PATTERSON COMPANIES acquired by PATIENT SQUARE CAPITAL

This transaction structurally constitutes a tertiary leveraged buyout, marking a significant reorganization of the target's capital structure. The incoming pan-European financial sponsor successfully preempted a highly competitive auction process orchestrated by a specialized investment bank, decisively securing a majority controlling stake. Crucially, the operation features substantial reinvestments from both historical private equity partners and the entire executive management team, ensuring total long-term strategic alignment

In May 2025, Ottobock, through its subsidiary Vigo, acquired Matton OrthoMedi as part of its strategy to consolidate the European technical orthopedics market. The primary objective of this acquisition is to strengthen Ottobock's network of care centers in Western Europe by integrating a well-established local player in Belgium. Matton OrthoMedi brings a established network of locations in Ghent, Bruges, and Brussels, as well as over 30 years of expertise in orthopedic care and custom device manufacturing, catering to patients with complex mobility needs

Sterimed completes its third buy-out (LBO) as IK Partners returns as the majority shareholder, taking over from Sagard. This transaction values the group at over EUR1 billion, a significant jump from its previous valuation. Under Sagard's ownership, Sterimed accelerated its international expansion, notably in North America and Asia. The new partnership with IK Partners aims to further consolidate the medical packaging market through a global buy-and-build strategy and to invest in sustainable, eco-friendly sterilization solutions

Ceva organized its sixth LBO to support its continued growth. The transaction values the group at over EUR9 billion (nearly double the EUR5bn valuation in 2020). Two new shareholders joined the table: Institut Merieux (strengthening the existing presence of Merieux Equity Partners) and Archimed (investing via its large-cap fund). Historical investors, including Tethys and PSP, significantly reinvested. Crucially, the management team led retains control of the voting rights (60%) despite holding 23% of the capital

Private equity firm Mérieux Equity Partners has entered into a definitive agreement to divest its controlling equity stake in the pharmaceutical laboratory Theravia to the Dutch group Norgine, a portfolio company backed by Goldman Sachs Asset Management. Representing the sixth exit for the Mérieux Equity Participations 3 fund, this transaction facilitates the complete exit of the sponsor, which had held a near-80% ownership position since Theravia's inception through a corporate merger in 2022. The completion of the deal remains subject to the receipt of customary regulatory approvals

Cinven acquires a majority stake in the French clinical nutrition group Nutrisens from Sagard. The transaction values the company at over EUR700 million. Under Sagard's tenure, Nutrisens tripled its size through organic growth and acquisitions. With Cinven's backing, the group aims to become a global platform in the fragmented medical nutrition market, targeting further acquisitions in Europe and expanding into new therapeutic areas.

Laboratoire Polidis has completed its first-ever capital opening. Siparex Entrepreneurs and UI Investissement have joined the company as minority shareholders to support its next growth phase and formalize a new managerial transition.

Nutrisens Group has acquired a majority stake in Prodiet Medical Nutrition, a Brazilian leader in clinical nutrition. The founders of Prodiet, Armando Tortelli and Ana Paula Celes, retain a minority stake and will continue to support the company's growth, while Gabriel Tortelli remains as CEO. This acquisition marks a major step in Nutrisens' international expansion strategy, providing a strong platform to address the Latin American market. The deal is expected to generate significant commercial synergies through cross-selling portfolios and optimizing innovation and sourcing capabilities

Zydus entered into exclusive negotiations to acquire a controlling 85.6% stake (block trade) in Amplitude Surgical from PAI Partners, the management and minority shareholders. The offer price is EUR6.25 per share, representing an 80.6% premium over the pre-announcement share price. Following the block acquisition, Zydus will launch a mandatory simplified tender offer (OPAS) to acquire the remaining shares and intends to delist the company (squeeze-out) if the 90% threshold is reached.

Hemodia, a French healthcare group specializing in the production of sterile medical devices, is reorganizing its capital through a second leveraged buyout (LBO) with the investment fund LBO France. Bpifrance and Multicroissance, existing shareholders since the first LBO, are also reinvesting.