This transaction marks the third leveraged buyout for HTL Biotechnology, with Montagu Private Equity entering into exclusive negotiations to acquire a majority stake from Bridgepoint. Partners Group joined Montagu as a co-investor in this operation, while the existing management team remains significantly involved in the capital. The strategic rationale for this LBO is to accelerate HTL,s transformation from a specialized hyaluronic acid producer into a diversified, global biopolymer platform. Under the previous ownership, the company significantly expanded its R&D capabilities, doubled its production capacity with a €50M industrial investment, and established a strong presence in the US and Chinese markets. Key to this new phase of growth is a major partnership with Eirion Therapeutics, positioning HTL as the exclusive manufacturer of a novel botulinum toxin using its proprietary fermentation process. Montagu intends to leverage its healthcare expertise to further the group,s internationalization and portfolio diversification, particularly in high-growth segments like tissue engineering. The acquisition is supported by a significant unitranche financing package, reflecting the strong cash-flow generation and premium positioning of the asset in the pharmaceutical supply chain.

Founded in the late 20th century, HTL is a leading global biotechnology company specializing in the development, production, and purification of pharmaceutical-grade hyaluronic acid and other bio-sourced polymers. Based in Brittany, the company utilizes advanced fermentation and purification processes to supply high-purity ingredients to the global healthcare industry. Its value proposition is centered on technical excellence and the ability to provide customized molecular weights for sensitive medical applications, including dermatology for wrinkle filling, ophthalmology for cataract surgery, and rheumatology for joint treatments. HTL,s strategy focuses on continuous innovation through significant R&D investments and the expansion of its industrial capacities to maintain a leadership position in the high-end biopolymer market. By maintaining a discreet but critical role in the pharmaceutical supply chain, the company ensures that global medical device and pharma manufacturers have access to safe, natural, and highly effective components for life-changing medical treatments.