INTECH MEDICAL acquired by MONTAGU PRIVATE EQUITY

Coloplast has reached an agreement to acquire Atos Medical from the private equity firm PAI Partners. his transaction marks a major strategic exit for PAI Partners, which acquired the company in 2016. During PAI’s five-year ownership, Atos Medical more than doubled in size, transforming from a laryngectomy specialist into a diversified ENT leader with a significant foothold in the tracheostomy market. The rationale for the acquisition is highly strategic for Coloplast, as it adds a new chronic care segment to its existing portfolio. Atos Medical’s business model is a perfect fit for Coloplast’s "Chronic Care" strategy, characterized by high-recurring revenue from medical consumables and a strong direct-to-consumer orientation. The merger allows Coloplast to leverage Atos Medical’s industry-leading margins and unique patient-reach capabilities while providing Atos with Coloplast’s massive global infrastructure to further accelerate expansion in emerging and under-penetrated markets.

The acquisition of HRA Pharma by Perrigo signifies the "crowning achievement" of the acquirer’s structural transformation into a pure-play consumer self-care leader. The strategic rationale for this transaction centers on a "portfolio-premium" maneuver, merging the target’s high-growth, margin-accretive branded assets with the acquirer’s massive expert direct go-to-market platform. This structural alignment provides the organization with the scientific talent and regulatory hardware necessary to dominate high-potential European markets and accelerate the "Rx-to-OTC" pipeline globally. This maneuver allows the group to execute a definitive structural expansion of its global footprint, particularly by adding significant scale in key underpenetrated European regions where the target maintains a dominant leadership position. By incorporating the target's seasoned leadership team and its expertise in specialized categories like emergency contraception and blister care, the organization is now positioned to leverage its recognized manufacturing depth to drive deeper penetration into adjacent self-care categories.

Partners Group acquired 100% of Pharmathen from BC Partners, which had acquired the company in 2015. During its ownership, BC Partners invested over €250 million in R&D and new FDA-approved production facilities, nearly doubled the employee headcount, and repositioned Pharmathen from a traditional European generics manufacturer into a technology-driven global leader in complex drug delivery. The transaction is expected to support Pharmathen's continued growth, particularly into the US market. BC Partners was advised by Jefferies (financial) and Kirkland & Ellis (legal).

Orkla completed its acquisition of NutraQ to strategically enhance its presence in high-growth market segments, specifically the health category and the direct-to-consumer (D2C) channel. The transaction provides Orkla with a new, subscription-based business model, diversifying its traditional go-to-market strategies and offering exciting growth opportunities. Orkla's leadership expressed admiration for the target's successful use of subscription solutions to build a significant customer base with direct home delivery. The strategic plan involves continuing the development of NutraQ's established concepts while simultaneously exploring new possibilities for applying the D2C model across Orkla's broader portfolio. To preserve the target's unique competencies and entrepreneurial culture, NutraQ will continue to operate as a stand-alone entity within the Orkla Care business area, with its existing executive management team remaining in place. The deal represents a logical next step for NutraQ, transitioning it from private equity ownership under Impilo and Sana Pharma Holding to a long-term industrial owner poised to support its next phase of growth and expansion. The transaction received all necessary approvals from relevant competition authorities prior to its completion.

Naxicap Partners acquired a majority stake (~80%) in Groupe Lagarrigue from Ardian and iXO Private Equity. The management team reinvested to hold the remaining ~20%. Naxicap prevailed in a competitive auction process managed by Edmond de Rothschild Corporate Finance, beating out offers from IK Investment Partners and Cobepa. The transaction is financed through a unitranche debt facility (likely provided by ArcMont AM) combined with a PIK note (CIC Private Debt), including significant capex lines to fund future external growth.

DiaSorin has finalized the acquisition of Luminex Corporation, an operation designed to fundamentally strengthen the group’s competitive positioning within the molecular diagnostics and life sciences sectors. The strategic rationale for this transaction centers on a "technology-integration" play, merging the target's world-class multiplexing platform with the group’s dominant immunodiagnostics infrastructure. This fusion effectively creates a specialized powerhouse in the diagnostic arena, providing the organization with the scientific talent and hardware portfolio required to address the increasing global demand for multi-assay testing panels.

CVC acquired a majority stake in Cooper-Vemedia from Charterhouse. The transaction, valued at EUR2.2 billion, was won in a competitive process against a PAI/Ontario Teachers' consortium. The acquisition reflects CVC's appetite for high-cash-flow businesses with low capital intensity (Capex ~EUR10M). The goal is to pursue a buy-and-build strategy across Europe.

Siparex ETI has entered into exclusive negotiations to acquire a majority stake in Winncare, marking the first investment of its Siparex ETI 5 fund. This transaction follows a successful period of ownership by IDI, which originally took control of the group in 2014 and supported a doubling of the company,s size through international expansion. In this new capital structure, IDI is exiting its majority position but remains a minority investor, alongside the management team led by President Philippe Chêne, who continues to drive the group,s strategic vision. The primary rationale for this LBO is to provide Winncare with the financial resources to act as a "natural consolidator" in the fragmented European medical equipment market. Under Siparex,s sponsorship, the group intends to accelerate its international deployment and prioritize the roll-out of new high-tech offerings, such as connected fall-prevention systems and modernized clinical bed ranges. The deal leverages the positive demographic trends of the "Silver Economy," focusing on high-quality care for the elderly. Furthermore, the partnership is built on shared values of corporate social responsibility, with a clear objective to transition Winncare into a mission-driven enterprise (entreprise à Mission), focusing on the social impact of its healthcare solutions and the professionalization of the caregiving sector.

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. The strategic plan aims to exceed EUR100 million in revenue in 2021 through new acquisitions and by expanding distribution into pharmacies.

Montagu Private Equity entered into exclusive negotiations to acquire a majority stake in IMV Technologies from Qualium Investissement. Montagu prevailed in a competitive process against CVC Capital Partners. This transaction marks the fifth LBO for the company, which was previously backed by Idi, Ofi Private Equity, and Sparring Capital. The deal underpins the company's leadership in the niche market of animal genetics and its strong export capabilities.