IMAPOLE acquired by EURAZEO

Parquest acquired a majority stake in the newly formed Imaneo group from its 70 associate radiologists. The transaction was the result of a competitive process involving both French and international private equity funds, as well as corporate interest from the life sciences sector. This strategic operation facilitates the merger of three independent radiology practices into a single unified platform. The associate radiologists, who were already shareholders in their respective legacy firms, reinvested significantly to retain nearly 50% of the new group's capital. The investment strategy is focused on structuring the newly created entity's management and operations to allow medical staff to focus on clinical practice while providing the financial resources for aggressive organic and external growth. A unitranche debt facility, including dedicated capital expenditure lines, was secured to fund innovation in medical technology and the acquisition of additional radiology practices across the region.

CBPE Capital has completed a majority investment in Veincentre, acquiring the stake previously held by Palatine Private Equity alongside the company,s founders. This transaction marks a secondary LBO for the specialist clinic group, which saw significant growth under Palatine,s three-year ownership, including the expansion from 7 to 22 clinics. The deal was structured to support the current management team, led by CEO Maurice McLoughlin, in the next phase of their national expansion strategy. The rationale for the acquisition is rooted in the high demand for specialized outpatient vascular services in the UK and Veincentre,s proven, scalable clinical model. CBPE intends to leverage its extensive experience in multi-site healthcare to further increase the group's clinic density across the UK. The operation was supported by a debt advisory from FRP Advisory and commercial due diligence from Candesic.

Freeman Spogli & Co. made a significant investment in EverVet Partners, partnering alongside existing investor Tailwind Capital while EverVet's founders and management retained meaningful equity stakes. The transaction provided growth capital to accelerate EverVet's expansion in the consolidating U.S. veterinary services market. The deal made strategic sense because EverVet's veterinarian-led platform model aligned perfectly with Freeman Spogli's consumer services expertise, while Tailwind's foundational support transitioned into continued partnership. EverVet selected Freeman Spogli for their track record scaling healthcare and consumer brands through organic growth and M&A. The timing capitalized on strong industry tailwinds including pet ownership growth and veterinary workforce shortages, positioning EverVet to capture market share through targeted acquisitions and organic initiatives.

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.

InfraVia Capital Partners acquired a minority stake in Univet from Platina Equity Solutions, which had been a partner since 2018. The transaction was structured as a combination of secondary share purchases and a primary capital increase, financed entirely through equity from InfraVia's EUR5 billion European Fund V. The founding management and associated veterinarians retained the majority of the capital. The investment is intended to accelerate Univet's buy-and-build strategy, supporting its ambition to reach EUR100 million in revenue by the end of 2022. This deal highlights the trend of infrastructure funds entering the veterinary sector, attracted by the predictable, recurring nature of animal healthcare services and the massive potential for market consolidation.

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.

Triton Partners, via its Triton Smaller Mid Cap Fund II, acquired a majority stake in Esperi Care Oy from a consortium of its former creditors, including Danske Bank, SEB, and Ilmarinen, which remain as minority shareholders. The transaction implies a majority control transfer while preserving continuity of public‑sector and employee‑management relationships, with Triton committing to a substantial capital investment to support further service development and operational improvements. The strategic rationale is rooted in Esperi Care’s established position, business model built on recurring and contract‑based care fees, strong regulatory and societal mandate. Triton’s Nordic healthcare expertise, demonstrated through prior investments in Aleris, Ambea, and Mehiläinen, is expected to support the professionalization of care concepts, standardization of operating models, and expansion of service quality without compromising social‑care objectives.

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.