VOYAGE CARE acquired by WREN HOUSE

The Brussels Lambert Group (GBL) has finalized the acquisition of a majority stake in Affidea, the European leader in diagnostic imaging and outpatient care, from B-FLEXION (family office), which is exiting the investment after eight years. The transaction is structured as a secondary LBO in which the current management team has reinvested a significant portion of its proceeds alongside GBL to ensure alignment of interests. This buyout marks a major step in the strategic rotation of GBL's portfolio, significantly increasing its exposure to private assets at the expense of its historic listed holdings.

The divestment of Aleris' radiology arm to Meine Radiologie Holding (backed by EQT Infrastructure) marks a significant consolidation in the Nordic diagnostic imaging market. This transaction was executed in tandem with the sale of Aleris' primary care and rehab units to Praktikertjänst, as part of a broader strategic shift. The rationale for Aleris, under Triton's ownership, is to exit non-core segments to focus exclusively on becoming a specialized healthcare provider in Scandinavia. For the acquirer, the deal provides a major entry point into the Norwegian and Swedish markets, significantly expanding its existing German-focused radiology platform. The integration of 36 diagnostic units allows for significant scale advantages in procurement, technological investment, and standardized medical reporting. This move is consistent with the trend of private equity-backed platforms seeking to create pan-European leaders in capital-intensive medical sub-sectors like radiology.

Vivalto Santé completed its third LBO, with Vivalto Partners — Daniel Caille's newly created investment management vehicle — taking control of the group. IK Partners joined as a key new minority shareholder alongside a broad consortium of reinvesting French institutional investors and the Bpifrance-Mubadala sovereign duo. The transaction is notably characterised by a strong medical and employee shareholder component, with approximately 1,000 physicians and ultimately 35% of employees targeted as co-investors. The financing structure comprises a Term Loan B and a revolving credit facility, supplemented by subordinated instruments arranged by Hayfin.

Ramsay Health Care entered into a definitive agreement on December 13, 2021, to acquire 100% of the UK-based mental healthcare provider Elysium Healthcare from BC Partners to solidify its standing within the specialized British clinical landscape. This strategic acquisition was designed to bridge the gap between Ramsay’s existing acute medical hospitals and the specialized psychiatric and complex care segments where demand remains consistently high. By integrating these two distinct healthcare models, the group created a diversified clinical platform capable of managing patients through every stage of their recovery, from secure inpatient wards to community-based residential support. The move was strategically timed to align with broader national shifts toward integrated care models and increased public focus on mental health infrastructure and neurological rehabilitation.

Cerba HealthCare acquired Labexa following a competitive auction process managed by Oddo BHF, beating out its main rival Biogroup. The acquisition allows Cerba to significantly strengthen its footprint in the French "Nouvelle-Aquitaine" region. The transaction followed Cerba's massive EUR1.2 billion acquisition of Lifebrain in Italy and was finalized shortly after Cerba's own LBO with EQT. The target's biologist-partners opted for an industrial exit to join a major laboratory network.

Ares Management acquired a majority stake in Point Vision following a highly competitive auction process (beating Adagia, Ramsay, and Elsan). Bpifrance joined as a minority shareholder alongside Ares and the three founders who reinvested. Abenex, which entered in 2014 and held the majority since 2019, fully exited. The financing was secured through a unitranche facility provided by Tikehau Capital. The strategy focuses on expanding territorial coverage (especially in Auvergne-Rhone-Alpes and Ile-de-France) and digitizing the patient journey.

IVC Evidensia acquired VetOne in a preemptive move to consolidate its leadership in the French market. The deal successfully bypassed a planned auction process due to a high-premium offer. The transaction provided an exit for VetOne's shareholders, including the founder, practicing veterinarians, and various private investors. The strategic rationale was to integrate VetOne's 51 clinics with IVC's existing French footprint, creating a dominant national player. The investment thesis is supported by low market consolidation in France and significant upside in ancillary services such as pet insurance, specialized medication, and premium pet food sales.

Livingbridge has announced the acquisition of a stake in Everlight Radiology, a world-renowned teleradiology provider, from Intermediate Capital Group (ICG), a global alternative asset manager. This secondary LBO transaction provides the technology-enabled healthcare platform with a new premier institutional sponsor to back its next international growth chapter.

Colosseum Dental Group (CDG), a subsidiary of the Swiss-based Jacobs Holding, has successfully entered into a definitive agreement to acquire 100% of Curaeos. This transaction represents a transformative milestone in the group’s expansion strategy, creating the premier global dental services platform with approximately 800 clinics and over 13,000 professionals. The strategic rationale for the acquisition centers on the high degree of geographical complementarity between the two organizations, providing the group with immediate entry into the Belgian and Dutch markets while significantly densifying its existing leadership positions in Denmark, Italy, and Germany. By integrating the target’s scalable IT platform and vertically integrated laboratory network, the organization is poised to realize massive economies of scale and set new benchmarks for innovation within the European oral health sector. The partnership is designed to leverage combined medical and operational expertise to enhance patient care standards and professional development programs. This integration reinforces the organization's standing as a primary consolidator in the global healthcare landscape, providing the financial depth and strategic vision required to drive long-term value creation in non-cyclical, mission-critical service sectors.

A consortium led by Goldman Sachs Asset Management and OMERS Infrastructure acquired amedes from Antin Infrastructure Partners. The transaction valued roughly doubling its value since Antin's entry in 2015. The deal aims to support amedes' continued growth through digitalization and further consolidation of the European lab market.