PACIFIC RADIOLOGY GROUP acquired by INFRATIL

Cerba HealthCare won a highly competitive auction process managed by Goldman Sachs and JP Morgan to acquire Lifebrain from Investindustrial. The transaction marks Cerba's entry as a major player in the Italian market, significantly expanding its European footprint. The acquisition follows a period of rapid growth for the target, which doubled its profitability between 2019 and 2021, partly driven by a high volume of pandemic-related testing. The deal received backing from Cerba's new majority shareholder, EQT, alongside long-term partners.

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.

DomusVi completed a major capital reorganization, described as a "jumbo-LBO". This transaction allowed founder Yves Journel to increase his ownership from 30% to 49%, while ICG remains a key controlling partner. The group's management team also participated in the round, investing approximately €50 million for a 2% stake. The deal was financed through a robust structure including €1.6 billion in portable senior debt (representing 6.3x EBITDA) and a €400 million PIK (Payment-in-Kind) line provided by ICG. The strategic rationale is to fund a "European conquest" phase, aiming to double the group's revenue to €3.4 billion by 2025. This growth will be driven by massive external acquisitions in Germany, Italy, Belgium, and Portugal, further consolidating DomusVi's position as a dominant European healthcare provider.

Triton completed an investment in Bergman Clinics alongside existing shareholders NPM Capital and the Malenstein family, who both retained minority positions in the business. The transaction followed a competitive sale process mandated to JP Morgan and Axeco Corporate Finance, which attracted interest from TowerBrook Capital Partners, Cinven, Bain Capital, and BC Partners before Triton emerged as the winning bidder. The process had originally been launched in early 2020 but was put on hold due to the COVID-19 pandemic before being revived in September 2020. Triton's investment is intended to support Bergman Clinics' continued geographic expansion, as well as investment in technological innovation, digitisation, and staff training.

EQT entered into exclusive negotiations to acquire Cerba HealthCare from Partners Group. The transaction values the group at EUR4.5 billion, significantly higher than initial market estimates (EUR3bn). PSP Investments, a shareholder for four years, realized a partial cash-out but reinvested to remain a key minority partner alongside EQT and the 400 biologist-managers. The deal was financed with a massive EUR2.5 billion Senior Debt package (Term Loan B).

Silver Lake and Nestle led a EUR3.5 billion capital investment in IVC Evidensia, significantly increasing the group's valuation. The deal allowed EQT VII to partially exit its position, while EQT IX reinvested to remain the majority shareholder. The transaction served as a private alternative to a previously considered IPO. Silver Lake's entry is designed to accelerate the group's digital transformation, while Nestle's increased stake facilitates deep collaboration between veterinary clinical care and nutritional science. This "pet-tech" and "pet-health" convergence aims to create a data-driven ecosystem for pet owners, enhancing diagnostic accuracy and tailored health solutions across IVC's pan-European network.

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.

Antin Infrastructure Partners acquired a majority stake (approximately 80%) in Hippocrates Holding. The co-founders reinvested to retain the remaining 20% and maintained their roles as co-CEOs. The original investors (including DVR Capital and Italian family offices such as the Notarbartolo and Marzotto families) sold their shares in this transaction. The transaction was intended to provide the capital needed to accelerate the consolidation strategy in the highly fragmented Italian pharmacy market.

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.

DWS Alternatives Global Limited has acquired 100% of Medipass srl, a leading provider of cancer care and advanced diagnostic imaging services in Italy and the United Kingdom.