SMILE INVEST acquires IGS GEBOJAGEMA, a market leading company in hightech medical moulds

Smile Invest

Smile Invest has become the majority shareholder in IGS GeboJagema alongside management and minority investor Rabo Corporate Investments. This is the fifth investment of Smile Invest in the last 6 months following earlier investments in Climate for Life Holding, 4ITEGO, Effect Photonics and Hospidex. Smile Invest’s portfolio now consists of ten innovative growth companies based in the Benelux that are each leading in their respective markets.

IGS GeboJagema is specialized in the development, manufacturing and validation of high-end, multi-cavity injection moulds for the production of plastic components within the healthcare market. The moulds are used by contract manufacturers and leading pharmaceutical companies for their high-volume production. Examples of end products produced with the moulds are contact lenses, insulin pens and inhalers. The Company employs 120 specialists and is based in Eindhoven, where its state-of-the-art production facilities are located with a global customer footprint.

Peter Mertens, CEO IGS GeboJagema: “This transition comes at the right moment. We are currently working on our entry into the United States, where there are a lot of possibilities for our products which are tailored to the medical sector. The medical sector has a zero tolerance towards risk. We offer high quality, high precision moulds and together with validation services provide a one stop solution. The partnership with Smile Invest offers new possibilities to us driven by their technological knowledge, international experience and network”

Ivo Vincente, Ad Notenboom and Bart Cauberghe, partners at Smile Invest: “IGS is a superb company with a unique positioning in its market. We are impressed by the scalability and high level of automatisation of the factory footprint coupled with the model based product development process. This makes IGS a state-of-the-art mould maker. The innovative character, focus on the medical sector and ambition for further growth of IGS fits perfectly within the portfolio of Smile Invest. We will support IGS with their expansion in the United States, but also with further diversification to other end markets such as medical packaging”

About Smile Invest:

Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with €350 million assets under management, financed by 40 entrepreneurial families and with a long term focus on innovative growth companies. Smile Invest focuses on companies active in technology, healthcare and digital services. From its offices in Leuven and The Hague the team supports ambitious entrepreneurs and management teams in realising their growth plans.

Contact Smile Invest:

Ivo Vincente, Managing Partner +31 622 91 92 32

Ad Notenboom, Partner +31 654 28 60 98

Bart Cauberghe, Managing Partner • • +32 476 33 66 69

Categories: News


EQT Real Estate and Arco Lavori launch EUR 300m joint venture to deliver grade-A senior care home facilities in Northern Italy

  • EQT Real Estate and Italian construction company Arco Lavori launch joint venture to create a EUR 300m portfolio of state-of-the-art, affordable senior care homes with a focus on Northern Italy
  • The joint venture constitutes EQT Real Estate’s first investment in Italy and combines its thematic focus on “beds and sheds” in primary European markets with a social impact strategy underpinned by EQT’s industry-leading sustainability credentials
  • The joint venture launches having secured an initial five sites to be developed in Northern Italy and is actively working on a strong pipeline of future opportunities

EQT is pleased to announce that the EQT Real Estate II fund (“EQT Real Estate”) has today launched a joint venture (the “JV”) with AR.CO. Lavori S.C.C. (“Arco Lavori” or “Arco”), a leading Italian construction company with an established track record of delivering high-quality real estate assets in Italy including healthcare facilities. The JV will focus on developing a portfolio of purpose-built, affordable grade-A senior care homes in Northern Italy that will seek to provide the highest level of healthcare and quality living in the country. The JV launches having secured five initial sites with the ability to provide an aggregate of 1,010 beds. The first two senior care homes are expected to be delivered by late 2022 and in the beginning of 2023.

It is intended that the JV will have an initial capacity to establish an investment portfolio with a total value in excess of EUR 300 million. The JV’s five initial projects are located in the Lombardy and Emilia Romagna regions, which are particularly in need of senior care facilities due to the supply-demand imbalance and low provision rate of care home beds for senior citizens driven by Italy’s growing elderly population. Over the next ten years, the population group that is over 75 years of age is expected to increase from 11.5 percent to 14.0 percent1. Completed facilities will be let to, and managed by, well-known, high quality operators who will aim to bring a high standard of sustainability and safety to the healthcare home market.

Consistent with other EQT Real Estate transactions, the JV’s assets will be developed with strong sustainability credentials. Where possible, care homes will utilize photovoltaic panels on the roof and benefit from measures aimed at incentivizing the promotion of recycling of waste and rainwater management. The JV’s care homes will also seek to achieve green certifications such as LEED and WELL, as well as following specific ESG principles. In addition, the JV will promote sustainable living practices within the care homes themselves. The operators will implement policies and standard activities related to the procedures against Covid-19 and other possible health risks.

Alessio Lucentini, Managing Director, Investment Advisor and Head of Italy, EQT Real Estate, said, “EQT Real Estate is thrilled to be entering the Italian healthcare market and investing in a sector which is lacking grade-A facilities and is expected to benefit from robust demographic trends in the country. In addition to the initial five sites, we are currently evaluating a growing pipeline of projects, mainly in Northern Italy, to build a large scale, resilient and downside-protected portfolio. EQT Real Estate looks forward to partnering with the Arco team to realize our shared vision over the coming years.”

Rob Rackind, Partner, Investment Advisor and Head of EQT Real Estate, said, “This joint venture with Arco marks an exciting entrance into Italy for EQT Real Estate as it represents the first transaction in this market since the business line was established in 2015. This is another prime example of using EQT’s “local-with-locals” approach to source attractive opportunities in order to invest with thematic trends and we are proud to back a strategy that should deliver significant social impact by providing defensive, socially responsible assets to the regions of Italy most in need.Emiliano Battistini, CEO of Arco Lavori, said, “We look forward to partnering with EQT Real Estate to deliver a high-quality portfolio of purpose-built senior care homes in Italy. There is a growing undersupply of affordable grade-A care home facilities in Italy and this trend is expected to continue during the coming years. The combination of EQT Real Estate’s pan-European expertise and our local reputation and know-how is expected to create a much-needed product for an important and growing part of Italy’s population.”

1Source: Eurostat

UK media enquiries: Greenbrook,, +44 20 7952 2000
Italian media enquiries: Brunswick Milan, Elisa Lavagna,,
+39 346 9447907; Andrea Mormandi,, +39 345 889 0885
EQT Press Office,, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and over EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

About EQT Real Estate
EQT Real Estate, part of EQT Partners and Investment Advisor to EQT managed real estate funds, seeks direct and indirect controlling interests in value-add real estate assets, portfolios, operating companies and platforms across primary cities in the UK and Europe that offer significant potential for value creation through repositioning, development / redevelopment, refurbishment and active asset management. The EQT Real Estate Advisory Team comprises 24 experienced Investment Advisory Professionals working out of EQT’s offices in London, Madrid, Milan, Paris and Stockholm. The Investment Advisory Team, which has access to the full EQT network including 11 European offices and more than 500 EQT Advisors, has experience analyzing and investing across the pan-European real estate market and has, collectively, advised on over 130 real estate projects in multiple asset classes across Europe.

More info:
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Arco Lavori
Founded in 1999, Arco Lavori is a cooperative construction company focused on general construction, facility management, energy and healthcare sectors. Arco is headquartered in Ravenna, in the Emilia Romagna region, and has more than 400 partner companies and an order portfolio of approximately EUR 550 million as of March 2021. With a well-established track record in the healthcare sector across Italy, Arco’s principal focus is aimed at improving the economic and social conditions of partner companies while delivering innovative products. Arco has created an unrivalled property platform and an integrated solution to its partners by sourcing sites, bringing together construction resources, and managing all stages throughout the planning and development process. In 2020, Arco Lavori had a turnover of approximately EUR 200 million.

More info:

Categories: News


LEO Foundation and Nordic Capital partner up to further strengthen LEO Pharma’s leading position in medical dermatology

Nordic Capital

Nordic Capital, a leading global healthcare private equity investor, invests in LEO Pharma and becomes an active minority owner and partner to the LEO Foundation. The investment will support LEO Pharma on its journey to strengthening its global leadership in medical dermatology and help accelerate innovation and growth. The LEO Foundation will remain the company’s majority owner.

In 2020, LEO Pharma launched its 2030 strategy with the ambition to be a global leader in medical dermatology by expanding its leading branded topical dermatology franchise and developing a deep, innovative pipeline. To support the company’s long-term objectives and ambitious growth strategy, the LEO Foundation now welcomes Nordic Capital as a new active minority owner. Nordic Capital will invest EUR 450 million in LEO Pharma and support the 2030 strategy in partnership with the LEO Foundation who will remain the company’s majority shareholder.

LEO Foundation and Nordic Capital partner up to further strengthen LEO Pharma’s leading position in medical dermatology Image

“The partnership with Nordic Capital is a strong confirmation that LEO Pharma is an exceptional company with a valuable heritage in topical dermatology that has clear potential to grow into a leader in innovative therapies,” said Jesper Mailind, CEO of the LEO Foundation. “I am very enthusiastic about the opportunity to welcome Nordic Capital onboard. With Nordic Capital we have secured a supportive and seasoned partner going forward with deep medical expertise and a strong track record supporting value creation in innovative healthcare businesses globally. Further, their strong Scandinavian heritage lends itself to a common cultural understanding and approach. I am confident that the partnership will further enhance the considerable growth potential of LEO Pharma, and it is a natural next step on LEO Pharma’s journey.”

Nordic Capital is one of the most active and experienced investors in healthcare globally. The firm has a strong track record of investing in innovative companies and building industry leaders in close partnership with management teams and co-owners. Since inception in 1989, Nordic Capital has invested more than EUR 7 billion in 29 healthcare investments across Europe and North America. Within pharmaceuticals, Nordic Capital’s current and previous investments include Acino, Nycomed, Fougera, Biovitrum and Meda. Today, Nordic Capital has 14 portfolio companies in the broader healthcare sector with c. 44,000 employees and aggregate revenues in excess of EUR 6 bn.

“We could not be more pleased that Nordic Capital is partnering with the LEO Foundation and LEO Pharma,” said Jonas Agnblad, Partner, Co-Head of Healthcare, Nordic Capital Advisors. “Dermatology is one of the fastest growing therapeutic areas within pharmaceuticals. We see scientific advances addressing significant unmet needs in the coming years, resulting in tremendous value for patients and healthcare systems. Nordic Capital shares the LEO Foundation’s and management’s vision and strategy for LEO Pharma. That strategy delivers growth through exciting upcoming innovative product launches as well as continued focus on the market-leading established product portfolio. This is a combination that we believe will deliver strong growth and opportunity in the future.”

Catherine Mazzacco, CEO of LEO Pharma, said: “I am delighted to welcome Nordic Capital as our new co-owner and partner in our ambitious endeavors to make LEO Pharma a global leader in medical dermatology. I am confident that we, with our new ownership model, have paved the way for further acceleration of our strong growth ambitions, and that this will enable us to further strengthen our dedication to dermatology, with a sustained focus on building a strong pipeline and innovating across science and technology to the benefit of patients.”

The transaction is subject to customary regulatory approvals and completion is expected to take place in the first half of 2021. The terms of the transaction were not disclosed.

Moelis & Company acted as financial advisor and Plesner acted as legal advisor to the LEO Foundation and LEO Pharma. BofA Securities acted as financial advisor and Accura acted as legal advisor to Nordic Capital.

About LEO Pharma

The company is a leader in medical dermatology with a robust R&D pipeline, a wide range of therapies and a pioneering spirit. Founded in 1908, LEO Pharma has devoted decades of research and development to advance the science of dermatology, setting new standards of care for people with skin conditions. LEO Pharma is headquartered in Denmark with a global team of 6,000 people, serving 93 million patients in more than 130 countries.

For more information about LEO Pharma, please visit:

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 16 billion in over 110 investments. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the U.K. and the U.S.

For more information about Nordic Capital, please visit:

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.

About the LEO Foundation

The LEO Foundation is one of Denmark’s largest commercial foundations. The Foundation is the controlling owner of the pharmaceutical company LEO Pharma and its main objective is to ensure the company’s long-term development and success. Besides the ownership, the Foundation provides philanthropic grants with the aim to support the best international research in skin diseases and make Denmark a global beacon for skin research.

For more information about the LEO Foundation, please visit:

Press contacts:

LEO Foundation
Signe Krabek
Head of Communication and Public Affairs
Tel: +45 20 49 68 69

Nordic Capital
Katarina Janerud
Communications Manager
Tel: +46 8 440 50 50

LEO Pharma
Henrik Kyndlev
Director, Senior Media Advisor
Tel: + 45 31 40 61 80

Categories: News


CapMan Buyout invests in food supplement and medical device specialist Pharmia


CapMan Buyout invests in food supplement and medical device specialist Pharmia

CapMan Buyout invests in Pharmia, a leading food supplement and medical devices specialist in Finland. CapMan acquires a majority equity share in the company, with the owner family of Pharmia retaining a significant share.

Pharmia specialises in contract manufacturing and development of food supplements and CE-marked medical devices. The product portfolio consists of vitamins and minerals, probiotics, as well as CE-marked flu treatment products. Pharmia’s customers include well-known pharmaceutical and food supplement companies, pharmacies and wholesalers in the field in Finland and abroad. Founded in 1993, the family business today employs 90 people.

“Pharmia’s success is a great growth story of a family business. Long-term customer relations, talented personnel and strong product development have kept the company on a stable growth path. With our participation, growth can be further accelerated both organically and through acquisitions”, says Anders Björkell, Partner at CapMan Buyout.

“Food supplements and medical devices are an industry full of opportunities, and we have been following its development for a long time. We are very pleased to start cooperating with the leading company in the field”, Björkell continues.

“Pharmia has been an important part of our family’s life since it was founded 28 years ago by Ph.D. Tuulikki Harmia-Pulkkinen. Pharmia has been a pioneer in Finland in providing development, manufacturing and consulting services to both pharmaceutical and food supplement operators. Today, these industries form a significant business in Finland, with more than a dozen operating companies”, says Kari Pulkkinen, Chairman of the Pharmia board.

“For us, the future trends in the industry and the strengthening of international growth were the main reasons to choose this new ownership arrangement. In this interesting and developing industry, CapMan offers a strong foundation for utilising the know-how that has accumulated in Pharmia during a generation”, Pulkkinen continues.

“CapMan’s participation as a committed major shareholder is beneficial to our long-term customers and personnel, as well as to the entire industry. This arrangement enables significant growth in the international market and, together with the company’s growth goals, will offer interesting opportunities to the experts in the field,” says Hannu Vakkari, CEO of Pharmia.

Pharmia is the second investment of the CapMan Buyout XI fund, which was established in 2019. The transaction is expected to close by the end of March 2021.

For more information, please contact:

Anders Björkell, Partner, CapMan Buyout, tel. +358 40 5377 566
Kari Pulkkinen, Chairman of the Board, Pharmia, tel. +358 50 344 2605
Hannu Vakkari, CEO, Pharmia, tel. +358 50 065 0790

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With close to 4 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at

About Pharmia
Pharmia is the first company in its field in Finland specializing in contract manufacturing and services. Initially, we operated strongly in the pharmaceutical industry, e.g. in clinical trials, but today we are focused on the development and manufacturing of food supplements and medical devices (CE marked products). Product development expertise and innovation, efficient production processes, high quality and a customer-oriented operating model have made us a leading operator in Finland. Our customers are mainly domestic, and we manufacture a large part of our country’s most respected brands in the industry. In addition, our products specifically for flu prevention and respiratory care are already exported directly or indirectly to more than 40 countries. Our premises are located in Tuusula, in a recently completely renovated property. Pharmia’s turnover is around 16 MEUR and we employ around 90 talented professionals. Our values ​​are customer orientation, expertise and appreciation towards our colleagues, stakeholders, and society. The development and manufacture of high-quality and safe products that promote health and well-being is rewarding and meaningful, and we feel we contribute to both the success of our customers and the quality of life of our consumers. Read more at

Categories: News


Triton to invest in Bergman Clinics in partnership with existing shareholders


Frankfurt (Germany), Naarden (Netherlands), 9 March 2021 – Triton Fund V advised by Triton (“Triton”) has signed an agreement to invest in Bergman Clinics (“Bergman Clinics”), one of the leading chains of independent clinics in the Netherlands, Germany and Scandinavia. This investment will be in partnership with the current shareholders consisting of the Malenstein family and NPM Capital. The agreement is subject to the completion of the consultation process with Bergman Clinics’ works council and customary regulatory approvals. Terms and conditions of the transaction are not disclosed.

“We are excited to support the management and employees of Bergman Clinics by investing in and supporting the growth and European expansion of the clinics network,” said Peder Prahl, Director of the General Partner for the Triton funds.

Bergman Clinics is a leading specialist for treatments in the field of orthopedics, ophthalmology, gynecology, aesthetic medicine, cardiology, gastroenterology, dermatology, and vascular medicine. Bergman Clinics grew its network of clinics through an active acquisition strategy, first in the Dutch home market, later on in Scandinavia and Germany. Bergman Clinics currently owns 140 focus clinics throughout the Netherlands, Sweden, Denmark, Norway, and Germany which offer high quality, plannable medical care, with clients and their conditions at the heart of their activities.

The investment by Triton will help Bergman Clinics to further expand its geographical footprint, and creates room to invest in technological innovation, digitization and training. Both clients and employees can benefit directly from this.

“Bergman Clinics is strongly positioned in the field of outpatient care which is an increasingly important part of the healthcare services sector. The company has a strong medical platform and digital backbone to further expand as a focused specialty care player in Europe,” emphasized Anja Bickelmaier, Co-Head of Healthcare at Triton.

“The clinic has a strong brand in the Netherlands and we are looking forward to support its development in core markets where Triton has been investing for more than two decades,” added Koos van de Linde, Investment Advisory Professional at Triton.

“We are pleased to welcome Triton as a new investor and strong partner who will support Bergman Clinics’ ongoing journey towards high-quality client-oriented treatment at affordable prices. We will not only benefit from Triton’s expertise in the healthcare sector and in particular in healthcare services, but also from its international network,” said Hans van der Heijden, CEO of Bergman Clinics.

Bart Malenstein, Owner and Member of the Supervisory Board of Bergman Clinics added: “Triton is the ideal partner to shape the future of Bergman Clinics. Triton has extensive experience in the healthcare sector and a broad network within its portfolio that can help us by exchanging knowledge and best practices across several areas and regions, benefiting clients who are at the heart of what we do.”


About Bergman Clinics

For nearly 30 years, Bergman Clinics has been one of the leading chains of independent clinics with 140 focus clinics throughout the Netherlands, Sweden, Denmark, Norway, and Germany. The focus clinics offer high quality, plannable medical care, with patients and the condition at the core. Bergman Clinics is a leading specialist for treatments in the field of orthopedics, ophthalmology, gynecology, aesthetic medicine, cardiology, gastroenterology, dermatology, and vascular medicine. Bergman Clinics treats more than 300,000 patients every year in the Netherlands, Germany, and Scandinavia. More than 3,000 employees and more than 250 specialists work at Bergman Clinics.

For more information:


About Triton

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

The 46 companies currently in Triton’s portfolio have combined sales of around €18.2 billion and around 100,800 employees.

For further information:

Press Contacts

Anja Schlenstedt
Bergman Clinics
Christiaan Boer

Categories: News


CVC Credit supports further growth at Calibre Scientific with an incremental $57 million multicurrency credit facility

CVC Capital Partners

Funding by CVC Credit has supported five acquisitions since June 2020

CVC Credit is pleased to announce that it has further supported life sciences and diagnostics business, Calibre Scientific, by leading an incremental $57 million multicurrency first lien credit facility to help fuel its ongoing global acquisition strategy. Calibre Scientific is owned by investment firm StoneCalibre.

CVC Credit originally provided a $92 million multicurrency first lien credit facility for Calibre Scientific in June 2020. Since this time the company has significantly grown its top line and expanded its geographic footprint through five recently completed add-on acquisitions.

Headquartered in Los Angeles, California and founded in 2013, Calibre Scientific is a diversified global developer, manufacturer and distributor of consumable products in the life science tools and diagnostics markets. Since inception, the business has continually expanded through a combination of organic growth and acquisitions, and today has a broad portfolio of more than 3,000 products, which it sells into over 100 countries worldwide. Calibre Scientific’s 6,000+ customers include blue-chip biopharmaceutical companies, leading academic research institutions and diagnostics laboratories.

Dr. Benjamin Travis, CEO of Calibre Scientific, commented: “We are happy to have secured further financing to support our ongoing acquisition growth strategy. We have significantly expanded our geographic footprint over the past six months and intend to continue this rapid rate of growth by completing further acquisitions from our full pipeline of opportunities.”

Brian Wall, Founder and CEO of StoneCalibre and Calibre Scientific Chairman, added: “CVC Credit have been valuable and supportive since they came onboard in mid-2020. They have demonstrated responsiveness and efficiency in our partnership and have clearly helped fuel our international growth strategy.”

Andrew Eversfield, Managing Director of CVC Credit Partners’ U.S. Private Debt business, said: “Run by a strong management team and augmented with a supportive and engaged sponsor, Calibre Scientific is performing well and successfully executing on its ambitious growth strategy. We are very pleased to have strengthened our commitment to a company delivering high societal impact, particularly at a time when their mission is more important than ever.”

Categories: News


CVC Capital Partners Fund VII to invest in MedRisk

CVC Capital Partners

CVC Capital Partners Fund VII to invest in MedRisk

23 Feb 2021

CVC joins up with existing investor Carlyle to form a new partnership with MedRisk and to accelerate growth and continue delivering best-in-class care to injured workers

CVC Capital Partners (“CVC”) announced today that CVC Fund VII has signed a definitive agreement to acquire a majority interest in MedRisk (“MedRisk” or “the Company”). MedRisk is a leading provider of managed physical medicine services for the workers’ compensation industry in the U.S. The Carlyle Group, MedRisk’s current majority owner, will retain a significant stake and maintain joint control in partnership with CVC. The MedRisk team, including founder Shelley Boyce, Executive Chairman Mike Ryan and CEO Ken Martino, will reinvest in the Company.

Founded in 1994 and headquartered in King of Prussia, Pennsylvania, MedRisk consistently delivers clinically superior patient outcomes via the coordination and active management of physical medicine services for workers’ compensation patients. Today, the Company manages physical therapy, occupational therapy, and chiropractic treatments for more than 500,000 injured workers annually through a nationwide network across 49 states and Washington, D.C.

“MedRisk has an excellent reputation and a proven ability to improve access to high-quality care, which has enabled the Company to become the industry leader in managed physical therapy for injured workers,” said Fazle Husain, Partner at CVC Capital Partners. “We look forward to working closely with the talented team at MedRisk and our friends at Carlyle to continue the compelling growth trajectory of the Company while ensuring that patients continue to receive the highest quality service.”

MedRisk is well positioned for the next chapter of its growth due to the unrivalled level of care it delivers to injured workers, and ability to deliver best-in-class service to all stakeholders across the healthcare ecosystem, including patients, employers, physicians, case managers, insurance carriers, third party administrators and network providers.

MedRisk Executive Chairman Mike Ryan said, “Partnering with CVC, given their extensive network and significant financial resources, will fuel our next stage of growth. They have a deep understanding of the healthcare sector and a strong record of helping to build market-leading companies, while maintaining the highest levels of quality.”

“We’re excited to welcome CVC as a new partner that is well aligned with our mission and vision for the Company. This partnership, along with the continued support of Carlyle, enables MedRisk to strengthen our commitment to existing customers while pursuing greater scale in our operations,” added CEO Ken Martino.

“We are incredibly proud of MedRisk’s growth journey over the past three years of our partnership and its exceptional management team in building an innovative company with a customer-centric and service-oriented focus,” added William McMullan, Partner at Carlyle. “With significant business momentum and strong industry tailwinds in the physical medicine market, we have great confidence in the company’s continued success. We look forward to working closely with CVC and the management team to support this industry-leading franchise in its next chapter of growth.”

The transaction is expected to close in the second quarter of 2021, subject to customary closing conditions and receipt of required regulatory approvals. Centerview Partners and Truist Securities acted as financial advisors to MedRisk and Carlyle and Debevoise & Plimpton LLP as their legal advisor. White & Case LLP acted as legal advisor for CVC Capital Partners. Equity capital for the investment will come from CVC Fund VII and Carlyle Partners VI.

Categories: News


Advent International-Backed ATI Physical Therapy set to go public through business combination with Fortress Value Acquisition Corp. II

Advent International
  • ATI Physical Therapy is a premier outpatient physical therapy company, leveraging an outcomes database of 2.5+ million unique patient cases and an industry-leading, scalable platform to drive high-quality musculoskeletal outcomes and outstanding customer satisfaction
  • Transaction values ATI at an enterprise value of $2.5 billion and is expected to provide up to $645 million in cash proceeds, including $300 million of fully committed PIPE
  • Investment funds affiliated with Fortress Investment Group LLC are investing $75 million into the PIPE and are joined by institutional investors including Wells Capital Management, Weiss Asset Management and Monashee Investment Management
  • Proceeds will be primarily used to repay existing debt and preferred equity, delivering financial flexibility to fuel ATI’s significant organic and acquisition growth opportunities
  • Advent International and Management are rolling 100 percent of existing equity; Advent will remain the Company’s largest stockholder and be closely aligned with Fortress and public stockholders at transaction close
  • Existing preferred holders for ATI, including GCM Grosvenor, are also rolling a significant portion of their existing stake

Bolingbrook, IL and New York, NY — February 22, 2021 — Fortress Value Acquisition Corp. II (“FVAC II”) (NYSE: FAII), a special purpose acquisition company, and ATI Physical Therapy (“ATI” or the “Company”), a portfolio company of Advent International (“Advent”) and the largest single-branded outpatient physical therapy provider in the United States, announced today that they have entered into a definitive merger agreement. Upon closing of the transaction, the combined company will operate as “ATI Physical Therapy, Inc.” and remain NYSE-listed under a new ticker symbol. The transaction is expected to close in the second quarter of this year, subject to approval by FVAC II’s stockholders and other customary closing conditions.

ATI owns and operates nearly 900 physical therapy clinics across 25 states. The Company operates its business based on data and analytics, augmented by a relentless focus on delivering superior patient outcomes that exceed industry benchmarks and service excellence to its patient, provider and payor customers.

The existing management team, led by CEO Labeed Diab, CFO Joe Jordan and COO Ray Wahl, will continue to lead the business, and Advent will remain ATI’s largest stockholder.

A Record of Growth in an Evolving Industry

ATI operates in the growing outpatient physical therapy segment of the musculoskeletal (“MSK”) treatment industry, which represents an estimated $22 billion market, within a broader MSK treatment industry representing $300-$400 billion in total spend1. Multiple secular tailwinds are driving increased demand for outpatient physical therapy services, including: favorable demographic trends, specifically the rise in individuals over the age of 65; greater desire for active lifestyles throughout life; and continued shift towards outpatient care. In addition, there is an increasing shift away from invasive and cost inefficient treatment modalities such as surgeries and opioids to physical therapy as an effective first line of treatment for many MSK conditions.

The combination of a fast-growing market and transition to value-based healthcare has allowed ATI to execute a strategy of organic growth, accretive acquisitions and market-leading profitability in a highly fragmented industry. Since 2016, ATI has opened approximately 300 new clinics and acquired and integrated approximately 125 clinics. And with its EMR database of 2.5+ million patient cases, the Company believes it is uniquely equipped to not only deliver consistent, high-quality patient outcomes but also intelligently design and capitalize on value-based healthcare risk sharing arrangements.

“I am extremely proud of our team and the leadership role ATI plays across the nation in consistently delivering exceptional musculoskeletal outcomes, driving efficiencies and cost savings that benefit the healthcare ecosystem and delivering great results for our patients, providers and payors,” said Labeed Diab, CEO of ATI. “We expect to remain an active participant in the evolution of the industry and look forward to this next, exciting phase of our growth.”

Drew McKnight, CEO of FVAC II, commented, “We have followed ATI for a long time, having been an investor in the credit for over ten years. Since Advent bought the business in 2016, we’ve watched and admired the company’s growth, in particular their approximately 300 new clinics through their de novo growth effort. With this strong leadership team and strong balance sheet, we believe ATI is well positioned to continue this de novo growth as well as be a primary and preferred acquirer in what is still a fragmented industry.”

John Maldonado, a Managing Partner at Advent, said, “We are proud of what we have achieved in our partnership with ATI. Together, we strengthened ATI’s industry leadership through a focus on outcomes and value-based care initiatives that have further differentiated the Company’s physical therapy offering. Our tech and operational investments have enabled ATI to grow its clinic footprint by 50 percent while consistently putting patient care first and further enhancing its clinician-centric culture. We look forward to working more closely with Fortress in supporting ATI’s continued growth.”

Key Transaction Terms

The combined company represents an enterprise value of approximately $2.5 billion at closing, or 14.0x 2022E Adjusted EBITDA.

In connection with this transaction:

  • Cash proceeds raised will consist of FVAC II’s cash in trust of $345 million and a fully committed common stock PIPE of $300 million at $10.00 per share from institutional investors including Fortress Investment Group LLC, Wells Capital Management, Weiss Asset Management and Monashee Investment Management.
  • FVAC II has amended the terms of its founder equity to align with long-term value creation and performance of the Company. FVAC II’s sponsor will defer 100 percent of its founder shares in accordance with the following vesting schedule: 33 percent at $12.00 per share, 33 percent at $14.00 per share and 33 percent at $16.00 per share. FVAC II’s sponsor will also cancel 50 percent of private warrants.
  • Advent and other existing common equity holders of ATI, including management, will remain 100 percent invested following the closing, rolling approximately $1.3 billion of investment holdings into equity of the combined company.
  • ATI’s preferred equity holders, including GCM Grosvenor, who has been a decade-long investor in ATI, will continue to be significant investors and are converting approximately $130 million of existing stake into equity of the combined company.
  • Cash proceeds will be used to pay down ATI’s existing debt and remaining preferred equity, significantly reducing leverage. Pro forma net debt to Adjusted EBITDA ratio is expected to be reduced from 5.2x to 2.1x based on 2022E Adjusted EBITDA.
  • ATI common equity holders, ATI preferred equity holders, FVAC II stockholders and PIPE investors (including investment funds affiliated with Fortress Investment Group LLC ) are expected to own approximately 63 percent, 6 percent, 17 percent and 14 percent, respectively, of the outstanding common shares of the combined company immediately following the merger.2

The Boards of Directors of both FVAC II and ATI have unanimously approved the proposed business combination, and, following such approval, ATI stockholders adopted the merger agreement. No further approval by ATI stockholders is required to consummate the proposed business combination. The transaction is expected to be completed in the second quarter of 2021, subject to, among other customary closing conditions, approval by FVAC II stockholders and FVAC II having minimum cash of $472.5 million.

Additional information about the proposed business combination, including a copy of the merger agreement and investor presentation, will be included in a current report on Form 8-K to be filed by FVAC II with the Securities and Exchange Commission (“SEC”) and available at


Deutsche Bank Securities and BofA Securities are serving as joint financial advisors to FVAC II. Barclays, Citi, Deutsche Bank Securities, and BofA Securities are serving as placement agents to FVAC II. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to FVAC II.

Barclays and Citi are acting as joint financial advisors and capital markets advisors to ATI. Weil, Gotshal & Manges LLP is serving as legal counsel to ATI.

Investor Management Presentation

FVAC II and ATI management will host a conference call on February 22, 2021 at 8:00 a.m., EST, to review an investor presentation. The conference call can be accessed in the “Investors” section of the ATI website at and the FVAC II website at A recording of the webcast will be available online following the conference call at the same links.

The presentation and a transcript of the call will also be filed by FVAC II with the SEC under the cover of a Current Report on Form 8-K, which can be viewed through the SEC’s EDGAR website at A link to Fortress Value Acquisition Corp.’s SEC filings can be found at

About ATI Physical Therapy

At ATI Physical Therapy, we are passionate about potential. Every day, we restore it in our patients and activate it in our team members in close to 900 locations across the U.S. With proven results from more than 2.5 million unique patient cases tracked in its EMR database, ATI is leading the industry by setting best practice standards that deliver predictable outcomes for our patients with MSK issues. ATI’s offerings span the healthcare spectrum for MSK-related issues. From preventative services in the workplace and athletic training support to home health, outpatient clinical services and online physical therapy via its CONNECT™ platform,

a complete list of our service offerings can be found at

About Fortress Value Acquisition Corp. II

FVAC II is a $345 million Special Purpose Acquisition Company sponsored by Fortress Credit and traded on the New York Stock Exchange under the ticker FAII. Fortress Credit is a business of Fortress Investment Group LLC (“Fortress”).

Fortress is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $49.9 billion of assets under management as of September 30, 2020, on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of September 30, 2020, had $66.2 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit or

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm is in its 50th year of operation and is dedicated to delivering value for clients in the growing alternative investment asset classes. GCM Grosvenor’s experienced team of approximately 500 professionals serves a global client base of institutional and high net worth investors. The firm is headquartered in Chicago, with offices in New York, Los Angeles, London, Tokyo, Hong Kong, and Seoul.

Additional Information and Where to Find It

This press release is being made in respect of the proposed business combination involving FVAC II and ATI. In connection with the proposed business combination, FVAC II intends to file with the SEC a preliminary proxy statement relating to the proposed business combination, which will be mailed (if and when available) to its stockholders once definitive. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed business combination. FVAC II’s stockholders and other interested persons are advised to read, when available, the preliminary proxy statement, any amendments thereto, the definitive proxy statement and any other documents filed in connection with FVAC II’s solicitation of proxies for its special meeting of stockholders to be held to approve the proposed business combination and other matters, as these materials will contain important information about the Company, FVAC II and the proposed business combination.

When available, the definitive proxy statement and other relevant materials for the proposed business combination will be mailed to stockholders of FVAC II as of a record date to be established for voting on the proposed business combination. Stockholders of FVAC II will also be able to obtain copies of the proxy statement and other documents filed with the SEC, without charge, once available, at the SEC’s website at In addition, the documents filed by FVAC II may be obtained free of charge from FVAC II at or upon written request to FVAC II at 1345 Avenue of the Americas, New York, New York 10105, Attn: Investor Relations, or by calling (212) 798-6100.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended (“Securities Act”), or an applicable exemption from the registration requirements thereof.
Participants in the Solicitation

FVAC II, ATI and certain of their respective directors, executive officers and other members of management and employees may, under SEC rules, be deemed to be participants in the solicitation of proxies from FVAC II’s stockholders in connection with the proposed business combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of FVAC II’s stockholders in connection with the proposed business combination will be set forth in FVAC II’s proxy statement when it is filed with the SEC. You can find more information about FVAC II’s directors and executive officers in FVAC II’s final prospectus dated August 11, 2020 and filed with the SEC on August 13, 2020.
Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in FVAC II’s preliminary and definitive proxy statement when it becomes available. Stockholders, potential investors and other interested persons should read the proxy statement carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics (including pro forma net debt to Adjusted EBITDA ratio), projections of market opportunity and market share, the satisfaction of closing conditions to the potential transaction and the PIPE, the level of redemptions by FVAC II’s public stockholders and the timing of the completion of the potential transaction, including the anticipated closing date of the proposed business combination and the use of the cash proceeds therefrom. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of ATI’s and FVAC II’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of ATI and FVAC II. These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of FVAC II is not obtained; (iii) the ability to maintain the listing of the combined company’s securities on NYSE; (iv) the inability to complete the PIPE; (v) the risk that the proposed business combination disrupts current plans and operations of FVAC II or ATI as a result of the announcement and consummation of the transaction described herein; (vi) the risk that any of the conditions to closing are not satisfied in the anticipated manner or on the anticipated timeline; (vii) the failure to realize the anticipated benefits of the proposed business combination; (viii) risks relating to the uncertainty of the projected financial information with respect to ATI and costs related to the proposed business combination; (ix) risks related to the rollout of ATI’s business strategy and the timing of expected business milestones; (x) the effects of competition on ATI’s future business and the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (xi) risks related to political and macroeconomic uncertainty; (xii) the outcome of any legal proceedings that may be instituted against FVAC II, ATI or any of their respective directors or officers, following the announcement of the potential transaction; (xiii) the amount of redemption requests made by FVAC II’s public stockholders; (xiv) the ability of FVAC II or the combined company to issue equity or equity-linked securities or obtain debt financing in connection with the proposed business combination or in the future; (xv) the impact of the global COVID-19 pandemic on any of the foregoing risks; and (xvi) those factors discussed in FVAC II’s final prospectus dated August 11, 2020 and any Quarterly Report on Form 10-Q, in each case, under the heading “Risk Factors,” and other documents of FVAC II filed, or to be filed, with the SEC. If any of these risks materialize or FVAC II’s or ATI’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither FVAC II nor ATI presently know or that FVAC II and ATI currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect FVAC II’s and ATI’s expectations, plans or forecasts of future events and views as of the date of this press release. FVAC II and ATI anticipate that subsequent events and developments will cause FVAC II’s and ATI’s assessments to change. However, while FVAC II and ATI may elect to update these forward-looking statements at some point in the future, FVAC II and ATI specifically disclaim any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing FVAC II’s and ATI’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures

Certain financial information and data contained in this press release is unaudited and does not conform to Regulation S-X promulgated under the Securities Act. Accordingly, such information and data may not be included in, may be adjusted in or may be presented differently in, any proxy statement/prospectus or registration statement to be filed by FVAC II with the SEC. Some of the financial information and data contained in this press release, such as Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). FVAC II and ATI believe these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to ATI’s financial condition and results of operations. ATI’s management uses these non-GAAP measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. FVAC II and ATI believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing ATI’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. However, ATI’s method of determining these measures may be different from other companies’ methods and, therefore, may not be directly comparable to those used by other similar companies. Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in ATI’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-GAAP financial measures. In order to compensate for these limitations, management presents non-GAAP financial measures in connection with GAAP results and reconciliations to the most directly comparable GAAP measure are included at the end of this press release.

1 According to a third-party market study as of December 11, 2020.

2 Assumes no redemption by public stockholders in connection with the transaction and excludes the impact of Fortress warrants (9.9 million warrants with a strike price of $11.50 per warrant). Assumes new shares are issued at a price of $10.00 per share.

Media contacts

ATI Physical Therapy

Investor Relations
Bob East / Jordan Kohnstam

Media Relations
Sean Leous

Fortress Value Acquisition Corp. II

Gordon E. Runté
Managing Director
Fortress Investment Group LLC

Categories: News


CELLINK AB to Acquire GINOLIS OY – Major exit for Verso Fund II

Verso Capital

CELLINK AB (publ) has entered into an agreement with the shareholders of Ginolis Oy to acquire all shares
for a purchase price on cash- and debt-free basis of 70M euros (the “Acquisition”).

Ginolis Oy is a leading provider of robot-based automation solutions used world-wide to manufacture a
variety of medical disposables and point-of-care tests such as Covid-19 tests. Ginolis was established in
Finland in 2010. Fund II Ky became the largest shareholder of the company in 2017 through a combination
of share purchases and a significant investment into the company. During our ownership period Ginolis’
revenue grew from €3M in 2017 to €18M in 2020, with significant further business growth estimated for
the years to come. Today Ginolis is a multi-national company with approximately 100 employees in Finland,
Estonia, UK, China and the United States, and has customers in Europe, North America and China.

“We are pleased to announce this successful exit from a major investment in our second fund” says Anssi
Kariola, Managing Partner for Verso Capital and chairman of the board for Ginolis. “Working together with
the management team, we set very ambitious growth targets in 2017, and managed to reach our financial
target levels despite the challenges created by the global pandemic. Ginolis is a great example of how
extensive know-how from one industrial sector can be leveraged to build a unique offering for another
industrial segment.”

Teijo Fabritius, founder and CEO of Ginolis comments: “It has been great to work together with the Verso
Capital Team. Together we were able to solve many challenges with good teamwork.”
Innovestor Ventures and Finnvera were earlier stage investors in Ginolis and continued to support the
company’s growth as co-investors to this exit.

Bryan, Garnier & Co acted as the financial adviser and Avance Attorneys as the legal adviser to Ginolis and
its shareholders.

Categories: News


Espresso Capital extends $4.5 million credit facility to Boston-based VillagePlan

espresso capital

Boston — February 11, 2021 — Espresso Capital announced today that it has provided Boston-based healthcare technology company VillagePlan with a $4.5 million credit facility. VillagePlan, the leading provider of technology-enabled expert caregiver support services, will use the funds to further invest in key AI and natural language processing technology and engagement tools. It will also expand its rapid growth in the employee benefits, insurance benefits, and financial services markets.

“This investment fuels our growth at a time when demand for expert caregiver support has never been greater,” said Evan Falchuk, CEO of VillagePlan. “We carefully considered many partners for this investment and chose Espresso Capital because of their attractive cost of capital and creative approach as well as the high quality of their team.”

VillagePlan’s engagement tools, expert care managers, and leading technology and analytics platform provide families with extraordinary help at a time of need, while also improving the quality and cost of care for their loved ones.

“It has been clear from the beginning of the financing process that Evan and the team understand how to position the company for future growth — their past successes are further proof of that.” says Espresso’s Steven Michau. “VillagePlan’s offering addresses a large segment of the population that will continue to grow. Layering technology onto a service-heavy model will allow them to scale while also maintaining the personal relationships that are so important to succeeding in this space.”

VillagePlan entered 2021 poised for significant expansion and is currently building on its existing partnerships with employers such as Microsoft, insurers such as MetLife, and health care organizations such as Providence Health Systems.

About VillagePlan
VillagePlan is the leading provider of technology-enabled expert services to help families care for aging loved ones. Led by former senior executives of Boston-based Best Doctors, Inc., VillagePlan’s scalable platform improves people’s lives while reducing the cost of care for consumers, insurers, employers and others. At a time when millions of people around the world face the challenge of caring for an aging loved one, VillagePlan is here to help with clinical and non-clinical support, data analytics and risk prevention tools that make a real difference for families and their loved ones.

About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 280 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at

Categories: News