SOLIMAR acquired by VIVALTO VIE

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.

Amundi PEF acquired a minority but leading stake in Vivalto Vie from Azulis Capital, which had been the group's largest shareholder since 2015 with approximately 35% of the capital. The sale process was mandated to Natixis Partners and Azulis Capital exited at a multiple exceeding 3x its initial investment. Société Générale Capital Partenaires entered the shareholder structure alongside Amundi PEF, while BNP Paribas Développement and Socadif retained small existing positions. Operational control of the group remains with Vivalto Partners. The transaction was financed through a unitranche facility provided by Ardian and a PIK instrument from CIC Private Debt and BNP Paribas PI, totalling €100 million, complemented by an €80 million capex line to support the group's development pipeline. Simultaneously with the LBO, Vivalto Vie completed the acquisition of Solimar in Spain, marking its first international expansion.

Clariane (formerly operating as Korian) has finalized the definitive acquisition of Inicea, a premier psychiatric care provider, from Antin Infrastructure Partners. This landmark healthcare transaction positions the European care and hospitality giant among the top 3 private psychiatry operators in France. By merging Inicea's 19 specialized facilities with its own 11 existing clinics, the group scales its network to 30 specialized psychiatric and addiction clinics, effectively establishing a dedicated fourth business line focused on mental health within its French operations.

Ardian acquired a majority stake in Sante Cie from HLD and UI Gestion, who had controlled the company since 2015. Both HLD and UI Gestion reinvested significant capital alongside Ardian and the management team to support the next phase of growth. The transaction was designed to provide the group with the "firepower" to lead the consolidation of the fragmented French Home Healthcare market and to begin a pan-European expansion. The investment thesis focused on demographic tailwinds (aging population) and the structural shift in healthcare systems toward reducing hospital stays by favoring home-based medical support.

Vivalto Santé acquired Mathilde Médical Développement, adding four establishments — two clinics and two radiotherapy centres — to its existing Normandie footprint. The acquisition complements Vivalto Santé's existing presence in the region through the Clinique de l'Europe in Rouen and the Hôpital Pasteur in Evreux. The deal follows a series of acquisitions completed in 2019, including the Hôpital Privé du Confluent in Nantes, the Polyclinique de l'Europe in Saint-Nazaire, and the Polyclinique du Parc in Cholet, reflecting Vivalto Santé's ongoing buy-and-build strategy across the French private hospital market.

: Circle Health Holdings acquired 100% of GHG Healthcare Holdings Limited, the indirect parent of BMI Healthcare, creating a combined private hospital group operating 55 hospitals and clinics across the UK. The transaction was reviewed by the UK Competition and Markets Authority (CMA), which identified competition concerns in two local markets — Bath (where the Parties were the two largest PHMS providers and competed closely) and Birmingham (where Circle's planned new hospital would have competed directly with BMI's two existing facilities). The CMA found no SLC concerns in Reading or at the national PMI pricing level. The CMA was considering accepting undertakings from Circle under Section 73 of the Enterprise Act 2002, with a deadline of April 17, 2020, failing which a full Phase 2 referral would be made. The review was conducted against the backdrop of the COVID-19 outbreak, which had temporarily placed all private hospital capacity under NHS control and delayed the planned opening of Circle's Birmingham hospital.

Naxicap Partners entered into exclusive negotiations to acquire a majority stake in Emera. The transaction was highly competitive, involving bidders from both strategic industrial backgrounds and infrastructure funds. To secure the deal, the acquirer formed a partnership with one of its primary subscribers to cover the equity requirement for the "upper mid-cap" valuation. The founding family and the management team significantly reinvested in the operation, with the founder of a major industry peer also joining the round as a strategic minority partner. This primary LBO facilitated the full exit of a previous minority financial investor.

I-Squared Capital entered into a binding agreement to acquire a majority stake in Domidep from its founder and a consortium of minority financial investors (UI Gestion, BNP Paribas Developpement, Bpifrance, and Carvest). This acquisition serves as a cornerstone for the acquirer's European healthcare strategy, with a focus on institutionalizing the group's operations and funding further international expansion into markets such as Germany and Belgium. The deal was supported by a significant senior secured term loan of over EUR400 million, along with equity injections from the new sponsor.

Triton Partners acquired a controlling majority stake in Aleris Group from Patricia Industries in a significant Nordic healthcare transaction. The deal was structured via a definitive share purchase agreement and funded primarily through equity drawn from the Triton Fund V, a flagship vehicle that finalized fundraising at €5 billion in January 2019. Under the binding terms of the carve-out agreement, the digital healthcare platform entity Doktor24 was explicitly excluded from the perimeter and remained under the ownership of Patricia Industries. The transaction immediately transitioned Aleris into Triton’s healthcare portfolio, providing the asset with substantial institutional backing and capital reserves to fund downstream digital infrastructure updates and target localized clinical bolt-on acquisitions.