RESOLUTION MEDICAL acquired by RESONETICS

The acquisition of Céfiméca by Oury Medical represents a strategic consolidation within the French orthopedic and spinal medical device market. This transaction is the fifth build-up operation completed by Oury Medical in three years, following a platform strategy initiated by its lead investors. The primary rationale behind the deal is the creation of a comprehensive "One-Stop-Shop" offering for global orthopedic clients, combining Céfiméca’s specialized expertise in precision implants with Oury Medical’s established strength in surgical instrumentation. By integrating Céfiméca’s two production sites, the enlarged group reaches a critical mass of five manufacturing facilities and over 400 employees (combined), significantly enhancing its industrial capacity. The deal aims to improve market competitiveness by reducing lead times and offering a more integrated value chain, transitioning from a traditional supplier role to a strategic partnership model. The integration of Céfiméca’s high-value implant range specifically addresses the group's objective to master both the tools and the permanent devices used in joint and spinal procedures.

In a structured minority growth equity transaction, specialized family capital investment firm For Talents has acquired a minority stake in Neftys Pharma. This strategic operation is executed alongside incumbent financial sponsors UI Investissement and GENEO Capital Entrepreneur, who are rolling over their investments after an initial four-year holding period. The transaction is fundamentally designed to facilitate the intergenerational transmission of the family-owned enterprise from founder Jacques Mignot to his son, Diego Mignot, who officially assumes the presidency. The equity syndication is further supported by a comprehensive financing package provided by a broad syndicate of tier-one banking partners. This transaction represents a textbook succession-driven recapitalization, allowing the founding family to secure a seamless leadership transition while onboarding specialized institutional capital to fuel the next phase of value creation. For the incoming and reinvesting financial sponsors, this platform investment offers a highly attractive risk-return profile, backing a proven management team operating within the non-cyclical, high-growth animal health vertical. The injection of strategic support and patient capital will empower Neftys Pharma to aggressively pursue its strategic roadmap, which is anchored around five core value-creation levers: intensifying market penetration across Europe (particularly Eastern Europe), executing geographic expansion into new international territories, launching new vertical services, developing proprietary brands, and deepening integration with flagship laboratory partners.

Lone Star Funds has entered into a definitive agreement to acquire a majority stake in Lonza Group’s Capsules & Health Ingredients (CHI) division. Lonza will retain a 40% equity position in the newly independent business, ensuring industrial continuity and shared upside in the future growth of the platform. The strategic rationale for Lonza is the completion of its long-term transformation into a "pure-play" CDMO (Contract Development and Manufacturing Organization). For CHI, the transition to a standalone entity under Lone Star’s control is designed to enhance its strategic agility and provide the dedicated capital necessary to accelerate innovation in plant-based capsules and nutritional ingredients. The sale process, which began in late 2024, was advised by Bank of America and Centerview Partners. This carve-out follows several other Lonza divestitures, including its Personalized Medicines and MODA software businesses.

Deutsche Beteiligungs AG (DBAG) has entered into a definitive agreement to acquire a majority stake in Hipp Technology Group, marking a significant entry into the medical contract manufacturing space. The transaction involves the acquisition of the majority interest previously held by the Swiss investment firm Endura Capital, with the financing provided by DBAG Fund VIII. A critical component of the deal structure is the retention of a significant minority stake by the founder and CEO, Markus Hipp, ensuring leadership continuity and alignment of interests. The strategic rationale for the acquisition is the transformation of Hipp Technology into a central platform for a broader international consolidation strategy. DBAG intends to leverage the company’s technical reputation and prime location in the Tuttlingen MedTech cluster to acquire complementary technologies and expand its global market presence. This "buy-and-build" approach is designed to capitalize on the increasing demand for specialized outsourcing in robotic surgery and orthopedics. The partnership will focus on scaling the current production capacity across its five sites while pursuing inorganic growth opportunities in Europe and beyond, professionalizing the group to serve a larger international client base of medical device manufacturers.

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.

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.

IMA Group acquired a majority stake in ProSys Sampling Systems Limited from its co-founder and Treysa Limited. The transaction is a core component of IMA's international growth strategy, aiming to strengthen its "IMA Life" division by integrating specialized containment and sampling expertise. ProSys will continue to operate as an independent business from its headquarters in Ireland, with Michael McLoughlin remaining as Managing Director. This acquisition follows IMA's August 2024 purchase of Sarong's packaging divisions, further consolidating IMA's leadership in the advanced biopharmaceutical technology segment.

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.

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%.