LABEXA acquired by CERBA HEALTHCARE

Ramsay Health Care entered into a definitive agreement on December 13, 2021, to acquire 100% of the UK-based mental healthcare provider Elysium Healthcare from BC Partners to solidify its standing within the specialized British clinical landscape. This strategic acquisition was designed to bridge the gap between Ramsay’s existing acute medical hospitals and the specialized psychiatric and complex care segments where demand remains consistently high. By integrating these two distinct healthcare models, the group created a diversified clinical platform capable of managing patients through every stage of their recovery, from secure inpatient wards to community-based residential support. The move was strategically timed to align with broader national shifts toward integrated care models and increased public focus on mental health infrastructure and neurological rehabilitation.

Vivalto Santé completed its third LBO, with Vivalto Partners — Daniel Caille's newly created investment management vehicle — taking control of the group. IK Partners joined as a key new minority shareholder alongside a broad consortium of reinvesting French institutional investors and the Bpifrance-Mubadala sovereign duo. The transaction is notably characterised by a strong medical and employee shareholder component, with approximately 1,000 physicians and ultimately 35% of employees targeted as co-investors. The financing structure comprises a Term Loan B and a revolving credit facility, supplemented by subordinated instruments arranged by Hayfin.

Ares Management acquired a majority stake in Point Vision following a highly competitive auction process (beating Adagia, Ramsay, and Elsan). Bpifrance joined as a minority shareholder alongside Ares and the three founders who reinvested. Abenex, which entered in 2014 and held the majority since 2019, fully exited. The financing was secured through a unitranche facility provided by Tikehau Capital. The strategy focuses on expanding territorial coverage (especially in Auvergne-Rhone-Alpes and Ile-de-France) and digitizing the patient journey.

IVC Evidensia acquired VetOne in a preemptive move to consolidate its leadership in the French market. The deal successfully bypassed a planned auction process due to a high-premium offer. The transaction provided an exit for VetOne's shareholders, including the founder, practicing veterinarians, and various private investors. The strategic rationale was to integrate VetOne's 51 clinics with IVC's existing French footprint, creating a dominant national player. The investment thesis is supported by low market consolidation in France and significant upside in ancillary services such as pet insurance, specialized medication, and premium pet food sales.

Livingbridge has announced the acquisition of a stake in Everlight Radiology, a world-renowned teleradiology provider, from Intermediate Capital Group (ICG), a global alternative asset manager. This secondary LBO transaction provides the technology-enabled healthcare platform with a new premier institutional sponsor to back its next international growth chapter.

Colosseum Dental Group (CDG), a subsidiary of the Swiss-based Jacobs Holding, has successfully entered into a definitive agreement to acquire 100% of Curaeos. This transaction represents a transformative milestone in the group’s expansion strategy, creating the premier global dental services platform with approximately 800 clinics and over 13,000 professionals. The strategic rationale for the acquisition centers on the high degree of geographical complementarity between the two organizations, providing the group with immediate entry into the Belgian and Dutch markets while significantly densifying its existing leadership positions in Denmark, Italy, and Germany. By integrating the target’s scalable IT platform and vertically integrated laboratory network, the organization is poised to realize massive economies of scale and set new benchmarks for innovation within the European oral health sector. The partnership is designed to leverage combined medical and operational expertise to enhance patient care standards and professional development programs. This integration reinforces the organization's standing as a primary consolidator in the global healthcare landscape, providing the financial depth and strategic vision required to drive long-term value creation in non-cyclical, mission-critical service sectors.

The acquisition of Blikk Group by EQT Infrastructure, occurring simultaneously with the buyout of Meine Radiologie Holding from Triton, is a landmark consolidation in the German healthcare services market. This dual-track transaction was designed specifically to merge the two entities into a unified, market-leading radiology chain, later rebranded as Evidia. The strategic rationale is centered on achieving massive industrial scale in a fragmented and capital-intensive sector. By combining Blikk’s 30 locations with Meine Radiologie’s network, EQT creates a platform capable of servicing millions of patients with standardized high-quality care. For the seller, Deutsche Beteiligungs AG (DBAG), the deal marks a successful exit from Fund VII, realizing significant value appreciation above the previous book valuation. The transaction includes a 15% reinvestment from DBAG, signaling continued confidence in the group’s buy-and-build potential. This merger allows the combined entity to optimize physician recruitment, centralize administrative functions, and invest more aggressively in the digital transformation of radiological workflows across Germany.

The acquisition of Meine Radiologie Holding by EQT Infrastructure from Triton is a cornerstone transaction in the consolidation of the German outpatient imaging market. Occurring simultaneously with EQT’s acquisition of the Blikk Group from DBAG, the primary rationale for the deal is the merger of these two established entities into a single, market-leading radiology platform. This strategic combination aims to create a dominant player with significant scale in Germany, later rebranded to operate as part of the Evidia group. By integrating Meine Radiologie's network into a larger industrial framework, EQT intends to leverage economies of scale in medical technology purchasing and back-office operations. The deal reflects a "buy-and-build" strategy typical of infrastructure-focused private equity, where fragmented medical services are consolidated to improve service quality and operational efficiency. The transaction marks a successful exit for Triton, which had supported the company’s growth since early 2019, transitioning the asset from a mid-market growth story to a major infrastructure-backed industrial platform.

A consortium led by Goldman Sachs Asset Management and OMERS Infrastructure acquired amedes from Antin Infrastructure Partners. The transaction valued roughly doubling its value since Antin's entry in 2015. The deal aims to support amedes' continued growth through digitalization and further consolidation of the European lab market.

Wren House signed an agreement to acquire a controlling stake in Almaviva Santé from Antin Infrastructure Partners, which had initiated its exit process by mandating Rothschild & Co and Morgan Stanley as advisors following a refinancing earlier in 2021. Wren House outbid PAI Partners, which had submitted an offer, to prevail as the winning bidder. SRS, Antin's co-shareholder holding approximately 30%, will reinvest alongside Wren House. The transaction is expected to be complemented by the entry of a French institutional investor, with Bpifrance cited as a likely participant. The deal is expected to rely on an existing term loan B arranged at the time of the earlier refinancing, with no new debt raising anticipated in the near term.