PROSYS acquired by IMA GROUP

Siparex has reaffirmed its commitment to Winncare by leading a quaternary LBO to retain control of the medical device manufacturer. This transaction allows Siparex, which originally acquired the company in 2021 via its ETI 5 fund, to extend the maturity of its investment while slightly increasing its ownership stake alongside the management team led by President Laurent Faugères. The deal marks a significant restructuring of the minority capital: IDI, which had been an investor since 2014, and Capza have both exited their positions. They are replaced by Kartesia, which entered the capital through a combination of equity and mezzanine debt after a competitive process managed by the investment bank Amala. The strategic rationale for this "prolongation" is driven by Winncare,s strong performance, having doubled its revenue from €75M to €150M in the last five years through a successful buy-and-build strategy involving four acquisitions. The new capital structure is designed to provide the group with the financial flexibility to launch a new phase of consolidation in Europe and North America. The deal is supported by a new senior debt package provided by Crédit Agricole CIB, while historical minority partners BNP Paribas Développement and Crédit Agricole have maintained their stakes. This operation highlights the "essential" nature of Winncare,s products in a market characterized by high demand for elderly care solutions and professionalized home-care equipment.

The acquisition of Resolution Medical by Resonetics signifies a major step in the group’s expansion toward a comprehensive, full-lifecycle service model. The strategic rationale for this transaction centers on an "integrated-platform" maneuver, merging the target’s technical operational depth in biosimulation and cleanroom assembly with the acquirer’s established scale in laser-based component manufacturing and battery systems. This structural alignment provides the organization with the scientific talent and technological hardware necessary to manage the increasing technical complexity of neuromodulation and structural heart devices.

CIMG, through its subsidiary DZR, signed an agreement to acquire 100% of Daren Technology for approximately $40M in stock. The transaction features a highly structured Phased Payment consideration (6%, 14%, 28%, and 52%) released over 3.5 years. This earn-out structure is strictly tied to Daren achieving aggressive audited revenue targets, starting at $29M in 2026 and scaling to $257M by September 2029. This structure ensures alignment between the acquisition cost and the realized growth of the target's biopharmaceutical activities.

Vivo Capital acquired a majority stake in Dutscher from LBO France. LBO France had acquired the asset in July 2020 from Five Arrows (Rothschild) for an enterprise value of EUR100-150M (investing EUR60M in equity). In this exit, LBO France achieved a net return multiple of ~2.5x. Interestingly, Five Arrows remains involved as the debt provider for this new LBO. The deal is expected to close in H1 2026.

NORD Holding have acquired Hallmarq Veterinary Imaging from August Equity to merge it with German-based OR Technology. The transaction establishes a new, globally active imaging technology holding company in the veterinary sector. This is the second acquisition by NORD Holding in this sector in less than a year, following its partnership with OR Technology in 2025. The strategic rationale is to create a "one-stop-shop" for veterinary imaging, combining Hallmarq's specialized MRI/CT expertise with OR Technology’s digital X-ray and ultrasound portfolio. The combined group employs over 200 people across Europe, MEA, and North America. The merger allows for significant cross-selling opportunities and the integration of AI-supported diagnostic tools across a wider range of clinical applications, positioning the group as a global leader in multimodality veterinary diagnostics.

Yotta Capital Partners led a majority buyout of Villard, succeeding the previous sponsorless structure held by CEO. The transaction values the company on a solid growth trajectory, with the management team and historical regional partners reinvesting in the new pool. This primary investment for Yotta's second fund aims to triple Villard's size by 2030 through organic growth and a proactive "buy-and-build" strategy, focusing on expanding the product range in medical logistics and increasing international sales beyond the current 20%.

Fagron acquired 100% of University Compounding Pharmacy for an Enterprise granting to Fagron a stronghold in California (a high-barrier market) and adds complementary therapeutic expertise (Urology) to its existing US portfolio (which includes Anazao). Fagron expects to realize significant synergies over the next 18-24 months by integrating UCP into its national platform.

Charterhouse Capital Partners acquired a majority equity stake in Winback following a competitive process that attracted interest from several top-tier private equity funds. This transaction facilitates the exit of Capza, which had supported the company since late 2021 through a minority "flex equity" structure, and allows the founding duo to cash out a portion of their holdings while reinvesting to remain significant minority shareholders and operational leaders. The deal is financed through a combination of equity and a debt package comprising senior bank debt provided by a consortium of French banks and a mezzanine tranche arranged by a specialized private debt fund. The new partnership is intended to drive the next phase of growth, focusing on deepening market penetration in existing territories and expanding the product portfolio.

Pfizer has finalized the acquisition of Metsera, an operation designed to fundamentally transform the group’s Internal Medicine portfolio and secure a leading foothold in the obesity treatment sector. The strategic rationale for this transaction centers on a "pipeline-transformation" play, merging the target's highly differentiated clinical-stage obesity candidates with the group's global development and commercial infrastructure. This fusion effectively creates a specialized powerhouse in the cardiometabolic arena, providing the organization with a suite of weekly and monthly injectable therapies, alongside oral alternatives, to address the maturing needs of a global patient base.

Arlane has acquired a majority stake (approximately two-thirds) in Dessintey through a primary LBO. The transaction allows for the exit of early-stage investors Turenne Sante (via Relyens Innovation Sante) and Credit Agricole Haute-Loire, who invested in 2019. The three founders (Nicolas Fournier, Davy Luneau, Pascal Giraux) and key managers have reinvested alongside Arlane but are diluting their stakes. The deal is supported by a conservative senior debt package provided by CIC and LCL.