LVL MEDICAL GERMANY acquired by MANAGEMENT & PRIVATE INVESTORS

Cerba acquired 100% of Novescia. The seller was a complex consortium managed by Ekkio Capital, including financial investors Cobepa and Socadif, as well as biologist shareholders. This acquisition allowed Cerba to reach critical mass in the routine segment, complementing its leadership in specialty testing.

Waterland Private Equity agreed to acquire 100% of MEDIAN Kliniken from Advent International and British real estate investor Marcol. Concurrently with the acquisition, Waterland announced its intention to sell MEDIAN's real estate portfolio through a sale-and-leaseback arrangement with a US real estate investor over the following months, effectively separating the operational business from its property assets. Following closing, Waterland planned to merge MEDIAN with its existing portfolio company RHM to create a significantly enlarged German rehabilitation platform, and to pursue further bolt-on acquisitions particularly in intensive care to broaden MEDIAN's medical offering.

The acquisition of Groupe Colisée by Eurazeo PME is a strategic move that aligns with the firm's investment strategy of supporting companies that are well-positioned to benefit from underlying societal trends. With the aging population and increasing demand for elderly care services, Groupe Colisée is well-positioned for growth and expansion. Eurazeo PME's investment in Groupe Colisée is intended to support the group's continued development and consolidation of the French retirement home market, as well as its expansion into new markets, including China. The acquisition is also expected to enable Groupe Colisée to strengthen its services and offerings, particularly in terms of dependency care, and to further enhance its reputation for quality and excellence. By partnering with Eurazeo PME, Groupe Colisée aims to capitalize on the growing demand for elderly care services and to establish itself as a leading player in the French and international markets.

PAI Partners has entered into exclusive negotiations to take control of DomusVi, the third largest French player in the private nursing home sector. Upon completion of the transaction, PAI is expected to hold 70% of the capital alongside an associated fund. The remaining shareholding structure will include DV Holding (controlled by founder Yves Journel) at 25% and the group's management at 5%. This operation facilitates the full exit of the other founding shareholder, Jean,François Gobertier, thereby resolving a long,standing governance conflict between the two founders. The strategic rationale for the deal centers on the consolidation of a market where private actors are gaining share as the state's capacity to maintain market share diminishes. PAI Partners plans to optimize the existing facilities and reduce costs while funding an aggressive acquisition strategy. Several hundred million euros are planned over the next five years for targeted acquisitions, specifically aiming to strengthen the group's presence in Germany and Spain and to continue its development in China. This step is intended to simplify the company’s governance and transform it into an international champion in the management of elderly dependency.

The EQT Mid Market fund, alongside institutional co-investors CDPQ and GIC, acquired a majority stake in I-MED Radiology Network. The deal followed a complex period for I-MED, which had recently refinanced its debt after being controlled by a syndicate of over 40 lenders (led by Ares and Anchorage) following the global financial crisis. EQT's entry was strategically aimed at stabilizing the capital structure and pivoting towards aggressive growth. The investment thesis centered on the advanced nature of the Australian imaging market and the opportunity to leverage EQT's industrial network to improve operational efficiency, win hospital contracts, and pursue add-on acquisitions. The acquisition successfully transitioned the company from lender control back to professional private equity ownership, setting the stage for its eventual billion-dollar exit four years later.

Air Liquide entered into exclusive negotiations to acquire a controlling block of 70.49% of LVL Médical's share capital from the Lavorel family concert and other controlling shareholders. Simultaneously, the Lavorel family repurchased LVL Médical's German subsidiary for €80 million, such that Air Liquide's acquisition perimeter is limited to the French activities only. The transaction is subject to clearance from the French competition authority. Air Liquide intends to maintain continuity in LVL Médical's management.

Saga acquired 100% of Nestor Healthcare Group via a public takeover. The acquisition establishes Saga as a nationwide home care provider by combining Nestor's Northern England care network with Saga's existing Southern operations, creating full national coverage. The strategic rationale centres on Saga's ambition to build a major nationally branded home healthcare business for its core over-50s customer base, accelerating its growth strategy in home healthcare services.

PAI Partners acquired a majority stake in Cerba HealthCare, marking the group's fourth LBO (LBO IV). The transaction was structured to support an aggressive external growth strategy. The acquisition was originally financed through a combination of Senior Loans and Mezzanine debt (which were later refinanced via a High Yield bond issuance in 2013). Under PAI's tenure, the group's revenue would eventually triple.

Pan-European private equity firm HgCapital has entered into a definitive agreement to acquire Frösunda LSS AB from Danish private equity sponsor Polaris. Executed by HgCapital’s dedicated healthcare sector team (marking its second investment in the space within a six-month period) the transaction remains subject to customary regulatory clearances. This buyout firmly aligns with the sponsor’s core strategy of targeting premium Nordic platforms that are underpinned by highly favorable macro-demographic tailwinds and a persistent structural shift toward the outsourcing of care services. HgCapital’s primary mandate is to cement Frösunda’s position as the undisputed leader in the Swedish specialist care market, a highly defensive segment expanding at over 10% annually. Partnering closely with the management team led by CEO Goran Fredriksson, the sponsor intends to execute an aggressive, hybrid value-creation playbook. This strategy will focus on accelerating organic top-line momentum, driving meaningful margin expansion through economies of scale, and deploying a rigorous buy-and-build M&A program. Management has already identified over 30 target segments to broaden the platform’s footprint into highly adjacent, specialized markets, including psychiatry, special schools, and high-acuity autistic spectrum disorders (ASD).

Bridgepoint acquired 100% of Care UK plc in a public-to-private transaction, taking the company off the public markets to enable a more aggressive growth strategy. The strategic rationale focuses on three pillars: accelerating organic growth, pursuing selective bolt-on acquisitions, and further developing both the social care and NHS healthcare divisions with the support of Bridgepoint's capital and sector expertise. The existing executive management team was retained in full to lead the next phase of Care UK's development, with no changes to front-line care provision.