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Swiss Government Extends Technology Fund Mandate with Emerald through 2030

Emerald

Zurich, Switzerland — Emerald Technology Ventures, a pioneering climate tech venture capital firm, has announced that the Swiss Government, through the Federal Office for the Environment (FOEN), has officially extended the mandate for Emerald to manage the Technology Fund through 2030.

Since being awarded the Technology Fund mandate in 2014, Emerald has served as the external management agency on behalf of FOEN, assessing, recommending, and overseeing guarantee applications for climate‐tech Small and Medium Enterprises (SMEs) in Switzerland. The Fund supports innovations in greenhouse gas reduction, renewable energy deployment, resource conservation, and energy efficiency.

The extension to 2030 affirms the Swiss Government’s confidence in Emerald’s ability to deliver on ambitious climate, environmental, and economic outcomes, and positions the Fund to continue accelerating Switzerland’s climate‐tech ecosystem over the coming years.

Key Highlights & Impact

  • Proven track record: Over its mandate since 2014, Emerald has managed the guarantee process with rigor, transparency, and operational excellence. The Technology Fund has become a cornerstone instrument in Switzerland’s climate policy architecture.
  • Significant scale & environmental impact: The Fund’s portfolio companies have collectively realized considerable reductions in greenhouse gas emissions and advanced technologies helping Switzerland meet its climate goals.
  • Supporting SME innovation without equity dilution: By offering loan guarantees rather than equity, the Technology Fund fills a vital gap in financing for climate‐tech SMEs, helping them access bank credit under favourable conditions.
  • Strong institutional backing through 2030: The extended mandate ensures continuity, enabling Emerald to build further on the Fund’s impact, expand access, and deepen partnerships with private capital, research institutions, and the start‐up ecosystem.

Quotes from Emerald Leadership

“We are honoured by the trust the Swiss Government has placed in Emerald by extending this mandate through 2030,” said Simone Riedel Riley, Partner at Emerald and Head of the Technology Fund. “Over the past decade, we have worked tirelessly to ensure that the Technology Fund serves not only as a financial instrument, but also as a catalyst for innovation, environmental impact, and sustainable economic growth. This extension gives us the stability and horizon needed to scale further and deliver even greater results for Swiss climate‐tech SMEs, investors, and society at large.”

Gina Domanig, Managing Partner and CEO of Emerald, added: “This extension is a powerful signal to the market: Switzerland believes in the power of climate innovation, and Emerald is committed to delivering on that belief. Together, we will continue to unlock green technologies, support ambitious entrepreneurs, and generate both environmental and financial returns.”

Quotes from Technology Fund Portfolio Companies

David Eberli, Founder und CEO, smart-me: “The guarantee from the Technology Fund enabled us to deepen our product development and accelerate our market launch. This was particularly important because, as a startup, it is often not easy to find sufficient capital for the successful further development of innovative products.”

Gian Andri Diem, CEO, dhp Technology: “Support from the Technology Fund was an important building block for the success of our solar folding roof technology – for example, in the world’s largest movable solar folding roof over the Thunersee wastewater treatment plant with 3.5 MWp. In a challenging market environment, the Technology Fund enables sustainable innovation, visibility, and trust.”

Roger Stahel, CEO, IS SaveEnergy: “The guarantee from the Technology Fund helped us finance our internationalization strategy and our strong growth path. We were able to quadruple our revenue since! Last year we sold about 60 large installations all over Europe, the U.S., and South America.”

More on Emerald in Switzerland:

Emerald Technology Ventures Celebrates 25 Years of Climate Tech Leadership

Emerald leads CHF 23.5 M investment in Embotech, autonomous driving innovator

bNovate to expand globally – accelerating rapid water monitoring – with new Emerald investment

About Emerald Technology Ventures

Emerald is a globally recognized venture capital firm, founded in 2000, that manages and advises assets of over €1 billion from its offices in Zurich, Toronto and Singapore. The firm invests in start-ups that tackle big challenges in climate change and sustainability, with four current funds, hundreds of venture transactions and five third-party investment mandates, including loan guarantees to over 100 start-ups.

This is Emerald.

Bold Ideas. Bright Future.  www.emerald.vc

CONTACT FOR EMERALD:

info@emerald.vc

About the Swiss Technology Fund

The Technology Fund is a political instrument of the Swiss government’s climate strategy. Emerald Technology Ventures AG manages the Swiss Technology Fund on behalf of the Federal Office for the Environment (FOEN) together with its subcontractor South Pole AG. The Climate Division of the Swiss Federal Office for the Environment FOEN is responsible for its strategic governance. By providing financial backing to companies advancing innovative climate solutions, the fund fosters the development of technologies that contribute to the reduction of greenhouse gas emissions and promote sustainability.

www.technologyfund.ch

Contact  for the Technology Fund:

info@technologiefonds.ch

 

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CapMan Buyout exits DEN Group to Metric Capital Partners

Capman

CapMan Buyout exits DEN Group to Metric Capital Partners

Funds managed by CapMan Buyout have agreed to sell their holdings in DEN Group Oy, Finland’s leading detached house builder, to Metric Capital Partners.

CapMan Buyout invested in DEN Group Oy in 2011 and has since supported the company through various cycles in the detached housing market. During CapMan Buyout’s ownership, DEN Group has strengthened its position as Finland’s leading single-family house builder. The company has significantly increased its market share and expanded into new segments. Today, DEN Group’s operations include Designtalo, Finnlamelli, which specialises in log houses, and Ainoakoti, a joint brand with Kesko. Through these three brands, DEN Group provides cost-efficient, environmentally friendly, and high-quality housing solutions.

“DEN Group is a true star in its field, having demonstrated its ability to succeed even in challenging market conditions – including on a European scale. The company is in strong operational shape and ready to accelerate as soon as the market begins to recover. It’s no surprise that DEN has also attracted interest from international investors. We are proud of the company’s achievements and wish to thank its management, key personnel, and entire staff for their contribution. I am confident that the new owner is the right partner to take the company to its next level of growth,” says Antti Karppinen, Managing Partner at CapMan Buyout.

“We would like to thank CapMan for its long-term support over the years, which has helped us grow and strengthen our position as the market leader. With the new owner, we are now even better positioned to accelerate growth and development while ensuring the company’s long-term financial stability. We proudly remain a Finnish company, employer, and taxpayer: our production and factories will continue to operate in Finland as we further expand our international presence and strengthen our focus on export growth,” comments Otto Tarkiainen, CEO of DEN Group.

As part of the transaction, Metric Capital Partners acquires DEN Group Oy from the CapMan Buyout IX Fund and DEN Group’s other current owners. The closing of the transaction is expected by the end of the year 2025.

For more information, please contact:

Antti Karppinen, Managing Partner, CapMan Buyout, +358 50 534 0614

Otto Tarkiainen, CEO, DEN Group Oy, +358 40 176 3112

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.1 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com

About DEN Group’s operating company, DEN Finland

DEN Finland is the largest single-family house builder in Finland, with roots extending back more than 30 years. The company is guided by its values of respect, courage, responsibility, and happiness. DEN Finland employs over 250 professionals, and its revenue in 2024 amounted to EUR 86 million. The company’s brands include Designtalo, a pioneer in turnkey single-family homes; Finnlamelli, known for its naturally sustainable log houses; and Ainoakoti, a joint brand with Kesko. Learn more at www.den.fi/en.

About Metric Capital Partners LLP

Metric Capital Partners LLP is a leading pan-European private capital fund manager. providing financing solutions to mid-sized companies across a range of industries. The firm manages over EUR 3.5 billion in assets and operates in seven European cities.

 

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Majesco to Acquire Vitech: Creates Insurance Industry’s Premier Technology Partner for Group & Benefits and Retirement & Pension Markets with Advanced AI-Powered Intelligent Solutions

Thomabravo

The acquisition demonstrates Thoma Bravo’s and CVC’s belief in and commitment to Majesco and the insurance industry with the investment to accelerate insurance transformation

MORRISTOWN, N.J.—Majesco, the insurance industry’s foremost innovator in cloud-native, AI-native software for the P&C and L&AH segments, today announced that it has entered into an agreement to acquire Vitech, a provider of cloud-native pension and benefits administration software. This acquisition will position Majesco as the premier market leader for cloud-native and AI-native core technology for the Group & Benefits and Retirement & Pension segments. Combined, Majesco will serve more than 375 customers including over 100 customers across the L&AH segment and over 275 customers across the P&C segment. The combined product portfolio will deliver greater value to insurers operating across both the P&C and L&AH market segments, with over 40% of insurers operating in both segments.

Majesco is a portfolio company of Thoma Bravo, a leading software investment firm, and Vitech is a portfolio company of CVC, one of the world’s leading private markets investment firms. As part of this transaction, CVC Funds will make a minority investment into Majesco to further the combined company’s growth and innovation.

“We’re thrilled to bring together the pre-eminent technology solutions in the Group & Benefits and Retirement & Pension sectors, which will help the L&AH segment, and our customers fast-track their growth, operational efficiencies, innovation, and customer excellence strategies,” said Adam Elster, CEO of Majesco. “Together with our P&C intelligent solutions, we will strengthen our offering of cutting-edge, intelligent, and market-leading solutions that redefine businesses for a new era of insurance.”

“The industry is facing significant change and opportunity that requires solutions to drive operational efficiencies and innovation,” said James Ousley, CEO of Vitech. “The united team will bring the talent, extensive knowledge, market experience, and innovative solutions crucial for insurers’ profitable growth. We are thrilled for our joint customer base and the opportunities ahead for the broader market.”

The acquisition brings together a breadth of L&AH market-leading solutions including L&AH Intelligent Core, IDAM, Intelligent Sales and Underwriting, V3locity Core, V3locity Campaign Management, and Digital portals to meet the needs of customers in the US, Canadian and UK markets. The extensive portfolio of intelligent solutions is strengthened with Majesco’s AI leadership, which is proven to accelerate growth, improve operational efficiencies, enhance productivity, create speed to market for new products, reduce expense ratios, and offer relentless innovation to adapt to market, customer, risk and regulatory changes.

“This is a big, positive step for the industry,” said Tom Scales, Principal Analyst, Celent. “It will offer the industry a powerful combination built on their strengths. Majesco delivers advancements in AI while Vitech brings an entirely new customer base from the pension & retirement space to the table. The market should benefit from this.”

Together, Majesco enhances the value for joint customers by bringing them a partner with financial fortitude, AI leadership, and deep expertise needed to deliver sustained innovation and the cutting-edge AI capabilities required to stay competitive, relevant, and profitable in today’s competitive market. As AI adoption accelerates in speed, breadth, and scale, it is poised to transform the P&C and L&AH insurance and retirement & pension markets in ways the industry has never seen before. Several joint customers are using solutions from both companies today to meet their business objectives.

“Majesco has delivered such terrific innovation, market leadership, and exceptional growth since our acquisition, and has really been a driving force pushing the insurance core systems market forward,” said A.J. Rohde, Senior Partner at Thoma Bravo. “This investment doubles down our belief and commitment to the Majesco business and the insurance industry, expanding into the pension & retirement market and leveraging its AI market leadership to drive customer growth and success.”

“We are thrilled about Vitech’s acquisition by Majesco, a company recognized for its strategic vision, execution capabilities, and sustained innovation, all of which will greatly benefit Vitech’s customers and solutions,” said Aaron Dupuis, Managing Partner at CVC. “We are proud of Vitech’s progress over recent years in transitioning to a SaaS model. Our investment in the combined company signifies a strong confidence in Majesco’s potential and the business value of the combined entity to the insurance industry.”

The P&C and L&AH insurance segments are challenged with rising operating costs and expense ratios that create pressure on profitability and market competitiveness. Majesco enables P&C and L&AH companies to establish a new business and technology foundation to address these challenges and compete in an AI-driven world by offering next-gen intelligent technology, AI, digital tools, and innovative strategies to enhance their business, product offerings and operations.

Kirkland & Ellis LLP is serving as legal advisor to Majesco and Thoma Bravo. White & Case LLP is serving as legal advisor to CVC. RBC Capital Markets is acting as financial advisor to Vitech.

About Majesco
Majesco isn’t just riding the AI wave – we’re leading it for the P&C and L&AH insurance industry. Born in the cloud and built with an AI-native vision, we’ve reimagined the insurance core as a platform that lets insurers move faster, see farther, and operate smarter. As leaders in intelligent SaaS solutions, we’ve embedded AI and Agentic AI throughout our robust product portfolio of core, underwriting, loss control, distribution, and digital solutions so our customers can reimagine their business with real-time business insights, optimized operations, and enhanced business outcomes. Everything we build is designed to strip away complexity and let our clients focus on what matters: delivering exceptional products, experiences, and outcomes.

In a world where change is constant, our native-cloud SaaS platform empowers insurers the agility to adapt to market and risk shifts quickly, reshape their operational cost structure, accelerate innovation readiness, and rethink how insurance can be done with the intelligence to stay ahead. With 1000+ implementations, we are the AI insurance leader that over 350 insurers, reinsurers, MGAs rely on to rethink how insurance can be done in today’s modern era of insurance. Break free from the past and build the future of insurance at www.majesco.com.

About Vitech Systems Group
Vitech is a global provider of cloud-native benefits administration software. We help our clients expand their offerings and capabilities, streamline their operations, gain analytical insights, and transform their engagement models. Vitech employs over 1,400 professionals, serving the world’s most successful insurance and retirement organizations. An innovator and visionary, Vitech’s market leadership has been recognized by industry experts, including Gartner, Celent, Datos Insights, ISG, and Everest Group. For more information, please visit www.vitechinc.com.

About Thoma Bravo
Thoma Bravo is one of the largest software-focused investors in the world, with over US$181 billion in assets under management as of June 30, 2025. Through its private equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in approximately 555 companies representing approximately US$285 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York, and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

About CVC Capital Partners
CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €200 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit, and infrastructure, for which CVC funds have secured commitments of over €243 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 150+ companies worldwide, which have combined annual sales of over €165 billion and employ nearly 600,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

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CapVest recapitalizes Curium to accelerate its growth strategy, marking the largest transaction in nuclear medicine globally

CVC Capital Partners
  • Curium and CapVest have announced the recapitalization of Curium via a new Continuation Vehicle
  • The transaction values Curium at circa $7 billion, representing the largest transaction in nuclear medicine globally
  • The recapitalization will accelerate Curium’s strategy to launch innovative, life-changing diagnostic and therapeutic solutions for patients with cancer globally

Curium, a leading producer of radiopharmaceuticals, and CapVest Partners LLP (CapVest), a global investment firm, have announced the recapitalization of Curium via a new Continuation Vehicle (CV).  The CV values Curium at circa $7 billion, representing the largest transaction in nuclear medicine globally.

The transaction elicited wide support from existing and new institutional investors across the US, Europe, the Middle East and APAC. This includes lead investors ICG, TPG GP Solutions, CVC Secondary Partners and other investors such as Goldman Sachs Alternatives, Lunate, Pantheon, and Ardian. Curium also secured a minority investment from TPG Life Sciences Innovations, TPG’s life sciences platform focused on innovative companies developing disruptive science to improve outcomes for patients in areas of high unmet medical needs. The high caliber of this investor base represents a strong endorsement of Curium’s track record of growth and innovation, as well as a strong belief in the future trajectory of the company in a market poised for exponential growth in the next 15 years.

Over the last decade, Curium has positioned itself as a global leader in nuclear medicine. Its vertically integrated, global supply chain reliably delivers diagnostic and therapeutic radiopharmaceuticals to more than 14 million patients in over 70 countries across 6 continents every year. Curium boasts a broad portfolio of diagnostic radiopharmaceuticals and has an exciting, late-stage pipeline of Radioligand Therapies (RLTs) targeting neuroendocrine and prostate cancers, the two largest indications in nuclear medicine.

The new CV broadens Curium’s investor base, increasing the financial resources available to support Curium in the next phase of its growth. Going forward, the company will continue to launch innovative, life-changing diagnostic and therapeutic solutions for cancer patients, whilst building its pipeline of “next-generation” radiopharmaceuticals through internal development and strategic acquisitions or partnerships.

The completion of the Transaction is expected in Q1 2026 and is subject to customary regulatory approvals.  CapVest will remain the controlling shareholder of Curium.

Renaud Dehareng, CEO of Curium, said “We are delighted to have successfully agreed this transaction with our partners at CapVest in record time.  We are also proud to have received such strong investor interest, which endorses our unique positioning as the largest independent platform in nuclear medicine, with strong end-to-end capabilities across development, manufacturing, logistics and market access. This transaction positions us to accelerate the roll-out of our ambitious global strategy and drive further product launches, innovation and growth – all true to our passion to deliver life-changing solutions for healthcare professionals and millions of patients around the world.”

Kate Briant, Senior Partner at CapVest, said: “We are proud to continue supporting Curium on what has been a phenomenal journey since 2016. We are grateful to our existing investors for their continued partnership and are also very pleased to welcome new investors into Curium, for what we believe will be a compelling investment opportunity. Building on our successes delivered to date, we are confident that Curium is exceptionally positioned to continue to play a major role in an industry that we expect to double in size over the next 5 years and then double again.”

PJT Partners acted as lead financial advisor on the transaction, with Kirkland & Ellis acting as lead legal advisor.

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Vision Healthcare Acquires Svenskt and New Care, Leading Providers of High-Quality Supplements in Sweden and the Netherlands

Avista Healthcare

NEW YORK, November 20, 2025 — Vision Healthcare (“Vision”), a fast-growing European consumer healthcare platform, recently completed acquisitions of Svenskt Kosttillskott (“Svenskt”), a leading Swedish e-commerce player for health and nutrition products, and New Care Supplements BV (“New Care”), a Dutch health supplement brand. Vision is a portfolio company of Avista Healthcare Partners (“Avista”), a leading middle-market healthcare private equity firm with expertise in building growth-oriented healthcare businesses. The terms of the transactions were not disclosed.

Svenskt is one of Sweden’s leading providers of nutritional supplements, sports nutrition, and health-related products, known for quality, innovation, and strong e-commerce execution. The acquisition strengthens Vision’s presence in the Nordics and broadens Vision’s product offering, while creating opportunities to realize synergies with Vision’s pan-European logistics, marketing and innovation capabilities.

Yvan Vindevogel, Chairman of the Executive Committee of Vision, says, “This acquisition is a strategic step forward for Vision, and our digital-first consolidation of the highest e-commerce penetrated region in Europe. Svenskt’s deep local expertise and digital route-to-market, strong brand equity, and customer-centric approach align perfectly with our vision to further consolidate our position as a leading player in the European Consumer Healthcare space.”

New Care is a Dutch provider of vitamins, minerals, and nutritional supplements with a deep presence in independent health & drugstores. The company focuses on clear formulations, thorough quality control and clean products to support various health needs, from daily multivitamins and beauty supplements to digestion and muscles, bones and joints. The acquisition deepens Vision’s presence in the Netherlands and will accelerate New Care’s growth across digital channels.

Geert Cools, CEO of Vision, says, “We have admired New Care’s comprehensive portfolio of premium, trusted products and look forward to strengthening our partnership with the New Care team. We are excited to leverage our digital expertise to support New Care’s next phase of growth as we continue to make high-quality self-care products more accessible throughout Europe.”

The acquisitions of New Care (closed in June 2025) and Svenskt (closed in July 2025) represent Vision’s seventh and eighth add-on acquisitions since Avista’s initial investment in June 2020.

About Svenskt

Founded in 2005, Svenskt Kosttillskott is a leading Swedish e-commerce provider of high-quality health and nutrition products. The company enjoys a loyal consumer base and is known for offering one of the broadest assortments of supplements in the Swedish market, serving customers nationwide. With a focus on expertise, transparency, and performance, Svenskt Kosttillskott delivers reliably sourced products across supplements, activewear, food, beauty, and wellness. Its products are trusted by everyday consumers as well as professional and national-team athletes.

About New Care

New Care is a trusted Dutch healthcare platform offering comprehensive nutraceutical products and personalized customer service to health-conscious consumers throughout the Netherlands. New Care was founded 25 years ago by Frank Menue and has focused on becoming a beacon of quality in the nutraceuticals space in the Dutch Health & Drug market.

About Avista Healthcare Partners

Avista Healthcare Partners, founded in 2005 by Thompson Dean and David Burgstahler, is a leading New York-based private equity firm with over $10 billion invested in more than 50 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting healthcare product and technology businesses with clear scale potential across four sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, long-term value and sustainable businesses. For more information, visit www.avistahealthcare.com or follow Avista on LinkedIn.

About Vision Healthcare

Vision Healthcare is a fast-growing, pan-European, digital-first omni-channel consumer healthcare platform empowering consumers to enhance their personal health and wellbeing across a proprietary portfolio of VMS, Nutraceuticals, Beauty & Slimming and Personal Care Products. The company is focused on digital and direct-to-consumer marketing & sales channels with a one-stop-shop ecosystem supporting direct-to-consumer and B2B retail orders across brands, channels and geographies. Vision Healthcare is significantly invested in the development of its Digital Hub, an end-to-end shared in-house resource, centralizing all e-commerce and e-marketing activities to support growth across the group. Vision Healthcare is a consolidator in the still deeply fragmented European D2C healthcare space, having completed & integrated 15+ acquisitions, with the capability to effectively support and grow any existing company or standalone brand. For more information, visit https://www.visionhealthcare.eu/.

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EQT Foundation invests in Milvus Advanced to enable greener, cheaper catalysts for the energy transition

eqt

EQT Foundation invests €200,000 in Milvus Advanced, a UK-based startup developing nanomaterials to replace rare metals in clean energy technologies.

Milvus’s proprietary platform creates alternatives to platinum group metals (PGMs), reducing catalyst costs for low-carbon fuels and green hydrogen production by up to 70%.

The investment aligns with EQT Foundation’s mission to back frontier technologies that accelerate decarbonization and make the green transition more affordable and scalable.

The EQT Foundation has joined a £5 million Seed round in Milvus Advanced, a UK-based startup pioneering novel nanomaterials that can replace scarce and costly metals in clean energy systems. The round was led by Hoxton Ventures, with EQT Foundation contributing €200,000.

As the global race to decarbonize accelerates, so does the demand for rare metals that underpin green technologies. Electrolyzers, essential for producing green hydrogen and other low-carbon fuels, rely on catalysts made primarily from platinum group metals (PGMs), such as platinum and iridium. These materials account for up to 40% of electrolyzer stack costs, and with mine supply constrained, the industry faces growing price volatility and shortages.

Milvus Advanced has developed a platform technology that creates highly efficient alternatives to PGMs using abundant elements such as copper, nickel, and iron. Its proprietary nanomaterials not only match but in some cases outperform traditional PGM-based catalysts, offering equivalent performance at roughly 1% of the cost. This breakthrough has the potential to unlock a $10 billion addressable market while accelerating the scale-up of clean energy systems.

Founded by a materials scientist with a PhD from Oxford University, Milvus is moving from lab validation to early commercialization. The company’s technology has already attracted attention from leading industrial players which has tested early product batches.

The Seed round will provide runway through 2026 and enable Milvus to scale production, conduct extensive validation, and build a world-class technical and commercial team. The company’s main challenge now lies in scaling its manufacturing processes while maintaining performance and cost advantages, an area where EQT’s industrial and infrastructure expertise can add significant value.

Through EQT Foundation’s network, Milvus will have access to potential industrial partners and customers across the EQT Platform, including players in hydrogen production and energy infrastructure such as Air Liquide, SunGreenH2, Bekaert, Nel Hydrogen, and Plug Power.

Cilia Holmes Indahl, CEO EQT Foundation: “Milvus Advanced represents the kind of scientific ingenuity the energy transition needs. They ‘teach’ abundantly available metals to replicate the high-performing functionalities of metals like platinum and iridium that are scarce, but also essential for scaling green technologies.”

Assia Kasdi, CEO of Milvus Advanced: “What if the periodic table did not limit us? We are rewriting the elemental rules: our technology offers a clear path to scale low-carbon solutions without relying on rare materials. This funding from EQT Foundation, and its network, further fuels our mission to scale production, grow our team, and bring our metal substitutes to industries building the next generation of climate solutions.”

Contact

EQT Press Office

press@eqtpartners.com+46 8 506 55 334

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of more than three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has €‌​​267​‌ billion in total assets under management (€139​‌ billion in fee-generating assets under management) as of 30 September 2025, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About EQT Foundation

EQT Foundation is a philanthropic organization and long-term shareholder of the global investment organization EQT, founded by partners at EQT. The Foundation supports scientists and entrepreneurs bringing breakthrough solutions from lab to market, combining EQT’s expertise with catalytic investments and grants. With a focus on supporting scientific progress in underfunded areas of climate and health, the Foundation provides a learning platform for EQT employees to develop and work collaboratively across the globe, while engaging in philanthropy and making a positive impact.

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About Milvus Advanced

Founded in Oxford, Milvus designs next generation of low-cost nanomaterials that replace some of the world’s most scarce and strategic materials in clean energy, catalysis and optoelectronics. By leveraging widely available elements and proprietary materials engineering, Milvus catalyzes a future where the energy transition is not only possible but elemental.

Website

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Hg agrees sale of Intelerad to GE HealthCare in $2.3 billion transaction

HG Capital

Hg, the leading investor in European and transatlantic software, services, and data businesses, today announced that it has agreed the sale of Intelerad, a global leader in medical imaging software solutions, to GE HealthCare in a transaction valued at approximately $2.3 billion. As a result of the transaction, Hg will fully exit its majority shareholding in Intelerad. TA Associates and Ardan Equity, will also exit minority positions in the business.

Together, GE HealthCare and Intelerad will empower radiologists and clinicians to work more efficiently, by streamlining imaging workflows and enabling greater diagnostic throughput. The combined organisation aims to enhance productivity and patient outcomes through a connected, cloud-enabled offering that unites imaging data across healthcare settings and provides clinicians with actionable insights at the point of care.

As GE HealthCare continues to accelerate its digital transformation, Intelerad will support this, bringing deep expertise in developing and embedding AI within their enterprise imaging solutions. This shared commitment to innovation strengthens GE HealthCare’s position as a digital leader, enhancing operational efficiency and clinical integration across care environments.

Hg partnered on the original Intelerad investment with Ardan Equity. During Hg’s ownership, Intelerad has increased its revenue by over 3.5 times, transforming it into one of the world’s leading enterprise imaging platforms. The business now serves 1,500+ global customers, supports over 230 million exams per year, and manages 8 billion medical images across its network.

Jordan Bazinsky, Chief Executive Officer at Intelerad, said: “This marks an exciting new chapter for Intelerad and our customers. By joining GE HealthCare, we can combine our innovative, cloud-based imaging solutions with GE’s global reach and scale. We’re grateful to Hg for their strategic support over the past five years. Together we’ve made major strides in product innovation, executed eight acquisitions, and expanded into new customer segments. This has given us a strong foundation for this next step in our journey with GE Healthcare as we accelerate our vision for a truly connected ecosystem for clinicians and improve patient care through smarter, faster, and more collaborative technology.”

Hg has also supported Intelerad across product innovation – including the launch of InteleGence, Intelerad’s AI platform; eight strategic acquisitions – substantially broadening its product suite into a comprehensive enterprise imaging platform that includes radiology, cardiology, mammography, image exchange, and image storage; and with investment in Intelerad’s leadership and operational scale – recruiting and strengthening the management team and enabling the company’s next phase of growth.

Hector Guinness and Laura Grattan, Partners at Hg, commented: “Our partnership with Intelerad has been an outstanding journey of innovation, growth, and leadership in healthcare technology. We are incredibly proud of what the team has achieved and are confident that joining GE HealthCare will allow Intelerad to continue expanding its impact on global healthcare delivery.”

Dr Katherine Wiles, Principal at Hg, added: “The digital transformation of healthcare is accelerating, driven by intelligent software that connects clinicians, patients, and data. Intelerad has been at the forefront of this shift, enabling faster, more informed clinical decisions through innovation and integration. I’m delighted to have supported that mission and I’m excited to see how the combination of Intelerad’s imaging software expertise and GE’s commitment to innovation continues to drive improved patient outcomes.”

For GE HealthCare, Evercore is serving as financial advisor and Sidley Austin LLP as deal counsel. For Intelerad, UBS Investment Bank is serving as exclusive financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as deal counsel.

For further information, please contact:

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com
Brunswick, Hg@brunswickgroup.com

About Intelerad

Intelerad is one of the leading medical imaging software platforms for the healthcare industry. More than 1,500 healthcare organizations around the world rely on Intelerad products to manage patient data, improve imaging efficiency and quality, and elevate patient outcomes. For more information on Intelerad and its leading technology solutions, visit intelerad.com or follow the company on LinkedIn.

About Hg

Hg is the leading investor in European and transatlantic software and services businesses. We help to build sector-leading enterprises that supply critical software applications or workflow services to deliver intelligent automation for their customers.

We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to provide compelling support to entrepreneurial leaders looking to scale enduring businesses.

With a vast European network and strong presence across North America, Hg has approximately $100 billion in assets under management and more than 400 employees. Our portfolio spans more than 55 companies worth over $185 billion in aggregate enterprise value, employing more than 130,000 people and consistently growing revenues at more than 20% annually.

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Bain Capital GSS Investment Corp. Announces the Separate Trading of its Ordinary Shares and Warrants Commencing

BainCapital

Boston, Massachusetts – November 20, 2025 – Bain Capital GSS Investment Corp. (NYSE: BCSS.U) (the “Company”), a blank check company, today announced that, commencing November 20, 2025, holders of the units sold in the Company’s initial public offering may elect to separately trade shares of the Company’s Class A ordinary shares and warrants included in the units.

No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and warrants that are separated will trade on the New York Stock Exchange under the symbols “BCSS” and “BCSS.W,” respectively. Those units not separated will continue to trade on the New York Stock Exchange under the symbol “BCSS.U.” Holders of units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company’s transfer agent, in order to separate the units into Class A ordinary shares and warrants.

Bain Capital GSS Investment Corp. is a newly organized blank check company incorporated as a Cayman Islands exempted company and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company intends to target companies with compelling, defensible business models that provide a growth platform with substantial expansion potential. The Company believes that its management team is positioned to drive long-term value creation post-business combination through accelerating growth, expanding market share, improving operational efficiency and enhancing profitability through strategic and operational support.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on September 29, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward Looking-Statements

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s registration statement and final prospectus for the Company’s initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact: bcss-spac@baincapital.com

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La Caisse and Investissement Québec drive the growth of the Honco Group

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LaCaisse

The Honco Group, a Québec leader in steel processing, enters a new phase of growth with equity investments from La Caisse and Investissement Québec. This announcement consolidates the Québec ownership of the Honco Group, while accelerating its Canadian and international expansion, in line with the vision that has guided its development for more than 50 years.

La Caisse, which led this transaction, and Investissement Québec are both acquiring a minority stake in the Honco Group. The company’s management team is also joining its shareholders.

The move is part of an ambitious strategy to strengthen the Honco Group’s position as a key player in steel processing. The company is leveraging its diverse areas of expertise, modern manufacturing facilities and market diversification to support its growth. This model is based on six specialized business units: Honco Buildings (general contractor specializing in designing, manufacturing and installing prefabricated steel buildings), Sturo Métal (structural steelwork manufacturing and installation), Supervac (vacuuming and hydro excavation equipment design and manufacturing), Garex (garage door manufacturing), Ridge Nassau (garage door hardware manufacturing) and Métalec (commercial and industrial steel door and frame manufacturing). The Honco Group’s business units employ nearly 500 professionals.

“We are delighted to have the support of outstanding partners such as La Caisse and Investissement Québec as we embark on this new phase of growth for the Honco Group,” said Francis Lacasse, President and CEO of the Honco Group. “These major investments are a significant turning point for our family business. They give us the means to achieve our ambitions as a leading player in steel processing in Canada while remaining true to our values.”

“La Caisse is proud to partner with the Honco Group and the Lacasse family to support this leading Québec manufacturing company’s expansion. This milestone marks an important step in our approach to value creation and will help accelerate business unit growth, both in Canada and in global markets,” said Kim Thomassin, Executive Vice-President and Head of Québec at La Caisse.

“The Honco Group is a key player in Québec’s steel industry and enjoys a leading market position. Investissement Québec is investing in this company to help consolidate its footing in Québec and give it the momentum it needs to step up its exports across Canada and internationally. This concrete support illustrates the strategic role that Investissement Québec intends to play to stimulate the growth of companies in key sectors of our economy,” said Bicha Ngo, President and CEO of Investissement Québec.

ABOUT THE HONCO GROUP

The Honco Group is comprised of Québec-based companies that specialize in processing steel for the building industry and manufacturing construction and environmental products. It owns and operates several manufacturing facilities serving over 600 clients from the private, public, and institutional sectors across Canada, the United States and over 20 countries around the world. For more information, visit groupehonco.com and the company’s LinkedIn page.

ABOUT LA CAISSE

At La Caisse, formerly CDPQ, we have invested for 60 years with a dual mandate: generate optimal long term returns for our 48 depositors, who represent over 6 million Quebecers, and contribute to Québec’s economic development.

As a global investment group, we are active in the major financial markets, private equity, infrastructure, real estate and private credit. As at June 30, 2025, La Caisse’s net assets totalled CAD 496 billion. For more information, visit lacaisse.com or consult our LinkedIn or Instagram pages.

La Caisse is a registered trademark of Caisse de dépôt et placement du Québec that is protected in Canada and other jurisdictions and licensed for use by its subsidiaries.

ABOUT INVESTISSEMENT QUÉBEC

Investissement Québec’s mission is to play an active role in Québec’s economic development. The Corporation’s services are designed to spur productivity, innovation, market development and the competitiveness of Québec businesses. To that end, Investissement Québec supports them at every stage of their growth with financing, as well as assistance with business consulting, technological transformation, and workforce strategies. In addition, through Investissement Québec International, the Corporation also provides concrete support for businesses’ export activities and conducts prospecting activities to attract foreign investment to Québec.

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For more information

  • Isabelle Fontaine
    Directrice principale, Médias et affaires gouvernementales
    Investissement Québec
    438 622-4087
    medias@invest-quebec.com

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Avista Healthcare Partners Acquires PK Benelux

Avista Healthcare

New York, November 19, 2025 – Avista Healthcare Partners (“Avista”), a leading private equity firm focused exclusively on healthcare, has completed the acquisition of PK Benelux (“PK” or the “Company”), a leading player in vitamins, minerals, and supplements (“VMS”) in the Netherlands.

Founded in 1985 and based in Uden, PK is the #1 VMS supplier in the Netherlands. Its flagship brand, Lucovitaal, has been the fastest-growing brand in the country for five years. Owned by its second-generation founders, Albert Peters and Angela Steenbergen-Peters, the Company offers the highest quality, highest value branded product assortment across nearly all VMS categories. PK develops and markets vitamins, minerals, other supplements, and other health products for distribution primarily across drugstores and pharmacies in the Netherlands. PK also supplies white label and private label medical devices to more than 30 countries.

This acquisition reinforces Avista’s position as a leading consumer healthcare investor across North America and Western Europe. It marks Avista’s seventh platform investment in the sector and leverages its proven founder partnership model. Avista’s track record of growing businesses alongside founders was key to establishing the partnership with PK Benelux. The collaboration is further strengthened by Avista’s robust network of seasoned executives. Notably, this investment also represents Avista’s third partnership with Yvan Vindevogel and his family office, the Damier Group.

About Avista Healthcare Partners

Founded in 2005, Avista Healthcare Partners is a leading New York-based private equity firm with over $10 billion invested in 51 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting healthcare product and technology businesses with clear scale potential across six sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, long-term value and sustainable businesses. For more information, visit www.avistahealthcare.com or follow Avista on LinkedIn.

About PK Benelux

PK Benelux is a consumer health company democratizing healthy living through the Lucovitaal brand and licensing of medical devices. PK Benelux is best known for its Dutch brand Lucovitaal®, recognized for being “powerful and affordable.” The company develops and markets vitamins, minerals, supplements, and other health products for distribution across drugstores, pharmacies, and online in the Netherlands, and supplies white label and private label medical devices to more than 30 countries. For more information, visit https://peterskrizman.com/.

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