ESPERI CARE acquired by TRITON PARTNERS

Latour Capital and Bpifrance acquired a majority stake in Hygie31, the holding company of Pharmacie Lafayette, from Five Arrows (Rothschild & Co). The deal aims to accelerate the group's development in France and Europe through organic growth and an ambitious buy-and-build strategy.

R�sonance Imagerie, a prominent French medical imaging group, has secured a major financing package from Andera MidCap, Ardian Private Debt, and Five Arrows Debt Partners. Established in 2011, the group currently operates a network of 15 centers across Paris, �le-de-France, and the Centre-Val-de-Loire region, managing 23 high-tech units including MRIs and scanners.

Ardian acquired a significant minority stake in Simago. The investment was designed to support the group's rapid "buy-and-build" strategy in a highly fragmented French market. Unlike traditional LBOs, the deal was structured to preserve the medical independence of the associate radiologists, who continue to hold the majority of the capital and voting rights alongside the founding management team.

Eurazeo acquired a majority stake in Sevetys from Ardian, which had previously financed the group's initial rapid expansion. The transaction included a EUR250 million equity injection from Eurazeo to fuel a new phase of aggressive growth. The investment thesis focuses on consolidating the highly fragmented French veterinary market, which is protected by specific regulatory barriers regarding clinical governance and independence. Sevetys positions itself as a sovereign French alternative to global giants like IVC Evidensia and AniCura. Under Eurazeo's ownership, the group successfully completed approximately 100 acquisitions in 2022 alone, expanding its footprint into new regions such as the Rhone Valley and Grenoble.

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.

The divestment of Aleris' radiology arm to Meine Radiologie Holding (backed by EQT Infrastructure) marks a significant consolidation in the Nordic diagnostic imaging market. This transaction was executed in tandem with the sale of Aleris' primary care and rehab units to Praktikertjänst, as part of a broader strategic shift. The rationale for Aleris, under Triton's ownership, is to exit non-core segments to focus exclusively on becoming a specialized healthcare provider in Scandinavia. For the acquirer, the deal provides a major entry point into the Norwegian and Swedish markets, significantly expanding its existing German-focused radiology platform. The integration of 36 diagnostic units allows for significant scale advantages in procurement, technological investment, and standardized medical reporting. This move is consistent with the trend of private equity-backed platforms seeking to create pan-European leaders in capital-intensive medical sub-sectors like radiology.

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.