QUIPMENT acquired by SAGARD

RadNet acquired Gleamer in an all-cash transaction to integrate its automated diagnostic and reporting solutions into the DeepHealth platform. The acquisition aims to create the world's largest provider of clinical radiology AI solutions by combining RadNet's massive US imaging volume with Gleamer's advanced multi-modality software. Gleamer will now operate as RadNet’s French subsidiary, with founder Christian Allouche continuing to lead development from Paris. The strategic goal is to automate routine imaging workflows—specifically plain-film X-rays, which represent 25% of RadNet’s volume—to drive significant cost efficiencies and diagnostic accuracy.

Thermo Fisher Scientific has finalized the acquisition of Clario Holdings, Inc. from a prominent shareholder consortium led by Astorg, Nordic Capital, Novo Holdings, and Cinven. The strategic rationale for this transaction centers on the deep integration of the target's industry-leading endpoint data platform into the group's Laboratory Products and Biopharma Services segment. This fusion effectively creates a specialized powerhouse in clinical research, allowing the organization to offer a unified, digital-first infrastructure for capturing and validating clinical evidence from molecule to market. By pairing sophisticated data intelligence with its existing clinical research organization services, the buyer can now deliver unrivaled insights into therapeutic safety and effectiveness.

Permira has reached an agreement to acquire a significant minority stake in Carne Group. The transaction facilitates the complete exit of Vitruvian Partners (who invested in 2021) and other minority shareholders. Crucially, the founder John Donohoe, the management team, and employees will retain the majority of the capital and voting control, ensuring continuity in governance. The partnership is intended to accelerate Carne's international expansion, specifically in the United States, and to fuel further development of its digital platform.

TPG is in advanced negotiations to acquire Optum UK from UnitedHealth Group. This transaction follows UnitedHealth’s relatively short ownership of the asset, which it acquired in 2023 after an intensive regulatory review by the UK Competition and Markets Authority. The sale process, managed by Bank of America, attracted significant interest from top-tier private equity firms, including Blackstone, reflecting the asset’s status as a high-quality infrastructure-like software provider. The strategic rationale for TPG is a clear "buy-and-build" play, as the firm intends to explore a merger between Optum UK and Nextech, its US-based electronic medical record software provider. Such a combination would create a transatlantic leader in healthcare IT, allowing for the cross-pollination of software features and a broader geographical footprint. For UnitedHealth, the divestment is viewed as a strategic move to optimize its portfolio and improve group valuation by offloading a business that, while dominant in its local market, faced significant regulatory scrutiny regarding vertical integration. The deal is expected to close in early 2026, subject to final negotiations and potential updated reviews by UK health and competition authorities, given the critical nature of the EPR systems provided to the NHS.

Antin Infrastructure Partners, executing through its Mid Cap Fund I, has entered into a definitive agreement with Dutch family office and investment platform Gryphion to acquire 100% of Emsere. The transaction, which represents the eighth investment completed by Antin's dedicated mid-cap vehicle, is scheduled to close in the first quarter of 2026. The corporate buyouts' advisory perimeter included Macquarie as financial adviser and Loyens & Loeff as legal adviser to Antin, while Gryphion was backed by Moelis as financial adviser and DLA Piper as legal adviser. The acquisition thesis frames the clinical trial equipment rental space as an institutional healthcare infrastructure play, characterized by favorable long-term macroeconomic trends and high structural barriers to entry. The strategic rationale centers on capitalizing on the rapid growth of innovative clinical research endpoints, which drive outsourcing demands and require highly complex, specialized medical equipment and lifecycle service solutions.

Asker Healthcare Group has signed a definitive agreement to acquire 80% of the shares in Finmed Group, marking its strategic entry into the French healthcare market. This transaction serves as a platform acquisition, providing the Swedish-based group with a robust foundation to expand its presence in one of Europe's largest medical device markets. The deal was structured to ensure management continuity, with Finmed's leadership, including Elie Fiani and Jean-Marc Soghomonian, remaining at the helm to drive the next phase of development. The rationale for the operation is highly strategic for both parties: for Asker, Finmed provides critical local expertise and access to a wide network of French hospitals and pharmacies, while for Finmed, the integration into a larger pan-European group provides the financial firepower and technical resources needed to accelerate innovation and pursue its own external growth. The partnership aims to professionalize Finmed's organizational structure and governance while leveraging Asker's centers of excellence to enhance the service offering for French clients.

The management team of Excelya selected Eurazeo to invest as a minority partner with a ticket composed of a mix of equity (capped at 20%) and quasi-equity instruments, alongside a senior debt package. The transaction facilitated a partial liquidity event for the co-founding partner, who remains a minority shareholder, while providing the company with substantial firepower to pursue further international acquisitions. This partnership aims to consolidate Excelya's position as the leading independent CRO in Europe by targeting mid-sized acquisitions that complement its geographical footprint and therapeutic expertise.

A French healthcare player specializing in the sterilization of reusable medical equipment has restructured its capital through a secondary MBO. Operating as a mission-critical infrastructure partner within the healthcare sector, the company commands high barriers to entry rooted in stringent clinical regulations and non-discretionary hospital decontamination mandates.

Hublo enters a new phase of its development by welcoming Five Arrows as its new lead shareholder. This transaction marks a transition from Venture Capital to Private Equity (Primary LBO). The entry of Five Arrows aims to provide Hublo with the strategic and financial resources to consolidate its leadership in France and accelerate its expansion in Europe, particularly in Germany and Northern Europe. The partnership will focus on product innovation (AI integration for planning) and potential strategic acquisitions to build a comprehensive HR platform for the healthcare sector.

Kersia is acquiring the animal biosecurity cleaners and disinfectants business from Neogen® through an exclusive agreement. This strategic transaction marks a major entry for the French group into the North American swine and poultry markets, complementing its existing domestic presence in the ruminant sector. The acquisition is a transformative step for the group, doubling its American activity and positioning it among the top three global players in the agricultural hygiene and disinfection market. The strategy focuses on leveraging the target's extensive product registration portfolio and its three dedicated U.S. manufacturing sites to provide nationwide coverage. This deal also expands the acquirer's international footprint into 20 new countries, particularly in Central America and the Asia-Pacific region, supporting its ambition to become the undisputed global leader in animal biosecurity.