QSCAN GROUP acquired by INFRATIL

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.

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.

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

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.

VAM Investments acquired an 80% majority stake in Demenego from the founding De Menego family. This primary buyout transaction was designed to facilitate the transition of the company from a family-run business to a managerially-led retail platform. The founding family reinvested to retain a 20% minority stake, ensuring a smooth leadership handover. The strategic rationale for the deal centers on accelerating the growth of the store network and professionalizing the corporate structure.

Orpea acquired 50% of Brindley Healthcare, the fourth largest Irish nursing home operator, and simultaneously negotiated a call option enabling it to acquire the remaining 50% and reach full ownership by 2022. The transaction follows Orpea's acquisition of TLC Group earlier in January 2020 and confirms the group's strategic commitment to the Irish elderly care market, where it now becomes the second largest operator nationally. The two acquisitions — TLC and Brindley — are highly complementary geographically, with TLC concentrated in the Greater Dublin county and Brindley providing broader national coverage. Orpea's accelerated Irish development reflects its conviction in the structural growth opportunity presented by Ireland's significant nursing home capacity deficit, with the country targeting 10,000 additional places by 2031.

Biogroup acquired Laborizon. This strategic move allowed Biogroup to expand its footprint in Western France (Brittany, Normandy, Centre Val de Loire) and strengthen its position as a French leader alongside Cerba. The deal was finalized despite the COVID-19 pandemic, which underscored the critical nature of medical analysis infrastructure.

Asklepios and RHÖN founder Eugen Münch (together with Ingeborg Münch and HCM SE) agreed to pool their combined RHÖN shareholdings — representing nearly 50% of the capital — into a newly created joint venture. Under the terms of the agreement, the Münch family contributed approximately 7.6% of RHÖN shares directly into the joint venture and sold approximately 12.4% of RHÖN shares to Asklepios, which contributed these together with its existing RHÖN stake into the joint venture. Simultaneously, Asklepios announced a voluntary public tender offer for all remaining outstanding RHÖN shares at €18.00 per share in cash, subject solely to antitrust clearance and with no minimum acceptance threshold. Shares acquired through the tender offer will also be contributed into the joint venture, which is expected to hold at least approximately 49% of RHÖN's share capital post-closing. RHÖN will remain an independent company following the transaction. The strategic rationale centres on combining Asklepios's operational expertise and scale with RHÖN's Campus model and university hospital platform, unlocking network medicine, digital innovation, and new integrated care models across Germany.

Orpea Groupe acquired 100% of TLC Group from its founder marking the French nursing home giant's entry into the Irish market. The transaction follows Orpea's well-established pattern of entering new European markets through the acquisition of well-run, high-quality local platforms with strong occupancy rates and an established reputation, rather than through greenfield development. Ireland represented an attractive entry point for Orpea given the structural undersupply of nursing home capacity in the Greater Dublin region, strong demographic growth, and a regulatory and reimbursement framework broadly comparable to other Western European markets in which Orpea already operates.