CURAEOS acquired by COLOSSEUM DENTAL GROUP

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.

The acquisition of Meine Radiologie Holding by EQT Infrastructure from Triton is a cornerstone transaction in the consolidation of the German outpatient imaging market. Occurring simultaneously with EQT’s acquisition of the Blikk Group from DBAG, the primary rationale for the deal is the merger of these two established entities into a single, market-leading radiology platform. This strategic combination aims to create a dominant player with significant scale in Germany, later rebranded to operate as part of the Evidia group. By integrating Meine Radiologie's network into a larger industrial framework, EQT intends to leverage economies of scale in medical technology purchasing and back-office operations. The deal reflects a "buy-and-build" strategy typical of infrastructure-focused private equity, where fragmented medical services are consolidated to improve service quality and operational efficiency. The transaction marks a successful exit for Triton, which had supported the company’s growth since early 2019, transitioning the asset from a mid-market growth story to a major infrastructure-backed industrial platform.

The acquisition of Blikk Group by EQT Infrastructure, occurring simultaneously with the buyout of Meine Radiologie Holding from Triton, is a landmark consolidation in the German healthcare services market. This dual-track transaction was designed specifically to merge the two entities into a unified, market-leading radiology chain, later rebranded as Evidia. The strategic rationale is centered on achieving massive industrial scale in a fragmented and capital-intensive sector. By combining Blikk’s 30 locations with Meine Radiologie’s network, EQT creates a platform capable of servicing millions of patients with standardized high-quality care. For the seller, Deutsche Beteiligungs AG (DBAG), the deal marks a successful exit from Fund VII, realizing significant value appreciation above the previous book valuation. The transaction includes a 15% reinvestment from DBAG, signaling continued confidence in the group’s buy-and-build potential. This merger allows the combined entity to optimize physician recruitment, centralize administrative functions, and invest more aggressively in the digital transformation of radiological workflows across Germany.

A consortium led by Goldman Sachs Asset Management and OMERS Infrastructure acquired amedes from Antin Infrastructure Partners. The transaction valued roughly doubling its value since Antin's entry in 2015. The deal aims to support amedes' continued growth through digitalization and further consolidation of the European lab market.

Cerba HealthCare won a highly competitive auction process managed by Goldman Sachs and JP Morgan to acquire Lifebrain from Investindustrial. The transaction marks Cerba's entry as a major player in the Italian market, significantly expanding its European footprint. The acquisition follows a period of rapid growth for the target, which doubled its profitability between 2019 and 2021, partly driven by a high volume of pandemic-related testing. The deal received backing from Cerba's new majority shareholder, EQT, alongside long-term partners.

Wren House signed an agreement to acquire a controlling stake in Almaviva Santé from Antin Infrastructure Partners, which had initiated its exit process by mandating Rothschild & Co and Morgan Stanley as advisors following a refinancing earlier in 2021. Wren House outbid PAI Partners, which had submitted an offer, to prevail as the winning bidder. SRS, Antin's co-shareholder holding approximately 30%, will reinvest alongside Wren House. The transaction is expected to be complemented by the entry of a French institutional investor, with Bpifrance cited as a likely participant. The deal is expected to rely on an existing term loan B arranged at the time of the earlier refinancing, with no new debt raising anticipated in the near term.

Infratil acquired a majority stake in Pacific Radiology from its existing doctor shareholders. The remaining equity continues to be held by the group's doctors and management, maintaining a strong clinical alignment. The acquisition was funded through Infratil's committed acquisition bridge facility and was a key part of its strategy to build a trans-Tasman healthcare platform, following its acquisition of Qscan in Australia the previous year.

DomusVi completed a major capital reorganization, described as a "jumbo-LBO". This transaction allowed founder Yves Journel to increase his ownership from 30% to 49%, while ICG remains a key controlling partner. The group's management team also participated in the round, investing approximately €50 million for a 2% stake. The deal was financed through a robust structure including €1.6 billion in portable senior debt (representing 6.3x EBITDA) and a €400 million PIK (Payment-in-Kind) line provided by ICG. The strategic rationale is to fund a "European conquest" phase, aiming to double the group's revenue to €3.4 billion by 2025. This growth will be driven by massive external acquisitions in Germany, Italy, Belgium, and Portugal, further consolidating DomusVi's position as a dominant European healthcare provider.

Triton completed an investment in Bergman Clinics alongside existing shareholders NPM Capital and the Malenstein family, who both retained minority positions in the business. The transaction followed a competitive sale process mandated to JP Morgan and Axeco Corporate Finance, which attracted interest from TowerBrook Capital Partners, Cinven, Bain Capital, and BC Partners before Triton emerged as the winning bidder. The process had originally been launched in early 2020 but was put on hold due to the COVID-19 pandemic before being revived in September 2020. Triton's investment is intended to support Bergman Clinics' continued geographic expansion, as well as investment in technological innovation, digitisation, and staff training.