HEALTH CHAIN GROUP (HCG) acquired by ANJAC BEAUTY & HEALTH

Fagron acquired 100% of University Compounding Pharmacy for an Enterprise granting to Fagron a stronghold in California (a high-barrier market) and adds complementary therapeutic expertise (Urology) to its existing US portfolio (which includes Anazao). Fagron expects to realize significant synergies over the next 18-24 months by integrating UCP into its national platform.

Charterhouse Capital Partners acquired a majority equity stake in Winback following a competitive process that attracted interest from several top-tier private equity funds. This transaction facilitates the exit of Capza, which had supported the company since late 2021 through a minority "flex equity" structure, and allows the founding duo to cash out a portion of their holdings while reinvesting to remain significant minority shareholders and operational leaders. The deal is financed through a combination of equity and a debt package comprising senior bank debt provided by a consortium of French banks and a mezzanine tranche arranged by a specialized private debt fund. The new partnership is intended to drive the next phase of growth, focusing on deepening market penetration in existing territories and expanding the product portfolio.

Arlane has acquired a majority stake (approximately two-thirds) in Dessintey through a primary LBO. The transaction allows for the exit of early-stage investors Turenne Sante (via Relyens Innovation Sante) and Credit Agricole Haute-Loire, who invested in 2019. The three founders (Nicolas Fournier, Davy Luneau, Pascal Giraux) and key managers have reinvested alongside Arlane but are diluting their stakes. The deal is supported by a conservative senior debt package provided by CIC and LCL.

Pfizer has finalized the acquisition of Metsera, an operation designed to fundamentally transform the group’s Internal Medicine portfolio and secure a leading foothold in the obesity treatment sector. The strategic rationale for this transaction centers on a "pipeline-transformation" play, merging the target's highly differentiated clinical-stage obesity candidates with the group's global development and commercial infrastructure. This fusion effectively creates a specialized powerhouse in the cardiometabolic arena, providing the organization with a suite of weekly and monthly injectable therapies, alongside oral alternatives, to address the maturing needs of a global patient base.

Ottobock successfully completed its Initial Public Offering on the Frankfurt Stock Exchange, marking the largest German IPO of 2025. The shares were priced at €66.00, with the first trading price reaching €72.00 (a 9% premium). At the issue price, the market capitalization stood at €4.2 billion, rising to €4.6 billion upon listing. The strategic rationale for the IPO was to raise gross proceeds to deleverage the balance sheet and accelerate investments in "future technologies," such as AI-integrated bionics and exoskeleton research. Additionally, the capital will fund targeted acquisitions in the fragmented Patient Care and components sectors. The deal marks a milestone in the company’s history, professionalizing its capital structure while providing an exit path for previous minority stakeholders and securing a long-term capital base for global expansion.

CapVest Partners agreed to acquire a controlling majority stake in Stada from Bain Capital and Cinven. This deal serves as an alternative to a planned IPO in Frankfurt, which was shelved due to market volatility. Under the agreement, the previous owners (Bain and Cinven) will retain a significant minority stake to benefit from future upside. CapVest intends to support the management team's strategy of international expansion and further consolidation in the fragmented consumer health market. Canson Capital Partners is also expected to co-invest alongside CapVest.

InvestIndustrial finalized the acquisition of DCC Healthcare Limited from the London-listed group DCC plc. This transaction is a strategic corporate carve-out designed to simplify DCC plc's operations, allowing the group to focus resources on its largest and most profitable Energy division. The proceeds from the sale are earmarked for distribution to DCC shareholders. The deal received regulatory approval from the European Commission.

Proteor has orchestrated a secondary Owner Buy-Out (OBO Bis). The transaction allows Ardian Growth to exit its minority position, which it held since the primary OBO in 2021, realizing a return of approximately 3x money. The founding Archambeaud family remains the majority shareholder, continuing its 4th-generation leadership. The strategic rationale for this new round is to consolidate Proteor’s industrial activity and fund future international acquisitions, building on the successful integration of Freedom Innovations in the USA. The deal was supported by a diverse pool of national and regional banks providing senior debt. This partnership aims to strengthen Proteor’s position as a global integrated player, balancing its manufacturing expertise with its extensive network of orthopedic centers amidst a consolidating global market.

The deal represents a strategic investment by LGT Capital Partners, Montagu, and Astorg in Nemera, a leading global manufacturer of complex drug delivery devices. The transaction is expected to support Nemera's future growth plans, including enhancing its portfolio, expanding manufacturing capacity, and investing in innovation and operational excellence to meet rising global demand. The investment is closely aligned with the firms' focus on being leading global providers of capital solutions for private equity fund managers and their portfolio companies. With the support of its existing shareholders and the addition of LGT Capital Partners, Nemera is well-positioned to accelerate its growth trajectory and continue to scale globally, providing advanced solutions to its partners and patients worldwide. The deal demonstrates the confidence of the investors in Nemera's strategy and management team, and their commitment to supporting the company's next phase of development. The transaction is expected to have a positive impact on the market, as it will enable Nemera to further strengthen its position in the drug delivery devices market and expand its global footprint.

Lauxera Capital Partners has successfully finalized the divestment of its minority equity stake in UK-based OrganOx to Japanese medical giant Terumo, marking the first historical exit for the medtech-focused growth investor. Since its initial entry into OrganOx’s capital by leading a £25 million funding round in 2023, followed by co-leading a $142 million expansion round in February 2025 alongside HealthQuest, Lauxera has successfully driven a five-fold increase in OrganOx’s revenue base within a two-year holding period. This rapid scale-up has generated a highly lucrative return on investment of over 100% for the growth sponsor. Strategically, this high-profile realization is positioned to significantly accelerate the institutional fundraising momentum for Lauxera’s second flagship vehicle, which targets €400 million with a hard cap of €500 million.