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.

This transaction marks the first major structural acquisition for Winncare following the entry of Siparex ETI as its majority shareholder earlier in 2021. By acquiring 100% of Pharmaouest Industries, Winncare has significantly strengthened its industrial capabilities and product portfolio in the high-stakes segment of pressure ulcer prevention. This horizontal integration allows Winncare to internalize advanced visco-elastic foam manufacturing technologies and leverage Pharmaouest's dual-site industrial setup in France and Tunisia to optimize its supply chain. The rationale for the merger is driven by the complementarity of the two groups, product lines and customer bases. The addition of Pharmaouest provides Winncare with a specialized R&D pipeline and a wider range of medical consumables specifically tailored for home care and elderly care institutions. Strategically, this acquisition acted as a catalyst for Winncare's growth, contributing to a 50% increase in the group's total revenue within the same fiscal year. The operation aligns with Winncare's long-term goal of becoming a diversified European leader in medical equipment by consolidating smaller, specialized manufacturers with high technical value. This deal also supports the group's commitment to a mission-driven corporate model, focusing on social impact and patient-centric innovation throughout the care journey.