MEDIPASS acquired by DWS GROUP

Fresenius Helios, the hospital and healthcare services division of Fresenius SE & Co. KGaA, acquired Eugin Group from NMC Health, a UAE-based listed healthcare group, through a dual acquisition structure targeting both the global ex-US operations (via Luarmia S.L.) and the US operations (via NMC Eugin US Corporation, holding 70% of Boston IVF). The remaining 30% of Boston IVF continues to be held by its senior physicians. The transaction establishes Fresenius Helios as a leading international fertility services provider and creates a new dedicated business and reporting unit — alongside Helios Germany and Helios Spain — with a mandate to pursue further buy-and-build expansion.

MEDIAN Kliniken, a Waterland Private Equity portfolio company, agreed to acquire 100% of Priory Group from US-based Acadia Healthcare. Following closing, Waterland intends to combine Priory with MEDIAN to create a leading European rehabilitation and mental health services provider, operating 570 facilities and treating approximately 260,000 patients annually across the UK and Germany. The strategic rationale centres on geographic diversification into the UK market, cross-fertilisation of clinical expertise (particularly expanding Priory's rehabilitation services in neurology and post-acute care), and the transfer of MEDIAN's digital innovation capabilities to Priory's platform. The transaction represents the 22nd bolt-on acquisition in MEDIAN's buy-and-build strategy since Waterland's initial investment in 2011.

L Catterton acquired a majority stake in Alliance Animal Health at a valuation up to $800M. The deal reflects the high demand for recession-resistant veterinary services. Under LightBay Capital's ownership (since June 2019), Alliance grew its EBITDA fivefold to reach $39M (pro forma adjusted). The entry of L Catterton aims to accelerate the company's buy-and-build strategy in a highly fragmented market, benefiting from the increased pet ownership trend and the essential nature of veterinary care.

Global Diagnostics Ireland, which operates around 50 clinical centers across Ireland, has been acquired by Medica Group. For Medica, this acquisition represents a diversification of its customer base and geographic activities, as well as entry into a new market: ophthalmology and retinopathy screening.

Ergon Capital, acting through its acquisition vehicle SCUR-Alpha 1227 GmbH, acquired 100% of VidaCura's inpatient and ambulatory nursing care operations following clearance from the German Federal Cartel Office (Bundeskartellamt) on November 26, 2020. The transaction represents the largest single healthcare deal in Germany in 2020 by number of care places. The deal adds 3,421 care places across 37 nursing homes and assisted living facilities to Ergon Capital's German healthcare portfolio, complementing its existing investment in out-of-hospital intensive care operator opseo.

Ardian led a consortium to acquire a minority stake (approx. 40% of financial rights) in Inovie. Due to French law (SEL), clinical biologists must retain the majority of voting rights and capital. The deal was designed to solve a "generational transition" problem, allowing ~130 older biologists to retire and cash out their shares while enabling younger biologists to buy in at normalized salary levels. The capital injection was earmarked for massive consolidation (Buy-and-Build) in the fragmented French lab market and for scaling specialized diagnostics.

Vistria and Centerbridge Partners jointly acquired Help at Home from Wellspring Capital Management, which had owned the business for approximately five years. The transaction represents the final platform investment of Vistria Fund II and simultaneously the first investment of Vistria Fund III, reflecting the deal's significance within Vistria's fund lifecycle. Vistria and Centerbridge will hold equal board representation at Help at Home. The investment is consistent with Vistria's thematic focus on the structural shift in US healthcare delivery toward home and community-based settings, and follows their prior joint investment in Civitas in 2019

Infratil, in partnership with MGIF, acquired a majority stake in Qscan Group from Quadrant Private Equity (QPE) and existing doctor shareholders. The transaction valued the entire group at an enterprise value of AUD 735 million. The deal was structured to provide Infratil with a platform in the high-growth diagnostic imaging market, characterized by aging demographics and the increasing clinical importance of early cancer detection. The acquisition was funded through Infratil's existing debt facilities and cash proceeds from previous divestments, reflecting a shift in their portfolio towards healthcare infrastructure.

KKR led a leveraged buyout of Elsan, becoming the majority shareholder with 43% of the capital. CVC Capital Partners, an existing shareholder, reinvested and retained a 22% stake. A French institutional investor pool holding 35% of the capital was assembled alongside KKR and CVC, comprising Téthys Invest (~15%), Ardian (~7%), AXA (~5%), CNP Assurances (via its infrastructure investment activity), and Mérieux Equity Partners. The French pool was deliberately structured to ensure strong domestic institutional backing given the strategic importance of private hospitalisation in France, heightened by the COVID-19 pandemic.

EQT Infrastructure entered into exclusive negotiations with IK Investment Partners to acquire a majority stake in Colisée, marking a transition from private equity to infrastructure ownership. IK had previously acquired Colisée in 2017 from Eurazeo PME and the founding family. EQT is deploying capital from its fifth generation infrastructure fund — the largest infrastructure fund ever raised in Europe. The transaction is advised by Lazard on the seller side. EQT has stated its intention to support Colisée's continued growth into new geographic markets following closing.