KAVO DENTAL acquired by PLANMECA GROUP

Permira acquired a controlling stake in Kedrion from the founding Marcucci family and existing institutional investors FSI and CDP Equity. The transaction was structured as a partnership where the Marcucci family, FSI, and CDP Equity reinvested a significant minority stake to maintain the group's Italian heritage and operational continuity. The deal was contingent on the simultaneous acquisition of BPL to create a unified global platform. This allowed Kedrion to secure its supply chain and significantly expand its US and international footprint while transitioning from a family-run business to a private equity-backed global player.

Ardian acquired a majority stake in Biofarma Group from White Bridge Investments. Ardian's entry is designed to transform the European leader into a global champion, specifically targeting expansion into the US and APAC markets while maintaining its technological lead in the high-margin probiotic segment.

This transaction marks the first major structural acquisition for Winncare following the entry of Siparex ETI as its majority shareholder earlier in 2021. By acquiring 100% of Pharmaouest Industries, Winncare has significantly strengthened its industrial capabilities and product portfolio in the high-stakes segment of pressure ulcer prevention. This horizontal integration allows Winncare to internalize advanced visco-elastic foam manufacturing technologies and leverage Pharmaouest's dual-site industrial setup in France and Tunisia to optimize its supply chain. The rationale for the merger is driven by the complementarity of the two groups, product lines and customer bases. The addition of Pharmaouest provides Winncare with a specialized R&D pipeline and a wider range of medical consumables specifically tailored for home care and elderly care institutions. Strategically, this acquisition acted as a catalyst for Winncare's growth, contributing to a 50% increase in the group's total revenue within the same fiscal year. The operation aligns with Winncare's long-term goal of becoming a diversified European leader in medical equipment by consolidating smaller, specialized manufacturers with high technical value. This deal also supports the group's commitment to a mission-driven corporate model, focusing on social impact and patient-centric innovation throughout the care journey.

Integer Holdings has successfully finalized the acquisition of Oscor, Inc., a strategic move designed to significantly broaden the group’s cardiovascular and neurostimulation product portfolios. This transaction integrates a robust range of proprietary products, including steerable sheaths and cardiac leads, into the acquirer’s existing medical device outsource framework. The strategic rationale for the move centers on the acquisition of specialized technical capabilities and a vast intellectual property portfolio that deepens relationships with existing Tier 1 customers while providing access to emerging growth companies. By incorporating the target’s established brand and its research and development expertise, the organization bolsters its "concept-to-commercialization" value proposition. A key component of the integration is the addition of the target’s manufacturing presence in the Dominican Republic, which provides high-efficiency, low-cost production capacity to support the group’s global expansion. This partnership reinforces the group’s standing as a primary technical enabler for the cardiac rhythm management and neuromodulation industries, ensuring the strategic depth required to exceed market growth rates in fast-growing clinical segments like structural heart and electrophysiology.

The strategic investment in Resonetics by Carlyle signifies a major territorial and technical advancement for the organization, building upon the momentum of eight successful add-on acquisitions. The strategic rationale for this transaction centers on a "platform-acceleration" maneuver, merging the target's industry-leading technical operational depth in micro-manufacturing with the new sponsor’s extensive global network and expertise in healthcare digitalization. This alignment provides the organization with the scientific talent and technological hardware required to address the increasing clinical demand for miniaturized, minimally invasive interventional components.

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.

Intech Medical, a global leader in the manufacturing of orthopedic surgical instruments and implants, has entered into an agreement to be acquired by Montagu Private Equity. The transaction marks the exit of Eurazeo (specifically its mid-cap subsidiary) and Andera Partners, who have held a majority stake in the French group since 2017.