VETPARTNERS acquired by EQT PARTNERS

X-Ray Phocea, a leading medical imaging group in Southern France, has secured a strategic minority investment from Essling Expansion, alongside Bpifrance and SOFIPACA. Despite this new capital entry, the majority of the group�s shareholding remains in the hands of its 20 associate radiologists, preserving a practitioner-led management model.

Andera Acto is providing minority financing to Imagerie Cardinet to support its next phase of expansion. The transaction is structured to allow the associate radiologists to maintain a massive majority, representing approximately 95% of the capital. This strategic funding provides the group with a development envelope of nearly EUR100 million to finance external growth. The investment strategy aims to reinforce the group's presence in the Paris region and initiate its expansion on a national scale, with several new centers expected to join by the end of the year. The operation also facilitates the entry of seven new associate radiologists into the capital structure, further strengthening the group's medical-led entrepreneurial model.

Quadrivio Group has acquired a majority stake in The Private Clinic from BlueGem Capital Partners to serve as a platform for its "Silver Economy" strategy. The industrial logic is anchored in the "healthy longevity" megatrend: as the population ages, demand for aesthetic and wellness treatments among the affluent over-50s is booming. The transaction was structured as a simultaneous "Buy-and-Build" play, as TPC acquired four smaller clinics specializing in cosmetic medicine at closing to immediately scale its footprint. Quadrivio aims to use TPC to consolidate the highly fragmented aesthetic market in the UK and plans to export this business model to Italy and broader Europe, where similar consolidation opportunities exist.

Following a five-month bidding process, Bain Capital has entered into a definitive Scheme Implementation Agreement to acquire 100% of the share capital of Australian aged care operator Estia Health Limited. The public-to-private transaction is structured under a board-endorsed scheme of arrangement that permits the target to distribute fully franked dividends to eligible shareholders prior to the transaction's close. For the acquirer Bain Capital, the transaction expands its dedicated healthcare portfolio, leveraging a global platform that encompasses over 175 platform investments in the medical and care sectors. The buyout secures complete operational control over a scaled Australian residential eldercare infrastructure consisting of 73 operating facilities containing over 6,500 resident places across Victoria, South Australia, New South Wales, and Queensland, backed by a workforce of lifted 8,000 employees. The post-closing corporate strategy will be executed under the continued leadership of incumbent CEO Sean Bilton. The commercial roadmap focuses on leveraging Bain Capital's institutional backing to anchor industrial market consolidation within a highly fragmented and increasingly regulated sector, optimizing corporate governance frameworks while mitigating inflationary operational pressures linked to specialized labor inputs, which account for approximately 80% of the platform's cost base.

MEDIAN Group, backed by Waterland Private Equity, acquired Hestia Alliance, one of Spain's largest private post-acute and mental health care providers, marking MEDIAN's first entry into the Spanish healthcare market. The transaction received regulatory approval prior to the public announcement. The acquisition is part of MEDIAN's continued internationalisation strategy following its earlier expansion into the UK through the acquisition of Priory Group in 2021. The combination of MEDIAN, Priory, and Hestia creates a pan-European post-acute and mental health platform spanning Germany, the United Kingdom, and Spain.

Ardian acquired a minority stake (approximately 20%) in Mon Veto through a primary capital increase. This "pure cash-in" operation was designed to strengthen the group's equity base without any cash-out for the founding veterinarians. The transaction supports Mon Veto's aggressive buy-and-build strategy in a rapidly consolidating European market. The partnership aims to accelerate the group's domestic expansion and facilitate its entry into highly fragmented international markets, such as Italy and Spain. The existing unitranche debt facility provided by Barings was maintained and extended to support future external growth, ensuring the group remains a top independent contender against large international corporate aggregators.

Parquest acquired a majority stake in the newly formed Imaneo group from its 70 associate radiologists. The transaction was the result of a competitive process involving both French and international private equity funds, as well as corporate interest from the life sciences sector. This strategic operation facilitates the merger of three independent radiology practices into a single unified platform. The associate radiologists, who were already shareholders in their respective legacy firms, reinvested significantly to retain nearly 50% of the new group's capital. The investment strategy is focused on structuring the newly created entity's management and operations to allow medical staff to focus on clinical practice while providing the financial resources for aggressive organic and external growth. A unitranche debt facility, including dedicated capital expenditure lines, was secured to fund innovation in medical technology and the acquisition of additional radiology practices across the region.

CBPE Capital has completed a majority investment in Veincentre, acquiring the stake previously held by Palatine Private Equity alongside the company,s founders. This transaction marks a secondary LBO for the specialist clinic group, which saw significant growth under Palatine,s three-year ownership, including the expansion from 7 to 22 clinics. The deal was structured to support the current management team, led by CEO Maurice McLoughlin, in the next phase of their national expansion strategy. The rationale for the acquisition is rooted in the high demand for specialized outpatient vascular services in the UK and Veincentre,s proven, scalable clinical model. CBPE intends to leverage its extensive experience in multi-site healthcare to further increase the group's clinic density across the UK. The operation was supported by a debt advisory from FRP Advisory and commercial due diligence from Candesic.

Eurazeo has partnered with Bpifrance to complete a major investment of over EUR 50 million in Imapole. This investment marks a strategic turning point in the professionalization of regional medical imaging groups in France. The strategic rationale for this transaction centers on a "platform-build" play, merging the group’s practitioner-led operational depth with the sponsors' extensive expertise in healthcare scaling and digital transformation. This structural alignment provides the organization with the institutional capital and strategic hardware required to address the high demand for imaging capacity in under-served areas.

Freeman Spogli & Co. made a significant investment in EverVet Partners, partnering alongside existing investor Tailwind Capital while EverVet's founders and management retained meaningful equity stakes. The transaction provided growth capital to accelerate EverVet's expansion in the consolidating U.S. veterinary services market. The deal made strategic sense because EverVet's veterinarian-led platform model aligned perfectly with Freeman Spogli's consumer services expertise, while Tailwind's foundational support transitioned into continued partnership. EverVet selected Freeman Spogli for their track record scaling healthcare and consumer brands through organic growth and M&A. The timing capitalized on strong industry tailwinds including pet ownership growth and veterinary workforce shortages, positioning EverVet to capture market share through targeted acquisitions and organic initiatives.