has completed the acquisition of Haselmeier, integrating the drug delivery specialist into its Applicator Systems (APS) division. The transaction was structured to acquire 100% of the privately held Swiss-German company, allowing Sulzer to immediately scale its healthcare business and leverage Haselmeier’s significant portfolio of proprietary intellectual property.The strategic rationale for this acquisition is centered on technical synergy and market expansion. By combining Haselmeier’s competence in self-injection devices with Sulzer’s existing expertise in precision injection molding and liquid mixing, the group intends to accelerate the development of innovative and differentiated medical devices. This move allows Sulzer to pivot its APS division toward the high-growth pharmaceutical market, particularly in indications requiring frequent subcutaneous injections. The integration is expected to yield substantial cost synergies through the insourcing of manufacturing processes and the utilization of Sulzer’s global industrial infrastructure.

EQT completed the acquisition of 100% of Schülke from its parent company, Air Liquide. This transaction represents a strategic carve-out for Air Liquide, allowing the French industrial gas giant to refocus on its core activities while providing Schülke with the independent capital necessary for long-term expansion. Announced during the height of the COVID-19 pandemic, the deal saw increased competition from other major private equity firms (PAI Partners, Ardian) due to Schülke’s critical role in infection prevention. EQT’s vision for the company involves accelerating geographical expansion, enhancing its digital presence, and reinforcing its market leadership in the healthcare hygiene sector through a focused "stand-alone" strategy.

Permira acquired Neuraxpharm from Apax Partners, following a competitive auction process. The transaction was structured to support the company's transition from a regional player to a pan-European leader. Under Permira's ownership, the management team led by CEO Dr. Dierks remained in place to execute a high-velocity buy-and-build strategy. The deal was financed through a combination of equity and a significant leveraged loan package, aiming to capitalize on the resilient and growing market for CNS treatments. Following the acquisition, Permira supported the group in expanding its geographical footprint across Europe and into international markets like Brazil and Australia, while simultaneously investing in a robust pipeline of high-tech and innovative CNS molecules.

The acquisition of Vision Healthcare NV by Avista Capital Partners marks a significant milestone in the company's strategic journey. The partnership enables Vision to realize further rapid growth and make additional investments that leverage its differentiated direct-to-consumer business model. With Avista's expertise and resources, Vision is well-positioned to expand its geographic reach and accelerate its acquisition strategy into the global direct-to-consumer healthcare market. The transaction also allows Vision to benefit from Avista's experience in the consumer healthcare sector, providing operational guidance and financial resources to drive growth and performance. As the consumer healthcare market continues to evolve, Vision is poised to take advantage of the growing demand for preventive health solutions and direct-to-consumer experiences, and the partnership with Avista will play a critical role in supporting the company's ambitious growth plans.

Royal DSM reached an agreement to acquire 100% of Glycom A/S. The strategic rationale for the acquisition is to accelerate DSM’s growth in the Early Life Nutrition (ELN) segment by adding HMOs (a novel, high-growth ingredient) to its portfolio. DSM intends to leverage its global sales force to offer Glycom’s HMOs to its broad customer base, reducing Glycom’s historical dependency on a single major customer (Nestlé). Furthermore, DSM aims to utilize its R&D and clinical competencies to speed up the development of next-generation HMOs and introduce these ingredients into new markets such as medical nutrition and pet food. The acquisition is expected to be highly synergetic, with DSM targeting an EBITDA contribution and EPS accretion of €0.10–€0.15 by 2021 as the "SaaS-like" recurring revenue from long-term supply contracts scales up.

The divestiture of the Life Sciences division by NN inc. (Paragon Medical) to American Securities represents a pivotal structural transformation for both organizations. For the seller, the transaction provides a necessary capital infusion to significantly reduce corporate debt and reposition its remaining industrial platform toward power and mobile solutions. The strategic rationale for the move centers on the acquirer’s objective to combine the division’s high-precision surgical capabilities with its existing portfolio company, MW Industries, thereby creating a comprehensive engineering powerhouse for specialized fasteners and medical components. By adding this technical specialist to its healthcare portfolio, American Securities seeks to capitalize on the industrial synergies existing between its various holdings in precision manufacturing, notably MW Industries. This capital allocation is designed to capture the resilient, non-discretionary demand inherent in the orthopedic and surgical instrumentation sectors during a period of macroeconomic instability. The financial sponsorship provides the target with the strategic resources required to accelerate innovation in minimally invasive technologies without the constraints of its previous debt-laden corporate structure. Ultimately, this portfolio maneuver solidifies the platform's standing as a primary enabler of critical component supply in global healthcare and industrial markets.

Warburg Pincus has acquired a 50% co-control stake in Polyplus from ArchiMed, executing a flagship LBO in the European mid-cap space. The transaction structure is characterized by a significant reinvestment from the incumbent sponsor, ArchiMed, ensuring that both private equity firms hold equal equity stakes and voting rights post-closing. To finance this acquisition, a bespoke unitranche debt facility was arranged and provided by Tikehau Capital and Goldman Sachs. The definitive agreement was signed following supreme execution certainty and intense competitive tension prior to the pandemic-induced market slowdown. For the incoming sponsor, this transaction represents a highly sought-after platform investment in the resilient and fast-growing bioprocessing sector. The deal allows the sponsors to capitalize on the secular growth of gene and cell therapies, as well as an intensified global focus on vaccine development. ArchiMed’s decision to roll over significant equity highlights a strong conviction in the asset's continued value-accretive trajectory and untapped international potential. By joining forces, the consortium provides Polyplus with extensive financial backing and dry powder to accelerate its geographical expansion, scale up its manufacturing capabilities, and potentially drive sector consolidation through targeted add-on acquisitions. The target has demonstrated exceptional financial momentum, underpinned by a highly scalable business model. This landmark transaction establishes a robust benchmark valuation for premium life sciences suppliers. The intense competitive dynamic during the auction process, coupled with the ability to secure unitranche financing from premier lenders, underscores the sustained appetite of mega-cap funds for high-quality, non-cyclical healthcare assets.

LBO France acquired a controlling stake in Dutscher, replacing Five Arrows (who had held the majority since 2014). This Secondary LBO also marked the exit of the founder's son, who held ~40% but had no operational role, completing the transition from a family-owned business to a financial-backed platform.

Ceva Sante Animale completed a historic "Jumbo LBO". This transaction allowed the management team (800+ executives) to retain over 50% of the capital—a record for a deal of this size in France (comparable only to the Legrand buyout in 2002). Four new long-term investors joined the "Friends of Ceva" consortium: Tethys Invest, PSP, Mitsui, and Klocke. Historical investors, led by Temasek, significantly reinvested their proceeds.