CORONARIA HOIVA acquired by HUMANA

Colisée Group entered into a definitive agreement to acquire 100% of Armonea to create the fourth-largest elderly care operator in Europe. This transformative acquisition doubled Colisée’s size, resulting in a combined entity with a turnover of approximately €1 billion and a network of 270 facilities across five countries. The merger was strategically designed to capitalize on geographic complementarities, merging Colisée’s strong Mediterranean presence with Armonea’s market leadership in Northern Europe. The transaction allowed the founder’s holding company, Jade, to maintain its role as a key minority shareholder with a 19% stake in the newly enlarged group.

DomusVi entered into exclusive negotiations to acquire 100% of the capital of Residalya, in a move designed to significantly densify its territorial coverage within France. The transaction allowed DomusVi to absorb 35 additional facilities and roughly 2,630 beds, bringing its total capacity to over 17,000 beds and narrowing the gap with its primary market competitors. This strategic build-up was motivated by the need to reach a critical industrial scale, merging Residalya’s localized expertise and specialized assets—including the ownership of twelve of its residences—into DomusVi’s global operational platform.

Investindustrial acquired a controlling stake in Lifebrain from the investment vehicle lb EK Management. The deal follows a period of intense growth supported by MCI Capital, during which the group established itself as a leading consolidator in the fragmented Italian laboratory market. The acquisition was structured through a Luxembourg vehicle, European Laboratory Services, and aimed to provide the capital and expertise necessary to professionalize the group and accelerate its aggressive acquisition strategy across Italy.

Pan-European private equity firm Hg has successfully completed the divestiture of its majority equity stake in Swedish care provider Frösunda Omsorg AB to Norway-based investment firm The Adolfsen Group. Executed through the holding company Brado—an investment vehicle owned by brothers Kristian and Roger Adolfsen—the transaction concludes a highly successful eight-year holding period for the sponsor. Throughout the targeted sale process, Hg was exclusively advised by investment bank Carnegie, acting as sole financial advisor. For the acquirer, the buyout represents a strategic opportunity to further consolidate its footprint and deepen its portfolio exposure within the highly resilient Nordic care services sector. For Frösunda, partnering with a long-term, specialized investment group provides the management team with the necessary backing to continue scaling the corporate platform, while remaining fully focused on its core operational mission: delivering premium, critical specialist care to its customers.

Permira acquired I-MED from EQT Mid Market and its co-investors (GIC and CDPQ) in a competitive auction process. The transaction was structured as a majority buyout, with the existing management team, led by CEO Steven Rubic, rolling over equity and remaining at the helm. Under EQT's previous four-year ownership, I-MED had significantly expanded its footprint through hospital contracts and bolt-on acquisitions. Permira's entry was designed to drive the next phase of growth by further consolidating the fragmented Australian radiology market, investing in advanced imaging technologies, and exploring potential international expansion (including teleradiology).

ICG and founder Yves Journel have entered into exclusive negotiations to acquire the majority stake in DomusVi from PAI Partners. The transaction follows a preemptive bid by ICG that successfully bypassed a formal auction process involving major international investors and sovereign funds. This deal marks a significant change in scale for the group, which was valued at less than €650 million in 2014. The acquisition is structured to maintain the existing high-yield bond financing, as the continued presence of ICG and the founder in the capital prevents the activation of change-of-control repayment clauses. The strategic rationale centers on pursuing the international expansion of the group, particularly in markets like Spain, where the recent integration of SARquavitae has already propelled the company to a leadership position. The partnership intends to bridge the gap with major competitors such as Orpea and Korian-Medica by leveraging DomusVi's strong expertise in specialized care and home services.

IK Investment Partners, through its IK VIII Fund, reached an agreement with Eurazeo PME and the management team to acquire a majority stake in Colisée. The founding family and management team reinvested alongside IK, ensuring continuity of strategic direction and operational leadership. The investment thesis centres on supporting Colisée's continued growth through selective buy-and-build acquisitions in France and across Europe, as well as the development of innovative services for elderly people.

Partners Group and Canadian pension fund PSP entered exclusive negotiations to acquire Cerba from PAI Partners. The consortium beat out CVC and Apax, but most notably rejected a higher offer (>EUR2bn) from industrial player Cinven (owner of Synlab/Labco). Management preferred the financial sponsors to avoid massive cost synergies and restructuring.

DomusVi has successfully acquired its Spanish competitor SARquavitae, previously held by a consortium of investment funds including Palamon Capital Partners and G Square Capital. This transformative build-up operation allows the group to become the number one player in the Spanish elderly care market. The strategic rationale centers on geographic diversification, as the target’s strong footprint in Catalonia and Madrid perfectly complements the acquirer’s existing position in Galicia. The integration adds 88 facilities and 11,000 beds to the group’s portfolio, bringing total pro forma revenues to approximately €1.2 billion. This acquisition marks a significant milestone in the group’s international expansion strategy, following the previous year’s integration of another Spanish operator, thereby solidifying its leadership position in Southern Europe.

CIR and F2i have signed an agreement to acquire the 46.7% stake in KOS Group previously held by Ardian. The strategic rationale for the transaction is to resolve the future ownership structure of the group, allowing CIR to maintain long-term industrial control while enabling Ardian to exit after a six-year investment cycle. Under the agreement, F2i enters as a major strategic partner, acquiring a 37.3% stake, while CIR increases its majority position from 51.3% to 62.7%. This partnership combines CIR’s historical industrial knowledge of KOS with F2i’s infrastructure investment capabilities. The new governance framework includes a shareholders' agreement that grants F2i significant participation in strategic management and board representation. The transaction solidifies KOS’s capital base, providing the necessary stability to continue its expansion in the specialized rehabilitation and elderly care markets both in Italy and internationally.