Tag Archives: healthcare

Holland Capital announces acquisition of HealthConnected by software company Visma

Holland Capital

Amsterdam, 27th of August 2025 – Investment firm Holland Capital, active in Healthcare and Technology in the Benelux and Germany, today announces the acquisition of its portfolio company HealthConnected to software company Visma.

With this acquisition, Visma further expands its healthcare portfolio. HealthConnected is a leading provider of primary care platforms, offering solutions for GP practices (HIS), out-of-hours GP services (HAPIS) and integrated and network care (NIS). Over the years, HealthConnected has proven its strength in developing valuable digital solutions for the healthcare sector. The company now joins Visma, alongside well-known healthcare providers such as Ecare, Therapieland, SureSync, Esculine and ZorgDomein. .

HealthConnected & Holland Capital

With support from Holland Capital, HealthConnected has developed into a leading platform for primary care, placing the healthcare professional at the heart of its mission. The platform’s user-friendly design helps care providers work more efficiently and spend more time with patients. Since 2020, Holland Capital has actively supported the company’s operational and strategic growth.

“I have seen HealthConnected’s journey up close and I am impressed by the team’s innovation and determination,” says Jan Frens van Giessel, Partner at Holland Capital. “With Visma as its new owner, HealthConnected has found the right partner to accelerate its growth, expand its platform and make an even bigger impact in healthcare.”

Paul Witteman, Founder and CEO of HealthConnected, looks back on a period of intensive collaboration with Holland Capital. “Collaboration is easy when everything goes according to plan, but it was precisely in the moments when this was not the case that Holland Capital truly proved its added value. That has been the foundation of a successful partnership.”

Primary care as a key link in digitalization

Visma specializes in cloud solutions that simplify and automate complex work processes, improving user experience and saving time. In healthcare, Visma’s ecosystem accelerates digitalization by improving integration and collaboration across systems.

“In our search for an innovative HIS provider, we identified HealthConnected as the perfect fit,” says Sander van de Merwe, Business Area Director Healthcare & Education at Visma. “Together, we can further scale the platform and bring strong parties under one umbrella. For example, HealthConnected and ZorgDomein can now collaborate even more effectively to address the challenges in healthcare. Boards, our joint solution for integrated and network care, already demonstrates the power of this partnership.”

Independent, with shared ambitions

HealthConnected will continue to operate independently with its own products, teams and partnerships, while benefiting from the synergies within the Visma group.

“This step allows us to innovate faster and support GPs with a platform that grows with their needs,” says Paul Witteman. “By joining Visma, we gain access to expertise in software development, security and privacy, as well as the strength of other Visma companies. At the same time, we will remain an independent organization, fully committed to openness and collaboration with other systems.”

Building a stronger healthcare ecosystem

Healthcare digitalization requires deep expertise, due to the diversity of applications, integrations and complex processes. For professionals, collaboration across the care chain is essential to support patients effectively. “Healthcare doesn’t need one all-encompassing system, but a strong ecosystem with collaboration, long-term vision and room for innovation,” says Paul Simoons, CEO of ZorgDomein, who will join the board of HealthConnected on behalf of Visma. “This acquisition allows HealthConnected and ZorgDomein to strengthen their partnership and build a seamless chain of systems. This benefits patients, healthcare providers, and creates new opportunities for our partners.”

Categories: News

Tags:

OrganOx achieves one of UK’s largest medtech exits & record returns for BGF

BGF

At a $1.5bn valuation, the exit marks BGF’s largest-ever return, and highlights the importance of patient capital in scaling UK medtech innovation.

25 August 2025
OrganOx achieves one of UK’s largest medtech exits & record returns for BGF

Today, BGF announces the successful exit of OrganOx, the Oxford-based medtech company whose pioneering liver perfusion technology has transformed outcomes for transplant patients worldwide.

The deal represents one of the largest exits of a UK medtech company, at $1.5 billion. It also marks BGF’s largest-ever return, generating £175 million of proceeds. The deal has driven a 10x money multiple (MM) exit on BGF’s initial investment, and an overall IRR in the region of 69%.

BGF first invested in OrganOx in 2019 and has provided seven rounds of investment, including a £20 million commitment earlier this year. BGF participated in each of the company’s funding rounds, following its initial investment, and is the company’s largest shareholder. Other early backers of the company included Longwall Ventures and Oxford Investment Consultants. In the later stages of development, OrganOx was fortunate to attract capital from Lauxera Capital Partners (US/Fr), HealthQuest (US) and others joining in support.

Founded out of the University of Oxford, OrganOx developed the world’s first fully-automated device for liver preservation, metra, which enables donor livers to be maintained in a functioning state, outside the human body, for up to 24 hours. The technology, used in more than 6,000 liver transplants to date, has significantly increased the number of viable organs available for transplant and improved patient outcomes.

With BGF’s support, OrganOx has scaled into a world-leading medtech company. The business will continue to operate from Oxford, as a standalone division within global healthcare company Terumo Corporation, following the completion of the transaction.

OrganOx metra setup

Tim Rea, Co-Head of Early Stage investing at BGF, and a member of the OrganOx board since 2019, said: “OrganOx has transformed liver transplantation and built a world-class position in medtech. In a sector where institutional capital is constrained, this exit highlights the importance and potential of patient growth capital, and a willingness to back innovation before it is de-risked — something many investors find difficult to do in this still-nascent market.”

“BGF was built to deploy capital into underserved parts of the investment market. In early-stage medtech, we have gone further, by deliberately backing companies with significant hardware and manufacturing complexity. Our capital and commercial expertise made us ideally placed to take on this challenge, and OrganOx is a powerful example of why that strategy matters.”

Oern R. Stuge MD, MBA, Executive Chairman of OrganOx, commented: “Today’s announced transaction is expected to expand the adoption of our transplantation technology platform, by leveraging Terumo’s global infrastructure to benefit more patients around the globe. Thank you to BGF who have shown conviction and support as an investor and board member, since their first investment. Their capital and leadership have enabled the value creation inherent in today’s announced $1.5 billion transaction.”

Andy Gregory, CEO of BGF, said: “At a 10-figure valuation, we are incredibly proud to have played a key role in one of the UK’s largest medtech exits. It reflects a remarkable achievement by the OrganOx team, and we are especially proud that this success is tied directly to a positive impact in patient outcomes.

“By combining early and growth-stage investing across multiple sectors, BGF has created the right blend to deliver strong, sustainable and repeatable returns. Our ambition now is for more capital to flow into the UK’s most promising companies — whether through co-investments with international, specialist investors or domestic sources.”

Craig Marshall, CEO of OrganOx, commented: “Once BGF had a Board seat in 2019, occupied by Tim Rea, I knew that, if we succeeded in maintaining our focus and momentum as a business and a team, that OrganOx would not run out of funds in the future. BGF’s conviction remained with us throughout, and they not only participated in every round of funding after their first investment but initiated and shaped a number of these funding rounds.”

Stephen Deitsch, CFO of OrganOx, added: “It’s been an honour working alongside the BGF team, whose operational and financial contributions from 2019 through 2025 have enabled OrganOx’s global market leadership, culminating in today’s announced $1.5bn deal, with record returns for BGF.”

Rupa Basu, Global CCO of OrganOx, said: “Thanks to the support of BGF, we rapidly expanded our global footprint, positively impacting both patients and healthcare providers, while honouring the generosity of over 6,000 donors.”

Constantin Coussios, Co-Founder and CTO of OrganOx, said: “Medical device innovation requires patient and supportive capital to fully realise its life-saving, societal and economic impact. As science-led founders of OrganOx, Peter Friend and I feel privileged to have had the support of BGF and other committed investors to take our technology from university concept to standard-of-care, and see it transform the lives of over 6,000 patients to date.”

Alongside OrganOx, BGF has backed several high-potential UK medtech companies, including: Cyted, which uses AI-enabled diagnostics for early cancer detection; TidalSense, which develops innovative respiratory monitoring technology; and Entia, a home blood testing platform supporting cancer care.

The deal also follows BGF’s recent exit from Panthera Biopartners, a leading clinical trials site management organisation. During BGF’s investment period, Panthera’s revenue more than doubled, and the business expanded its national footprint and therapeutic coverage.

BGF recently pledged £500 million to early-stage deep tech and life sciences businesses, over the next five years, as part of its wider £3 billion, UK-wide strategy to support high-potential companies.

Categories: News

Tags:

Apheon brings onboard Unigestion as partner to continue development of Ortivity

Apheon

Apheon, a pan-European private equity investor, is pleased to announce a further investment in its portfolio company Ortivity (“Ortivity” or the “Company”), Germany’s leading outpatient orthopaedic care platform. The contemplated transaction provides a partial exit for existing Ortivity shareholders while bringing onboard Unigestion, a leading private equity firm focused on the mid-market, and selected new Apheon investors, thereby reinforcing Apheon’s overall exposure to the Company. The approximate EUR 200 million capital injection marks the successful completion of a targeted partner search. Through its private equity funds, Unigestion acquires a significant minority stake in Ortivity, while Apheon remains the lead investor.

Founded in 2022 by a group of leading physicians, Dr. med. Reinhard Wichels and Apheon, Ortivity has over the past four years developed rapidly into one of Germany’s most prominent outpatient healthcare platforms. The Company operates over 100 sites across three regional clusters in Germany, offering a full spectrum of orthopaedic services, including diagnostics, anaesthesia, surgery, prevention, and aftercare. Ortivity’s physician partnership model and emphasis on clinical excellence have positioned the Group as a trusted provider and builder of modern outpatient infrastructure. The Company is equally owned by physicians and capital providers.

To facilitate and further drive the ambitious growth plans, Apheon ran a targeted search to bring onboard a new financial partner. Through its private equity funds, Unigestion’s additional capital will support Ortivity’s ongoing investments in Germany, prioritizing the enhancement of its integrated, physician-led care model. The transaction marks a significant milestone for the Company as it enters its next phase of growth with an expanded investor base. Apheon and Unigestion have plans to further grow the Company within the existing regional clusters, and to establish new clusters, with the aim to transition Germany’s orthopaedic market towards a more modern, outpatient model.

Nils Lüssem, Partner at Apheon, and Sebastian Walter, Director at Apheon, commented: “We are pleased to welcome Unigestion as a trusted partner. During our search, Unigestion distinguished itself as collaborative, experienced, entrepreneurial and committed to long-term growth – we are delighted to have found such a partner. Since its founding by Apheon and leading physicians, Ortivity has quickly evolved into a leading provider of orthopaedic outpatient care in Germany. Partnering with Unigestion and other selected investors will ensure we have the necessary stable capital to sustain our growth and continue investing in top-quality patient care.”

Philipp Scheier, Partner at Unigestion, commented: “We have been very impressed by Ortivity’s development since its inception in 2022. Its rapid growth is a strong testament to the hard work of the Company’s physicians, management team and Apheon, who have established a leading, high-quality and patient-centred provider of orthopaedic outpatient care solutions. I am looking forward to working together with Ortivity and Apheon to support the next chapter of this unique success story.”

Dr. Andreas Hartung, current Co-CEO, commented “What we have built over the past four years is truly unique and Unigestion realised this right from the start of our partner search.” Dr. med. Michael Thorwarth, newly joined Co-CEO of Ortivity, commented: “I am delighted that the start of my tenure as CEO coincides with the strengthening of the capital base of Ortivity. This marks a significant milestone as we continue to build a powerful network dedicated to innovation in musculoskeletal care. I was drawn to Ortivity by its forward-thinking vision — the seamless integration of prevention, diagnostics, and both conservative and surgical therapies. I look forward to working closely with our orthopaedic and neurosurgical specialists, as well as our dedicated practice teams, to further develop this model. Together, we aim to set new standards in treatment quality and patient-centred service, delivering measurable benefits to those we serve.”

Markus Schneppenheim, Head of the Ortivity Medical Board, practicing physician at the OGPaedicum and co-founder of Ortivity, commented: “Ortivity is the market leader in modern outpatient orthopaedic solutions in Germany. We will now accelerate the expansion of existing clusters and enable the dynamic transfer of concepts to other regions. We are very pleased to continue our collaboration with Apheon and remain fully committed to the joint project.”

Dr. med. Reinhard Wichels, physician, investor and co-founder of Ortivity: “It has been an exciting journey so far. Ortivity has not only become the largest orthopaedic outpatient platform in Germany, but also a visible thought leader on how physician networks can contribute to closing gaps in access and quality of care delivery.”

The transaction is subject to customary regulatory approvals. Houlihan Lokey acted as the exclusive financial advisor to Apheon. Renzenbrink & Partner acted as legal advisors to Apheon.

About Apheon
Apheon is a pan‑European mid‑market private equity firm managing more than €3 billion in assets from select global institutional investors and families. Known for a “patient and friendly capital” approach, Apheon partners with entrepreneurs and management teams, offering industrial expertise to prepare companies for future growth. Through its European presence, the firm serves as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €3.5 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 21 companies across its target sectors, representing ~€3 billion sales and more than 20,000 employees. Apheon is advised by Apheon Advisors which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, visit www.apheon.com.

About Unigestion Private Equity
Unigestion S.A. manages €12 billion in private equity assets. Its award-winning team offers four key private equity strategies focused on secondaries, directs, emerging managers and climate impact. The team invests in the leaders of tomorrow, selecting exciting, hard-to-access companies with resilient profiles across five themes – supply chain efficiency, resilient infrastructure, future of work, healthcare performance and consumer evolution. Unigestion Private Equity believes that better and more consistent investment decisions can be made by harnessing the power of mind and machine and has applied its proprietary AI technology – PEpper – to private equity investments since 2020. The firm is also at the forefront of ESG investing, having launched its first environmental private equity fund in 2010. For more information, please visit www.unigestion.com.

About Ortivity
Ortivity is Germany’s leading integrated outpatient care platform for orthopaedic services. Built around a physician-led model, the Company operates over 100 medical centres across Germany, offering a full continuum of orthopaedic care. Ortivity has demonstrated consistent growth through a combination of strategic acquisitions and organic development.

+++

Apheon
John Mansvelt, COO, Apheon
jm@apheon.com
T: +32 2 213 60 90

Natalia Yek, Head of Investor Relations, Apheon
ny@apheon.com
T: +32 2 213 60 90

Categories: News

Tags:

Launch of Leading Aesthetics Group

Bencis

As of August 2025, six highly regarded aesthetic clinics have come together under one name: Leading Aesthetics Group.

This newly formed group represents a significant step forward in the Dutch aesthetic medicine landscape. Each clinic brings a strong local presence, a loyal client base, and a reputation for medical quality and innovation. Together, they form a platform with nationwide coverage and the shared ambition to deliver high-end, doctor-led aesthetic care centred on long-term outcomes, safety, and trust.

The Clinics
• Arthur Ludlage, Cosmetische Kliniek – Haarlem
• Amstelzijde Kliniek – Amstelveen / Amsterdam
• ClausHoltz – Amsterdam
• Gooische Rimpels – Hilversum
• Van Rosmalen Kliniek – Rotterdam / The Hague / Nijmegen
• Haarkliniek De Kroon – Breda

All clinics will continue to operate under their own established names, retaining their individual identity and local reputation. Leading Aesthetics Group will serve as the overarching organisation, providing strategic direction, shared resources and a unified vision for growth. With nine locations across densely populated areas in the Netherlands, the group ensures strong regional coverage and accessibility.

A doctor-led platform with long-term focus.
Leading Aesthetics Group is built on a shared belief in high-quality, minimally invasive treatments with a medical, personalised, and future-oriented approach.
The platform’s core treatments include injectables, advanced skin and laser therapies, and hair transplant and restoration procedures. Treatments are exclusively performed by experienced medical experts.
“Our clients aren’t looking for a single quick fix, but for a treatment plan that evolves with their needs, now and in the future,” says Nicole van Riessen-Verschure, CEO of Leading Aesthetics Group.
“It is that long-term mindset, and the trust we build along the way, that connects every clinic in our group.”
“Our founders each bring over 20 years of pioneering expertise, not just in delivering exceptional results, but in redefining what aesthetic medicine can be. Their vision sets a new standard where innovation, integrity, and long-term care converge to shape the future of high-end cosmetic treatments.” CMO (Chief medical officer) of Leading Aesthetics Group, Annemarie van Rosmalen.

Supported by Bencis – built to grow
The group is backed by investment firm Bencis which has deep expertise in scaling multi-site healthcare businesses. A clear buy-and-build strategy is in place, focused on sustainable growth and consolidation in a fragmented market, both in the Netherlands and across Europe.
Leading Aesthetics Group benefits from medical excellence, operational synergies and a shared vision for continuous innovation. Each clinic retains its unique strengths while benefiting from a unified, scalable platform.

Looking ahead
This is the beginning of a new chapter.
The group is well positioned to lead in a fast-developing market, combining medical leadership, premium positioning, and strong client relationships.
Clients will immediately benefit from the collective expertise, integrated services and ongoing innovation across the platform.
With a clear ambition, a strong foundation and a doctor-led model, Leading Aesthetics Group is set to shape the future of high-end aesthetic care in the Netherlands and beyond.

Categories: News

Tags:

BGF announces successful exit from Panthera Biopartners

BGF

A leading SMO for clinical trials, Panthera has received a majority investment from LDC, with BGF reinvesting in the business as a minority shareholder.

12 August 2025
BGF announces successful exit from Panthera Biopartners

BGF has completed the successful exit of its investment in Panthera Biopartners, a leading UK site management organisation (SMO) for clinical trials. The business has received a majority investment from mid-market private equity firm LDC. As part of the transaction, BGF has reinvested and will continue to support the business as a minority shareholder, alongside LDC.

BGF first backed Panthera in 2022, completing a multi-million-pound investment alongside Gresham House Ventures, to help supercharge Panthera’s expansion plans.

Established in 2019, by co-founders Dr Ian Smith and Professor John Lyon, Preston-based Panthera supports a breadth of customers (including the world’s largest pharmaceutical companies and contract research organisations) with patient recruitment, and preparation and execution of clinical trials.

Panthera covers a range of therapeutic areas spanning Cardiovascular and Rheumatology, to Central Nervous System, Vaccines and Respiratory related trials. Leveraging an extensive proprietary patient database, the business enables highly targeted patient recruitment and efficient trial delivery.

Since receiving investment from BGF and Gresham House Ventures, Panthera has experienced significant growth and established a strong reputation in the clinical trials sector – strengthening its position as a leading SMO in the UK.

The business has expanded its national footprint, with two new site openings, broadened its capabilities into new therapeutic areas, and driven continued improvements in operational delivery, through digital innovation. Over the same period, the business has achieved rapid growth, with revenue increasing by more than 200%.

Stuart Young, CEO of Panthera Biopartners, said: “BGF has been a strong partner to Panthera, supporting our growth journey with strategic insight and operational expertise. Together, we’ve built a differentiated SMO model with strong foundations for scale.

“As we look ahead, we’re excited to be working with LDC, to further accelerate our expansion across the UK and into Europe, continue to grow our site network, and deliver larger, more complex clinical trials.”

The exit marks another successful outcome for BGF, which remains committed to backing ambitious founders and management teams driving growth across all sectors and regions.

Jill Williams, Partner at BGF, commented: “We’re proud to have supported Panthera through an exceptional period of growth, backing a highly capable team, in a growing and strategically important segment of the healthcare market.

“Since our initial investment in 2022, the business has expanded its UK footprint, entered new therapeutic areas, and enhanced its operational delivery through digital innovation. Panthera has developed into a market-leading SMO with a differentiated model. We’re excited to reinvest and continue our partnership, alongside LDC, as the company enters its next phase of growth.”

Categories: News

Tags:

BGF backs CWC Group, as part of £300m pledge to female-led businesses

BGF

ased in Northern Ireland, the family-owned specialist care provider has secured a multi-million-pound investment, to support its growth plans.

11 August 2025

BGF has made a multi-million-pound investment in CWC Group, a family-owned specialist care provider, based in County Down, Northern Ireland. The investment is the first BGF has made into a female-powered business, since it committed at least £300 million to the Invest in Women Taskforce’s funding pot, to support scaling female-powered businesses over the next five years.

CWC Group leadership team outside the company's head officeCWC Group’s Chief Learning & Development Officer Shauna Byrne, NXC Paula Kane, and Chief Executive Aisling Byrne

First founded in 1983, by sisters-in-law Monica Byrne and Imelda McGrady, CWC Group is a healthcare company that provides high-quality domiciliary, residential nursing and disability care, across seven locations throughout Northern Ireland. The business continues to be family-run, now operated by Monica’s daughters: Chief Executive Aisling Byrne and Chief Learning & Development Officer Shauna Byrne.

Commenting on the deal, Chris Nixon, Investor at BGF, said: “CWC Group has an exceptional heritage of providing high-quality care services to those in need. At a time when there is a shortage of quality facilities to meet demand in Northern Ireland, we’re looking forward to working with Aisling, Shauna, and the wider team, to expand their care home portfolio and continue to provide a vital service to communities across the province.”

BGF’s investment will support CWC Group’s acquisition of new sites and develop its service offering in specialist care.

The company has also welcomed Paula Kane to its Board, as Non-Executive Chair, and David Jones, as Non-Executive Director, to provide further expertise as the company scales. Paula was previously Founder and CEO of Ashdale Care Ireland, while David is an ex-Deloitte UK healthcare partner.

Aisling Byrne, Chief Executive of CWC Group, said: “This investment from BGF comes at an exciting time for CWC Group, and will enable us to take the next steps towards developing our care services for our service users and geographical footprint in Northern Ireland. We have a solid pipeline of new specialist care homes that will enable us to further support the NI Trusts with high-quality, dedicated care facilities for adults with specialist care needs.

“BGF’s investment, alongside the experience and know-how of our new Board members, will support the advancement of our ambitions, and retain exceptional levels of care and dedication to our service users that are at the very heart of our core values.”

CWC Group leadership, sisters Aisling and Shauna ByrneFamily-run CWC Group’s leadership team, sisters Aisling and Shauna Byrne

Andy Gregory, CEO of BGF, commented: “CWC Group has been built on deep expertise and a profound commitment to care. What stands out is not just the strength of its services, but the calibre and vision of its leadership. We’re proud for this to be our first investment, since making our £300 million commitment to female-powered businesses.

“As a founding member of the Invest in Women Taskforce, we have reaffirmed our determination to help shape a more balanced and representative entrepreneurial economy — one that reflects the full spectrum of talent across the UK.”

BGF’s pledge to invest in female-led businesses forms part of its overall commitment to invest £3 billion in high-potential businesses across the UK, over the next five years.

BGF CEO Andy Gregory speaking at our 2025 WEB (Women in Entrepreneurship and on Boards) Forum, in partnership with the Invest in Women TaskforceBGF CEO Andy Gregory speaking at our 2025 WEB (Women in Entrepreneurship and on Boards) Forum

Hannah Bernard, Co-Chair of the Invest in Women Taskforce, added: “Our recent data found that all-female founded businesses in Northern Ireland received just 2% of the nation’s total equity funding in 2024, compared to 78% for all-male teams. The Invest in Women Taskforce has been working hard to change this trend and it’s fantastic to see the capital starting to be deployed into such brilliant businesses across the UK. More investments like this from BGF are critically needed to support economic growth.”

“The first deployment by BGF from the Invest in Women Taskforce funding pool is a huge moment”, said Debbie Wosskow, Co-Chair of the Invest in Women Taskforce.

“We set out to create a generational shift in how capital is allocated, and the shift is starting to happen. BGF has identified in CWC Group a purpose-led business in its provision of care, but also one led by incredible women for four decades, to become the Ireland-wide network it is today. These types of female-run businesses are right under the noses of investors and are being overlooked.

“But this is just the start. The trend has been declining for so many years that we need much more action and much more leadership from institutions to join us in doing the same — and reap the benefits.”

Categories: News

Tags:

Servier and BC Partners enter exclusive negotiations for the sale of Biogaran

BC Partners Logo
  • BC Partners is excited to support Biogaran in building a French-headquartered, industry-leading supplier of high-quality generic medication.
  • Leveraging its deep pharmaceutical sector expertise, operational insight, and long-term capital, BC Partners aims to help accelerate growth while continuing to champion essential, affordable healthcare in France.
  • With nearly four decades of investment experience in France, BC Partners is a trusted partner to local entrepreneurs, founders, and management teams.

Servier, an international pharmaceutical company governed by a foundation, and BC Partners, a leading European investment firm, have today announced that they have entered into exclusive negotiations regarding BC Partners’ acquisition of Biogaran, one of France’s largest generic drug companies. The terms of the transaction were not disclosed.

Biogaran, a leader in the generic market in France and an active contributor to cost savings in the French healthcare system, was founded by Servier over 25 years ago. Over the years, the company has established itself as a key player in the pharmaceutical industry. Today, Biogaran offers treatments across the full spectrum of therapeutic areas — from everyday conditions to the most serious diseases — and supplies a wide range of medicines, including antibiotics, antidiabetics, and anticancer drugs.

In partnership with management, BC Partners will continue to build on the company’s position as a critical provider of generic pharmaceuticals to the French market, whilst helping to fuel further expansion in biosimilars and consumer healthcare products, which have been identified as major new cost-saving drivers for the French healthcare system.

BC Partners, founded in Europe, brings extensive experience in the French market, having invested more than €4 billion across France and the Benelux region since opening its Paris office in 1987. BC Partners combines this local presence with a strong track record of partnering with healthcare leaders and innovators, including investments in companies such as Pharmathen, Synthon, and France-based Havea, making it a natural partner of choice for Biogaran.

Cédric Dubourdieu, Partner and Head of France at BC Partners, added: “Biogaran is a recognised leader in the French healthcare sector, with a rich history and a compelling opportunity for continued growth. We look forward to helping drive the business forwards, in partnership with management, while respecting the vital role Biogaran plays within France’s healthcare landscape, and French society more broadly.”

Mark Hersee, Partner and Co-head of Healthcare at BC Partners, commented: “Biogaran is a pioneer in generic drugs, a market we know incredibly well, and one where we have developed tried-and-tested playbooks for growth over many years. Our experience in this space, from successful investments in generic pharmaceutical leaders such as Pharmathen and Synthon, means we are well positioned to help the company identify opportunities and boost its full potential.”

“We see this potential sale as a fantastic opportunity for Biogaran’s future. It is fully in line with Biogaran’s vision and strategy to consolidate our position as the leader in generic drugs in France, while expanding into new high-potential market segments. This would enable us to continue to fully embody our mission of contributing to the sustainability of the French healthcare system for the benefit of patients and healthcare professionals by ensuring better access to care. We look forward to working with BC Partners.” said Guillaume Recorbet, CEO of Biogaran.

“This project would be perfectly in line with the strategic orientations of Biogaran and Servier. On the one hand, this project would entail new ownership for Biogaran that would boost its development potential. BC Partners is a leading European investor and would be perfectly positioned to lead the next stage of development for Biogaran, in line with the interests of its stakeholders, which is a strategic condition for Servier. On the other hand, the proceeds from this transaction should enable Servier to accelerate its focus, particularly on innovative treatments in oncology and neurology, and to continue creating value in France, as we have been committed to doing for more than 70 years.” said Olivier Laureau, president of Servier.

Servier was advised by Lazard and Dentons for this project. BC Partners was advised by Rothschild & Cie, Kirkland & Ellis, Gide Loyrette Nouel and Eight Advisory.

The proposed transaction remains subject to the finalisation of definitive agreements, the appropriate employee representative processes, and the usual regulatory approvals.

Categories: News

Tags:

DentalXChange Announces Recapitalization with KKR to Advance Technology and Innovation in Dental Revenue Cycle Management

KKR

KKR’s strategic investment to accelerate DentalXChange’s product development and scalable growth to drive value creation across the industry

IRVINE, Calif.–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the recapitalization of DentalXChange (“DXC” or the “Company”), a leading provider of revenue cycle management (RCM) solutions for the U.S. dental market. In connection with the transaction, Bregal Sagemount exited its investment in DXC, following a successful strategic partnership with the Company.

As a critical technology partner for the dental ecosystem for over three decades, DXC facilitates more than two billion transactions annually and helps industry stakeholders navigate the complexities of dental RCM. The Company’s comprehensive product suite combined with strong collaboration with payers, providers, and practice management system partners has enabled DXC to deliver significant efficiencies in the ecosystem, which are poised to accelerate over the coming years.

“We seek opportunities where we can serve as differentiated partners with management teams to build world-class businesses that can positively impact the healthcare system. We have long admired the important role that DXC plays in the dental value chain, with its robust network and best-in-class solution set,” said Hunter Craig, Managing Director at KKR. “Customers consistently view DXC as a collaborative and innovative business partner, and we look forward to helping the Company further expand its capabilities and streamline operations for all stakeholders,” added Alex Ward, Director at KKR.

“KKR’s deep expertise across the dental landscape, experience with technology-led innovation and extensive network of key industry partners will meaningfully accelerate DXC’s next phase of growth,” said DentalXChange CEO, Paul Kaiser. “We look forward to expanding our use of automation and AI to reduce administrative complexity, enhance provider workflows, and create a seamless payer experience.”

“It has been a privilege to partner with the DXC team and support the Company’s growth through key investments in technology and talent,” said Bregal Sagemount Partner, Blair Greenberg. “We are proud of what we accomplished together and wish the team continued success in this next phase of growth,” added Phil Yates, Partner at Bregal Sagemount.

DentalXChange will continue to operate under its current leadership team, led by CEO Paul Kaiser.

As part of the recapitalization, KKR will support DXC to create a broad-based equity ownership program, which will provide equity to all employees at the Company, enabling the full DXC team to participate in growth and value creation. This broad-based equity strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, 70 KKR portfolio companies have awarded billions of dollars of total equity value to nearly 170,000 non-senior management employees.

KKR is making its investment in DentalXChange through its Ascendant Fund, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform.

TripleTree served as financial advisor to DentalXChange and Goodwin Procter LLP provided legal counsel to Bregal Sagemount. William Blair served as exclusive financial advisor and Kirkland & Ellis LLP served as legal advisor to KKR.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About DentalXChange

Since 1989, DentalXChange has been on the forefront of modernizing and innovating dental claims creating dental RCM solutions that bring ease to the payments process. Today, it has grown to support a current base approaching 200,000 dental providers and connectivity to nearly 1,400 payer plans. Headquartered in Irvine, CA, through its own clearinghouse, state of art technology consisting of modern APIs, and secure Web portals, DentalXChange processes over 1B EDI transactions, consisting of more than 300MM dental claims annually.

About Bregal Sagemount

Bregal Sagemount is a leading growth-focused private capital firm with more than $7.5 billion of cumulative capital raised. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount has invested in over 70 companies in a variety of sectors, including software, information / data services, financial technology & financial services, digital infrastructure, healthcare IT, and business & consumer services. The firm has offices in New York, Palo Alto, and Dallas. For more information, visit the Sagemount website: www.sagemount.com (http://www.sagemount.com/) or follow us on LinkedIn. (https://www.linkedin.com/company/bregal-sagemount)

Media:
KKR
Brooke Rustad
Brooke.rustad@kkr.com

DentalXChange
Marci Sweet
msweet@dentalxchange.com

Source: KKR & Co. Inc.

 

Download PDF

Categories: News

Tags:

MannKind and Blackstone Announce up to $500 Million Strategic Financing Agreement

Blackstone
  • Strengthens MannKind’s capital structure with flexible, long-term, non-dilutive funding
  • MannKind to receive $75 million in cash at closing

DANBURY, Conn., WESTLAKE VILLAGE, Calif. and NEW YORK – August 06, 2025 – MannKind Corporation (Nasdaq: MNKD), a company focused on the development and commercialization of inhaled therapeutic products and delivery devices for patients with endocrine and orphan lung diseases, and funds managed by Blackstone (“Blackstone”) today announced that they have entered into an up to $500 million strategic financing agreement. The financing agreement provides MannKind with non-dilutive capital to advance its short- and long-term growth strategies.

“This strategic financing significantly increases our operating flexibility and provides us substantial access to non-dilutive capital on favorable terms, complementing our strong cash position,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “The funding will support the expansion of our commercial team in preparation for the anticipated launch of the pediatric indication for Afrezza, if approved, continued pipeline advancement, potential business development opportunities, and general corporate purposes. Partnering with the Blackstone team on this transaction positions us to accelerate our next phase of growth and innovation.”

“MannKind has a strong commercial track record, diversified product portfolio, and exceptional management team,” said Jonathan Brayman, Managing Director at Blackstone Credit & Insurance. “This strategic financing provides flexible capital to support MannKind’s growth initiatives while positioning Blackstone as a long-term partner to the company. We believe access to our value creation platform and deep bench of life sciences expertise will support MannKind’s commercialization efforts, as well as its organic and inorganic pipeline.”

The up to $500 million senior secured credit facility consists of a $75 million initial term loan funded at closing, a $125 million delayed draw term loan (DDTL) available for the next 24 months, subject to customary drawdown conditions, and an additional $300 million uncommitted DDTL available at the mutual consent of MannKind and Blackstone. The facility bears interest at a calculated SOFR variable rate plus 4.75% (which may be increased by 25 basis points if a total leverage ratio is exceeded). The facility matures in August 2030 and does not provide for scheduled amortization payments during the term.

About MannKind
MannKind Corporation (Nasdaq: MNKD) focuses on the development and commercialization of innovative inhaled therapeutic products and devices to address serious unmet medical needs for those living with endocrine and orphan lung diseases.

We are committed to using our formulation capabilities and device engineering prowess to lessen the burden of diseases such as diabetes, nontuberculous mycobacterial (NTM) lung disease, pulmonary fibrosis, and pulmonary hypertension. Our signature technologies – dry-powder formulations and inhalation devices – offer rapid and convenient delivery of medicines to the deep lung where they can exert an effect locally or enter the systemic circulation, depending on the target indication.

With a passionate team of Mannitarians collaborating nationwide, we are on a mission to give people control of their health and the freedom to live life.

Please visit mannkindcorp.com to learn more, and follow us on LinkedIn, Facebook, X or Instagram.

About Blackstone
Blackstone is the world’s largest alternative asset manager. Blackstone seeks to deliver compelling returns for institutional and individual investors by strengthening the companies in which the firm invests. Blackstone’s $1.2 trillion in assets under management include global investment strategies focused on real estate, private equity, credit, infrastructure, life sciences, growth equity, secondaries and hedge funds. Further information is available at https://www.blackstone.com/. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements about: financing plans, cash position, business development initiatives, commercial team expansion, the potential launch of the pediatric indication for Afrezza, if approved, the expected benefits of the senior secured credit facility, the ability of MannKind to drawdown the $125 million DDTL, and the availability of the $300 million additional DDTL. These statements involve risks and uncertainties. Words such as “believes”, “anticipates”, “plans”, “expects”, “intends”, “will”, “goal”, “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon MannKind’s current expectations. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, the risk that the DDTLs may not be available to MannKind due to failure to meet required drawdown conditions or the inability to obtain consent from Blackstone, the risk that issues that develop in the preparation of data releases and filings may subject us to unanticipated delays, risks associated with the regulatory review process as well as other risks detailed in MannKind’s filings with the Securities and Exchange Commission (SEC), including under the “Risk Factors” heading of its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2025, filed with the SEC on August 6, 2025. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and MannKind undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this press release.

AFREZZA and MANNKIND are registered trademarks of MannKind Corporation.

For MannKind:
Investor Relations
Ana Kapor
(818) 661-5000
ir@mnkd.com

Media Relations
Christie Iacangelo
(818) 292-3500
media@mnkd.com

For Blackstone:
Thomas Clements
(646) 482-6088
Thomas.Clements@blackstone.com

Categories: News

Tags:

BlackPeak Capital Invests in Affinity Life Care to Support Expansion of Romania’s Leading Elderly Care Network

BlackPeak Capital
BlackPeak Capital is pleased to announce a growth equity investment in Affinity Life Care, the leading provider of elderly care services in Romania.

This marks the first private equity investment in Romania’s senior care sector, underscoring both the sector’s growing importance and Affinity’s unique position in the market.

BlackPeak Capital Invests in Affinity Life Care to Support Expansion of Romania’s Leading Elderly Care Network

Founded with the mission to elevate the standard of elderly care in Romania, Affinity operates three high-quality elderly care centers in central Bucharest, with over 400 licensed beds. The company’s fully integrated model combines specialized medical teams, in-house rehabilitation, and warm, welcoming environments designed around the needs of each resident.
The new investment will enable Affinity to double its current capacity and expand into additional cities across Romania. This growth comes at a time of increasing demand for quality elderly care, driven by demographic shifts, rising consumer expectations, and pressure on public healthcare infrastructure.

We are glad and grateful to join forces with a partner who shares the same values and long-term vision

 

said Dragoș Nicolae Iamandoiu, majority shareholder of Affinity Group. “BlackPeak Capital’s investment represents a strong validation of our mission and our team’s ongoing commitment to redefining elderly care standards in Romania.”

At the center of what we do is our unwavering focus on both the medical and social well-being of our residents

 

added Andrei Motoc, CEO of Affinity. “With the support of BlackPeak Capital, we aim to further expand our network of high-quality homes, enhance our care and rehabilitation services, and continue building a supportive and sustainable work environment for our employees.”

Affinity represents the first investment by a private equity fund in Romania’s senior care sector, and we see it as a big responsibility towards current and future residents, employees, and the industry

 

said Virgil Chitu, Romania Lead at BlackPeak Capital, who will also join the company’s board of directors.

 

Affinity is uniquely positioned to lead the transformation of Romania’s elderly care landscape by combining medical quality, personal dignity, and scalable infrastructure. BlackPeak Capital is proud to support the next chapter of its growth.

Learn more about Affinity Life Care at www.affinity.ro

 

Categories: News

Tags: