PRIORY GROUP acquired by MEDIAN KLINIKEN

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.