ALERIS - RADIOLOGY acquired by MEINE RADIOLOGIE

Triton Partners, via its Triton Smaller Mid Cap Fund II, acquired a majority stake in Esperi Care Oy from a consortium of its former creditors, including Danske Bank, SEB, and Ilmarinen, which remain as minority shareholders. The transaction implies a majority control transfer while preserving continuity of public‑sector and employee‑management relationships, with Triton committing to a substantial capital investment to support further service development and operational improvements. The strategic rationale is rooted in Esperi Care’s established position, business model built on recurring and contract‑based care fees, strong regulatory and societal mandate. Triton’s Nordic healthcare expertise, demonstrated through prior investments in Aleris, Ambea, and Mehiläinen, is expected to support the professionalization of care concepts, standardization of operating models, and expansion of service quality without compromising social‑care objectives.

The Brussels Lambert Group (GBL) has finalized the acquisition of a majority stake in Affidea, the European leader in diagnostic imaging and outpatient care, from B-FLEXION (family office), which is exiting the investment after eight years. The transaction is structured as a secondary LBO in which the current management team has reinvested a significant portion of its proceeds alongside GBL to ensure alignment of interests. This buyout marks a major step in the strategic rotation of GBL's portfolio, significantly increasing its exposure to private assets at the expense of its historic listed holdings.

Partners Group and Duke Street agreed to sell 100% of Voyage Care to Wren House Infrastructure Management, following approximately seven years of joint ownership since the 2014 acquisition alongside management. Key value creation initiatives delivered during the holding period include strategic management hires, continued investment in care quality, further development of specialist care disciplines, and capacity expansion through organic development and selective bolt-on acquisitions.

Ramsay Health Care entered into a definitive agreement on December 13, 2021, to acquire 100% of the UK-based mental healthcare provider Elysium Healthcare from BC Partners to solidify its standing within the specialized British clinical landscape. This strategic acquisition was designed to bridge the gap between Ramsay’s existing acute medical hospitals and the specialized psychiatric and complex care segments where demand remains consistently high. By integrating these two distinct healthcare models, the group created a diversified clinical platform capable of managing patients through every stage of their recovery, from secure inpatient wards to community-based residential support. The move was strategically timed to align with broader national shifts toward integrated care models and increased public focus on mental health infrastructure and neurological rehabilitation.

Vivalto Santé completed its third LBO, with Vivalto Partners — Daniel Caille's newly created investment management vehicle — taking control of the group. IK Partners joined as a key new minority shareholder alongside a broad consortium of reinvesting French institutional investors and the Bpifrance-Mubadala sovereign duo. The transaction is notably characterised by a strong medical and employee shareholder component, with approximately 1,000 physicians and ultimately 35% of employees targeted as co-investors. The financing structure comprises a Term Loan B and a revolving credit facility, supplemented by subordinated instruments arranged by Hayfin.

Cerba HealthCare acquired Labexa following a competitive auction process managed by Oddo BHF, beating out its main rival Biogroup. The acquisition allows Cerba to significantly strengthen its footprint in the French "Nouvelle-Aquitaine" region. The transaction followed Cerba's massive EUR1.2 billion acquisition of Lifebrain in Italy and was finalized shortly after Cerba's own LBO with EQT. The target's biologist-partners opted for an industrial exit to join a major laboratory network.

Ares Management acquired a majority stake in Point Vision following a highly competitive auction process (beating Adagia, Ramsay, and Elsan). Bpifrance joined as a minority shareholder alongside Ares and the three founders who reinvested. Abenex, which entered in 2014 and held the majority since 2019, fully exited. The financing was secured through a unitranche facility provided by Tikehau Capital. The strategy focuses on expanding territorial coverage (especially in Auvergne-Rhone-Alpes and Ile-de-France) and digitizing the patient journey.

IVC Evidensia acquired VetOne in a preemptive move to consolidate its leadership in the French market. The deal successfully bypassed a planned auction process due to a high-premium offer. The transaction provided an exit for VetOne's shareholders, including the founder, practicing veterinarians, and various private investors. The strategic rationale was to integrate VetOne's 51 clinics with IVC's existing French footprint, creating a dominant national player. The investment thesis is supported by low market consolidation in France and significant upside in ancillary services such as pet insurance, specialized medication, and premium pet food sales.

Livingbridge has announced the acquisition of a stake in Everlight Radiology, a world-renowned teleradiology provider, from Intermediate Capital Group (ICG), a global alternative asset manager. This secondary LBO transaction provides the technology-enabled healthcare platform with a new premier institutional sponsor to back its next international growth chapter.

Colosseum Dental Group (CDG), a subsidiary of the Swiss-based Jacobs Holding, has successfully entered into a definitive agreement to acquire 100% of Curaeos. This transaction represents a transformative milestone in the group’s expansion strategy, creating the premier global dental services platform with approximately 800 clinics and over 13,000 professionals. The strategic rationale for the acquisition centers on the high degree of geographical complementarity between the two organizations, providing the group with immediate entry into the Belgian and Dutch markets while significantly densifying its existing leadership positions in Denmark, Italy, and Germany. By integrating the target’s scalable IT platform and vertically integrated laboratory network, the organization is poised to realize massive economies of scale and set new benchmarks for innovation within the European oral health sector. The partnership is designed to leverage combined medical and operational expertise to enhance patient care standards and professional development programs. This integration reinforces the organization's standing as a primary consolidator in the global healthcare landscape, providing the financial depth and strategic vision required to drive long-term value creation in non-cyclical, mission-critical service sectors.