HEMODIA acquired by LBO FRANCE

Ceva organized its sixth LBO to support its continued growth. The transaction values the group at over EUR9 billion (nearly double the EUR5bn valuation in 2020). Two new shareholders joined the table: Institut Merieux (strengthening the existing presence of Merieux Equity Partners) and Archimed (investing via its large-cap fund). Historical investors, including Tethys and PSP, significantly reinvested. Crucially, the management team led retains control of the voting rights (60%) despite holding 23% of the capital.

Patient Square Capital completed the acquisition of 100% of Patterson Companies, taking the business private and delisting it from the NASDAQ Global Select Market. Patterson will maintain its headquarters in St. Paul, Minnesota. The transaction positions Patterson to accelerate its growth strategy and strengthen its offering to dental and animal health customers under Patient Square's healthcare-focused ownership and operational support.

Zydus entered into exclusive negotiations to acquire a controlling 85.6% stake (block trade) in Amplitude Surgical from PAI Partners, the management and minority shareholders. The offer price is EUR6.25 per share, representing an 80.6% premium over the pre-announcement share price. Following the block acquisition, Zydus will launch a mandatory simplified tender offer (OPAS) to acquire the remaining shares and intends to delist the company (squeeze-out) if the 90% threshold is reached.

Nutrisens Group has acquired a majority stake in Prodiet Medical Nutrition, a Brazilian leader in clinical nutrition. The founders of Prodiet, Armando Tortelli and Ana Paula Celes, retain a minority stake and will continue to support the company's growth, while Gabriel Tortelli remains as CEO. This acquisition marks a major step in Nutrisens' international expansion strategy, providing a strong platform to address the Latin American market. The deal is expected to generate significant commercial synergies through cross-selling portfolios and optimizing innovation and sourcing capabilities.

Laboratoire Polidis has completed its first-ever capital opening. Siparex Entrepreneurs and UI Investissement have joined the company as minority shareholders to support its next growth phase and formalize a new managerial transition.

Germitec raised EUR29 million in a Series B round led by Eurazeo to accelerate its commercial expansion in the United States. The company recently achieved a major regulatory milestone by obtaining FDA "De Novo" clearance in September 2024. The funds will be used to scale the US team and compete against chemical-based incumbents. Historical investors, including Kurma Partners (a Eurazeo subsidiary), Financiere Arbevel, and Turenne Capital, participated in the round. The financial investors now hold the majority of the capital.

This transaction is a strategic corporate carve-out and vertical integration wherein Novonesis fully acquires the sales and distribution activities of the Feed Enzyme Alliance from its long-term joint venture partner, dsm-firmenich. Supported by a fully committed debt financing package, this operation effectively dissolves the historical alliance, granting Novonesis absolute control over the entire commercial value chain. The primary strategic rationale underpinning this acquisition is to directly combine the acquirer's established innovation and production capabilities with the target's extensive global go-to-market network. This powerful consolidation will significantly accelerate Novonesis's market penetration, unlock substantial revenue synergies, and solidify its undisputed leadership position within the global animal nutrition and biosolutions industry.

The secondary buyout of 100% of Medical International Research by Quadrivio Group triggers the complete exit of the incumbent private equity sponsor Aksìa SGR. This ownership transition follows an operational phase marked by an annualized revenue expansion and the successful launch of subscription-based software services. The secondary transaction alters the capital structure to support a broader consolidation strategy amid rising global demand for decentralized respiratory diagnostics. The incoming capital is structured to fund geographic expansion into historically underpenetrated, highly solvent Northern European healthcare jurisdictions including Germany and the United Kingdom. Institutional debt backing for the buyout combines a super-senior revolving credit line with a private unitranche facility designed to provide immediate funding for strategic add-on acquisitions.

Didactic reorganized its shareholder base to accelerate its transformation into a European industrial leader. GENEO Capital Entrepreneur and UI Investissement acquired a majority stake, taking over from the previous sponsor. The transaction involves significant reinvestment from the President and his management team, alongside Bpifrance and MACSF.

EB Development (Consortium: NextStage AM & IK Partners) has successfully concluded its takeover bid for Eurobio Scientific, following the results of a reopened offer period. The consortium now holds 88.92% of the share capital and voting rights (including treasury shares). The offer was initiated to take the company private and provide the management team, led by Denis Fortier, with the flexibility to pursue an aggressive external growth strategy. While the bid secured a significant majority, the final participation fell just short of the 90% threshold required for a mandatory squeeze-out (retrait obligatoire). Consequently, the conditional additional price of €1.25 per share (linked to reaching the 90% mark) will not be paid to tendering shareholders. Despite remaining listed for the time being, the transaction effectively shifts Eurobio into a "private-equity-backed" development phase, allowing for deeper consolidation of the European in vitro diagnostics market.