Capiton takes majority stake in SAPV Care

Capiton acquired a majority stake in SAPV Care in March 2026, investing through its sixth fund alongside co-investors from its own limited partners. The existing management team stayed in place and reinvested. Apera Asset Management provided the financing, structured as a unitranche facility alongside an acquisition line to fund the group’s expansion. Completion remained subject to clearance by the German competition authority. SAPV Care provides specialised outpatient palliative care in Germany, a service the statutory health insurance system funds for patients whose illness is incurable and whose symptoms cannot be managed by ordinary home care. Its teams of doctors, nurses and therapists treat those patients where they live rather than in hospital, available at any hour, handling pain relief and the medical complications of the final phase of life. Founded in Saarland, the company had opened further locations across Saarland and Rhineland-Palatinate and employed around 100 people. The service is organised regionally: each provider contracts with the health insurance funds for a defined territory, and patients are referred to it by hospitals and general practitioners within that area. Growth therefore comes from winning new territories and building the local teams to serve them, rather than from competing for patients in markets already covered. Capiton invested to fund that regional expansion, in a sector where demand follows the ageing of the population and the policy preference for treating patients at home rather than in hospital. Capiton was advised by ISP Healthcare on commercial matters, KPMG on financial, NEON on legal, Hackstein Reuter on regulatory, EY on tax, AvS on management assessment and PwC on ESG, while Latham & Watkins advised Apera Asset Management on the financing.