H2 PHARMA acquired by ARDIAN

Sagard entered into exclusive negotiations to acquire a majority stake in Nutrisens, effectively preempting an auction process that had attracted ten funds and three industrial players. The transaction marks the exit of historical shareholder Evolem (family office of Bruno Rousset), which had built the group since 2007, and minority investor Unigrains (who held 30%). The management team is reinvesting alongside Sagard. To secure the deal quickly, Sagard arranged a unitranche financing facility with Idinvest Partners

Novalpina Capital made its first French investment by acquiring a controlling stake in Laboratoire X.O. The deal values the company at over EUR300M, supported by a unitranche debt facility from Ares Management. Novalpina has also reserved EUR100M for future acquisitions. The objective is to triple revenue within five years by acquiring more drug portfolios and expanding the group's international footprint beyond France and Francophone Africa.

Sulzer has completed the acquisition of Haselmeier, integrating the drug delivery specialist into its Applicator Systems (APS) division. The transaction was structured to acquire 100% of the privately held Swiss-German company, allowing Sulzer to immediately scale its healthcare business and leverage Haselmeier’s significant portfolio of proprietary intellectual property.The strategic rationale for this acquisition is centered on technical synergy and market expansion. By combining Haselmeier’s competence in self-injection devices with Sulzer’s existing expertise in precision injection molding and liquid mixing, the group intends to accelerate the development of innovative and differentiated medical devices

Patricia Industries, backed by the industrial holding power of Investor AB, has finalized the acquisition of Advanced Instruments from Windjammer Capital. The strategic rationale for this transaction centers on a "resilience-driven" play, merging the target's undisputed leadership in the specialized osmolality testing market with the acquirer's long-term capital and healthcare sector expertise. This fusion effectively secures a high-margin, capital-light platform that benefits from non-discretionary demand across clinical and biopharmaceutical end markets

Permira acquired Neuraxpharm from Apax Partners, following a competitive auction process. The transaction was structured to support the company's transition from a regional player to a pan-European leader. Under Permira's ownership, the management team led by CEO Dr. Dierks remained in place to execute a high-velocity buy-and-build strategy. The deal was financed through a combination of equity and a significant leveraged loan package, aiming to capitalize on the resilient and growing market for CNS treatments

EQT completed the acquisition of 100% of Schülke from its parent company, Air Liquide. This transaction represents a strategic carve-out for Air Liquide, allowing the French industrial gas giant to refocus on its core activities while providing Schülke with the independent capital necessary for long-term expansion. Announced during the height of the COVID-19 pandemic, the deal saw increased competition from other major private equity firms (PAI Partners, Ardian) due to Schülke’s critical role in infection prevention

The acquisition of Vision Healthcare NV by Avista Capital Partners marks a significant milestone in the company's strategic journey. The partnership enables Vision to realize further rapid growth and make additional investments that leverage its differentiated direct-to-consumer business model. With Avista's expertise and resources, Vision is well-positioned to expand its geographic reach and accelerate its acquisition strategy into the global direct-to-consumer healthcare market. The transaction also allows Vision to benefit from Avista's experience in the consumer healthcare sector, providing operational guidance and financial resources to drive growth and performance

Warburg Pincus has acquired a 50% co-control stake in Polyplus from ArchiMed, executing a flagship LBO in the European mid-cap space. The transaction structure is characterized by a significant reinvestment from the incumbent sponsor, ArchiMed, ensuring that both private equity firms hold equal equity stakes and voting rights post-closing. To finance this acquisition, a bespoke unitranche debt facility was arranged and provided by Tikehau Capital and Goldman Sachs. The definitive agreement was signed following supreme execution certainty and intense competitive tension prior to the pandemic-induced market slowdown

The divestiture of the Life Sciences division by NN inc. (Paragon Medical) to American Securities represents a pivotal structural transformation for both organizations. For the seller, the transaction provides a necessary capital infusion to significantly reduce corporate debt and reposition its remaining industrial platform toward power and mobile solutions. The strategic rationale for the move centers on the acquirer’s objective to combine the division’s high-precision surgical capabilities with its existing portfolio company, MW Industries, thereby creating a comprehensive engineering powerhouse for specialized fasteners and medical components

Royal DSM reached an agreement to acquire 100% of Glycom A/S. The strategic rationale for the acquisition is to accelerate DSM’s growth in the Early Life Nutrition (ELN) segment by adding HMOs (a novel, high-growth ingredient) to its portfolio. DSM intends to leverage its global sales force to offer Glycom’s HMOs to its broad customer base, reducing Glycom’s historical dependency on a single major customer (Nestlé). Furthermore, DSM aims to utilize its R&D and clinical competencies to speed up the development of next-generation HMOs and introduce these ingredients into new markets such as medical nutrition and pet food