SINTETICA acquired by ARDIAN

Permira acquired a majority stake in Quotient Sciences from GHO Capital, which had owned the business since 2015. Under GHO's four-year ownership, the company underwent a major transformation, expanding its service offering into commercial manufacturing and establishing a significant presence in the United States through strategic investments and acquisitions. The transaction provided GHO with a strong exit while securing new capital for Quotient to continue its international expansion.

Ionisos, a leading European specialist in cold sterilization services, has entered its fifth LBO cycle following its acquisition by 3i Infrastructure. The London-listed investor is deploying �220 million to acquire up to 100% of the company's equity from Ardian Expansion, which had held the asset since 2016. The remaining shares are held by the management team.

Eurazeo Capital completed the acquisition of 100% of the share capital of D.O.R.C. from its previous owners. The transaction positions Eurazeo as the majority shareholder of a rapidly growing MedTech player in the dynamic ophthalmic surgery market. The strategic plan focuses on capitalizing on D.O.R.C.'s highly regarded brand and innovative technology to drive further international growth, with a specific priority on capturing market share in the US. Eurazeo also intends to support the company's shift towards a higher mix of recurring revenue through its proprietary consumables and surgical packs.

ICG acquired 100% of DOC Generici from CVC Capital Partners, marking the company's third private equity cycle. Merieux Equity Partners joined as a strategic co-investor to leverage its industrial expertise in life sciences. The deal was financed by a syndicate of banks including UniCredit, BNP Paribas, Credit Agricole, and Barclays. The investment thesis was built on DOC's resilient "asset-light" business model, which delivers high margins and strong cash flow conversion. Under ICG's ownership, the group aims to further expand its product pipeline and potentially explore international M&A to diversify its purely Italian revenue base.

The global life sciences leader has finalized the acquisition of 100% of the share capital of the target from a prominent European private equity firm. This strategic transaction represents a definitive move to incorporate advanced digital capabilities into the group’s specialized animal health division, targeting the high-growth segment of animal intelligence and monitoring. The strategic rationale for the move centers on the acquirer's objective to provide integrated, data-driven health management solutions that complement its existing portfolio of vaccines and medicines. By incorporating this technical specialist, the organization reinforces its ability to offer comprehensive traceability and real-time health insights for livestock and companion animals. The partnership is designed to leverage the acquirer’s global reach and research infrastructure to accelerate the development of next-generation monitoring technologies. This integration facilitates the creation of a premier digital platform in the animal health market, providing the strategic depth required to address the rising demand for food security and enhanced pet longevity.

Ardian acquired a majority stake in Neopharmed Gentili from its founding parent company, Mediolanum Farmaceutici. The Del Bono family, founders of Mediolanum, retained a 20% minority stake in the business to ensure operational and clinical continuity. The transaction was structured to provide the group with the capital and global network necessary to transition from a national champion to an international specialty pharma platform. The investment thesis centered on using Neopharmed's robust Italian sales network as a foundation for an aggressive "buy-and-build" strategy, targeting both product portfolios and strategic corporate acquisitions across Europe.

Ardian acquired a majority stake in Inula from Vendis Capital and founder Dominique Baudoux. The founder and Vendis Capital retained reinvestment options, while the CEO and the management team reinvested significantly to increase their equity stake. The acquisition aimed to leverage Ardian's global footprint to accelerate Inula's expansion in the US, Italy, and Germany, and to pursue buy-and-build opportunities in the fragmented aromatherapy market.

Bridgepoint has acquired a majority stake in HTL, the specialized producer of hyaluronic acid, in a secondary LBO transaction from Naxicap Partners. This operation follows a period of rapid development under the previous sponsor, which had orchestrated a management buy-in (MBI) only eighteen months prior. In this new capital structure, Naxicap Partners retains a significant minority interest, signaling continued confidence in the company's growth trajectory and industrial potential. The rationale for the transaction is rooted in HTL,s exceptional profitability and its unique position in a high-barrier-to-entry niche of the biotechnology sector. With Bridgepoint,s support, HTL aims to accelerate its international transformation, moving beyond its historical European stronghold to capture market share in North America and Asia.

The acquisition of Nemera by Astorg Partners is a strategic move to capitalize on the company's strong market position, predictable revenue streams, and significant growth potential. The deal is driven by the attractiveness of Nemera's business model, which is characterized by long-term contracts, high recurrence rates, and a strong track record of EBITDA growth. Astorg Partners' investment in Nemera is expected to support the company's continued growth and expansion, with a focus on driving innovation, improving operational efficiency, and enhancing customer satisfaction. The transaction is also expected to provide a strong return on investment for Astorg Partners, given Nemera's solid financial performance and growth prospects. The deal process was highly competitive, with several strategic and financial buyers participating in the auction, and Astorg Partners' offer was distinguished by its attractive financial terms and compelling growth strategy.

The acquisition of Acteon by Dentressangle represents a major turning point in the medtech’s trajectory, moving toward an aggressive buy-and-build strategy. The strategic rationale for this transaction centers on an "industrial-consolidation" play, merging the group’s industry-leading technical operational depth in ultrasonic surgery with the sponsor’s extensive expertise in executing international build-up operations. This structural alignment provides the organization with the institutional capital and strategic guidance required to address the increasing demand for integrated dental technology suites. This operation allows the group to execute a definitive structural expansion of its product portfolio by identifying specialized family-owned companies to complement its imaging and hardware lines. By incorporating the sponsor’s strategic discipline, the group is now positioned to leverage its recognized leadership in the United States, China, and Japan to drive deeper market penetration. The maneuver optimizes the group’s financial profile, utilizing a robust unitranche facility provided by Capzanine to fund an ambitious roadmap of external growth. Ultimately, the partnership solidifies the group’s standing as a primary enabler of medtech innovation, bridging the gap between sophisticated laboratory-scale imaging science and industrialized clinical manufacturing standards.