APHEON takes majority stake in HAGER & MEISINGER

Apheon acquired a majority stake in Hager & Meisinger, the German manufacturer of premium dental instruments, in a deal announced on 6 October 2026. Co-chief executives Burkard Höchst and Sebastian Voss, who were also shareholders, reinvested and kept a meaningful holding alongside the Belgian fund, staying actively involved in running the group. The sale also settled the long-term succession of a business that had been owner-managed for more than 130 years. Hager & Meisinger was marketed on expected 2026 revenue of €73M and an EBITDA of €17M, an EBITDA margin of 23.3%. At the time of the deal, it manufactured at vertically integrated sites in Neuss and Rüthi, Switzerland, and sold a catalogue of some 12,000 references in more than 100 countries, with a North American distribution subsidiary set up in 2001. With Apheon as shareholder, the group planned to accelerate its growth organically and through selective acquisitions, with particular focus on expanding in the United States and strengthening its international distributor partnerships. Apheon partner Nils Lüssem led the investment, and the firm intended to support the strategy through its pan-European network and buy-and-build experience. Pava Partners advised the managing shareholders on the sale, with Orrick as legal counsel to the previous majority shareholders. Carlsquare acted as exclusive financial adviser to Apheon, with Renzenbrink & Partner advising on the legal and tax aspects, including the sellers’ reinvestment and the shareholders’ agreement.