Tag Archives: healthcare

IK Partners to sell Klingel Medical Group to Elos Medtech

IK Partners

Press Release
Friday, 28 July 2023

IK Partners (“IK”) is pleased to announce that the IK VIII Fund (“IK VIII”) has reached an agreement to sell its stake in KLINGEL Holding GmbH (“Klingel Medical Group”, “Klingel” or “the Group”), a leading full-service provider for complex high-end components and custom products for medical technology, to Elos Medtech AB (“Elos Medtech”) (STO: ELOS-B).

Founded in 1986 and headquartered in Pforzheim, Germany, Klingel has grown to become a market-leading contract development and manufacturing organisation (“CDMO”) with a strong focus on medical technology (“MedTech”) customers across Orthopaedics, Spine, Trauma, Surgical Robotics, Endoscopy and Dental. The Group’s offering spans the entire value chain from development services to production and sterile packaging, with eight production facilities in Southern Germany and Switzerland.

With IK’s support, the business has transformed from a local contract manufacturer in the DACH market into a truly international MedTech CDMO with a strong customer base of global MedTech original equipment manufacturers. During this period, sales have more than trebled, driven by an expansion of production technologies and the successful bolt-on acquisitions of GEHRING CUT, Bächler Feintech, puracon and Ruetschi. Collectively, the Group has approximately 900 employees.

In addition to its full value chain coverage, Klingel relies on deep technological expertise as well as development, production and regulatory know-how to drive outperformance versus its peers. The Group also has a very experienced management team which has more than 80 years of combined experience at C-suite level.

Ralf Petrawitz and Christoph Ruetschi, Co-CEOs at Klingel Medical Group, commented: “We would like to thank the team at IK for their unwavering support over the past five years; a period which has seen us demonstrate exceptional growth and expand our DACH footprint in MedTech. We are proud of all that we have achieved and look forward to continuing this growth trajectory with our new partner Elos Medtech.”

Anders Petersson, Managing Partner at IK and Advisor to the IK VIII Fund, said: “Since our acquisition of the business in 2018, together with management, we have successfully executed our growth strategy, helping Klingel to significantly expand its customer base to become an international MedTech company. One of the reasons we invested in Klingel, was the fragmented nature of this market and its consolidation potential. With our support, the Group has been able to make several exciting bolt-on acquisitions and become a consolidator in the market, which has enabled Klingel to become a leading CDMO in the MedTech sector. It has been a true pleasure working together with the team at the Group. The combination with Elos MedTech makes a lot of strategic sense and we believe that the cultural fit is strong.”

Stefano Alfonsi, CEO and President at Elos Medtech, added: “We firmly believe that this acquisition strengthens our position in the CDMO landscape. It marks a significant step forward in our commitment to offering an extensive array of services to our customers through the hard work of a talented combined workforce. The acquisition will reinforce our well-established reputation for excellence and our ability to cultivate enduring partnerships, aligning seamlessly with Klingel’s similar ethos. We look forward to working with Ralf, Christoph and their team.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About Klingel Medical Group

Klingel Medical Group is one of the leading manufacturers of metal products for medical technology. As a specialist for the precision processing of high-strength materials, we have been growing continuously and maintaining long and very close relations with our customers. Klingel employs roughly 900 employees across its headquarters in Pforzheim and partner companies Josef Ganter Feinmechanik in Dauchingen, puracon in Rosenheim, Bächler Feintech in Hölstein and Matzingen as well as Ruetschi in Renquishausen (Southern Germany), Muntelier and Yverdon-les-Bains (both in Switzerland). For more information, visit https://www.klingel-group.com/

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in 180 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit https://ikpartners.com

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About Elos Medtech

Elos Medtech is a leading development and production partner for medical devices and components, with a focus on dental and orthopedic implants and instruments. The company operates from facilities in Sweden, Denmark, China, and the U.S. The customer base comprises international medical technology companies.
Elos Medtech has more than 650 employees and a turnover of approximately SEK 950 million. Elos Medtech has been listed on NASDAQ Stockholm AB since 1989. Elos Medtech’s B share is categorized as a Health Care company on the Mid Cap list. For more information, visit https://elosmedtech.se/

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BPEA EQT to acquire a majority stake in Indira IVF – India’s largest chain of fertility clinics

eqt
  • BPEA EQT to acquire a majority stake in Indira IVF, the largest provider of fertility services in India and top five globally in terms of annual IVF cycles, having facilitated 125,000 successful pregnancies to date
  • India is one of the fastest growing markets globally for Assisted Reproductive Technology  services due to its large addressable population, rising education levels and marriage age, declining fertility rates, and low market penetration
  • BPEA EQT will invest in Indira IVF’s R&D capabilities and technology, while further broadening its footprint across India and exploring expansion into neighboring markets, making fertility services and reproductive health more accessible to couples

EQT is pleased to announce that BPEA Private Equity Fund VIII (“BPEA EQT”) has agreed to acquire a control stake in Indira IVF (the “Company”), from TA Associates and the Company’s founders, Dr. Ajay Murdia, Dr. Kshitiz Murdia, and Dr. Nitiz Murdia, who will retain a significant minority stake and continue to lead the Company.

Indira IVF was founded by Dr. Ajay Murdia in 1988 and has since then scaled from a single clinic to a nation-wide network spanning 116 centers across 20 states in India. Today, the Company is the market leader within Assisted Reproductive Technology services in India and completes approximately 40,000 IVF cycles annually, making it the largest player in India and amongst top five players globally. To date, Indira IVF has successfully supported over 125,000 couples in their journey towards achieving pregnancy.

India is one of the fastest growing markets globally for Assisted Reproductive Technology services and significantly underpenetrated compared to more developed markets. Infertility rates in India are estimated to be around 15 percent and they are expected to rise, driven by lifestyle changes, such as poor diets, stress levels and pollution. Today, India completes around 300,000 IVF cycles annually, and over the next decade, the number of cycles done across the country is expected to grow around 15 percent at a compound annual growth rate. This trend is supported by the rising awareness about infertility treatments, growing middle class, declining fertility rates, and increasing marriage age.

Ashish Agrawal, Partner at BPEA EQT, commented, “Fertility services and reproductive health is a large and fast-growing opportunity in India and Indira IVF is a pioneer in this space. We are truly impressed by its scalable and repeatable model with best-in-class medical infrastructure and technology systems that have the ability to help realize the dreams of couples who want to become parents. We see strong potential in further expanding India IVF’s presence across India and entering adjacent markets, while continuing to invest in its R&D capabilities and technology, drawing on EQT’s in-house expertise within healthcare and digitalization.”

Dr. Kshitiz Murdia, CEO of Indira IVF, commented, “Partnership with BPEA EQT is the beginning of a new phase of sustainable growth for Indira IVF. Starting from a single clinic in Udaipur to becoming the largest provider of Assisted Reproductive Technology services in India today, Indira IVF’s journey has been a remarkable success story. The ART sector in India is at an exciting stage of development and we are lucky to have a great company, partners, and colleagues to lead the growth of this segment. BPEA EQT is one of the largest healthcare investors globally and has a deep understanding of the IVF sector. We, at Indira IVF, are on a mission to provide world class IVF services to more couples with best-in-class clinical outcomes. I am delighted to have a like-minded partner in BPEA EQT who shares our purpose and we are ready to scale the Indira IVF platform to the next level.”

Jimmy Mahtani, Partner and Co-Head of BPEA EQT India, concluded, “This investment aligns with EQT’s commitment to investing in companies that address critical societal needs and have the potential to impact people’s lives for the better. Under the stewardship of the founding Murdia family and the management team, Indira IVF has scaled to become a leader that has helped more than a hundred thousand couples achieve parenthood. We couldn’t be prouder to support such an important mission and we look forward to partnering with Indira IVF and the Murdia family on its next stage of growth.”

BPEA EQT was advised by JSA (legal), Lincoln International, Price Waterhouse & Co LLP (transaction and tax, operational DD), Deloitte (financial and tax DD, structuring, ESG), and Awelin (digital). The selling shareholders were advised by Goldman Sachs and J.P. Morgan.

With this transaction, BPEA Private Equity Fund VIII is expected to be 35-40 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com

About BPEA EQT
BPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.

More info: www.eqtgroup.com/private-capital/bpea-eqt
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Indira IVF
Indira IVF is India’s largest fertility chain expert with 115+ centers across the country. We are supported by a passionate workforce of 2700+ professionals and 250+ IVF specialists. Indira IVF has helped more than 1,25,000 couples battle their infertility issues and successfully get pregnant through IVF. We are a technology-first company and have invested in several technologies such as RI witness technology, closed working chambers technology, artificial intelligence (AI), microfluidics, and more. It is by means of empathy and meticulous standardization processes that we have been able to attain industry leading success rate, making Indira IVF the most preferred fertility chain of hospitals in the country.

More info: www.indiraivf.com 
Follow Indira IVF on LinkedIn, Twitter, YouTube and Instagram

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ONCAP Completes Investment in Biomerics and Significant Distribution for ONCAP IV

Onex

ONCAP today announced it has closed a significant investment into Biomerics and provided a material realization for investors in Precision Concepts including ONCAP IV. As part of the transaction, Biomerics has merged with the medical business of ONCAP IV’s current portfolio company, Precision Concepts (“Precision Concepts Medical”) including Precision Concepts Group of Winston-Salem, NC, which was acquired from the Marino family in April 2023. This investment has been made in partnership with Biomerics’ founder and CEO Travis Sessions, current Biomerics shareholder Wasatch Equity Partners, and the Marino family. Following this transaction, Precision Concepts will become a stand-alone pure-play consumer packaging company with a dedicated focus from the existing management team on growing both organically and through mergers and acquisitions (M&A).

The investment in Biomerics was made by a combination of ONCAP IV, ONCAP V and co-investors. With the completion of this transaction, Biomerics is the second investment for ONCAP V. Proceeds to Precision Concepts were used to repay debt and provide a significant distribution to shareholders, including ONCAP IV.

Following this transaction, Biomerics has over 1.2 million square feet of manufacturing space across 13 locations making it one of the Top 10 interventional contract development and manufacturing organizations globally. Biomerics supplies 22 of the top 35 medical device OEMs and is strategically focused on high growth end markets including structural heart, electrophysiology, robotic surgery, cardiovascular disease, and endoscopy. The merger furthers Biomerics’ fully integrated capability set and positions it to best serve its OEM customers. Going forward, Biomerics will be well-capitalized with significant capacity to continue to pursue strategic M&A.

The Precision Concepts management team, led by CEO Ray Grupinski, will continue to operate the consumer packaging business, which possesses strong EBITDA margins and an attractive growth profile. We believe this transaction helps to simplify and focus the remaining Precision Concepts business, better positioning it for a successful exit in the future.

About ONCAP

ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small- and medium-sized businesses that are market leaders and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.

Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has $51.1 billion in assets under management, of which $7.8 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

About Biomerics

Founded in 1994, Biomerics is a leading medical device contract manufacturer serving the interventional device market. Trusted as a vertically integrated partner, Biomerics provides design and development services, technology transfer manufacturing services, and contract manufacturing services for medical device components, subassemblies, and finished medical devices. Biomerics operates eight locations in the United States, Ireland, and Costa Rica. Biomerics is industry leader in materials, interventional medical plastics, complex extrusion, micromachining of metals and polymers, laser processing, balloons & balloon catheters, advanced catheters & steerables, image guided intervention, and finished device assembly. In addition to operating under a certified ISO 13485:2016 quality system, Biomerics is FDA registered and compliant with FDA 21 CFR Part 820.

About Precision Concepts

Based in Mooresville, North Carolina, Precision Concepts is a diversified manufacturer of finished medical devices and specialty rigid packaging solutions (sticks, jars, vials, closures, spouts, bottles, tubes) serving the medical, pharmaceutical, personal care, food and beverage and nutraceutical industries. The company has ~1,700 employees with twelve manufacturing facilities located in Canada, the United States, Costa Rica, and the Dominican Republic.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information:

Onex

Jill Homenuk

Managing Director – Shareholder

Relations and Communications

Tel: +1 416.362.7711

Zev Korman

Vice President, Shareholder

Relations and Communications

Tel: +1 416.362.7711

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Clinisupplies Acquires Great Bear Healthcare to Expand Direct-to-patient Chronic Care Services in the Community

LONDON–(BUSINESS WIRE)– Clinisupplies, a leading manufacturer and supplier of continence care consumables, today announced the acquisition of Great Bear Healthcare, a UK-based manufacturer and supplier of continence products for managing acute and chronic conditions.

Clinisupplies and Great Bear Healthcare are both growing organisations predominately focused on the UK healthcare market for continence products. The two companies provide continence care nursing services to support the NHS and offer a dedicated home delivery service for continence care products to patients’ homes.

Great Bear Healthcare is the first acquisition since Clinisupplies became a KKR portfolio company in January 2023 and is allied to the ambition of building an international chronic care medical devices platform.

Paul Cook, CEO of Clinisupplies, commented: “Becoming part of the KKR network and leveraging their team’s expertise helps us to support more consumers and engage with more healthcare professionals. Great Bear is the perfect fit for Clinisupplies to strengthen our core business in the UK and create a platform for future growth. We look very much forward to working with the Great Bear team and continuing the great work of founders who created a successful organisation.”

Al Hale, CEO of Great Bear, commented: “Clinisupplies is the right organisation to take Great Bear onto the next stage of its growth journey. The last 16 years has seen Great Bear grow from a new entrant to a strong player within the UK continence market. The investment which Clinisupplies is now able to bring to the organisation will enable further growth to support more patients across the UK.”

KKR invested in Clinisupplies through KKR Health Care Strategic Growth Fund II, a $4.0 billion fund focused on investing in high-growth healthcare companies. KKR has a long track record of supporting healthcare companies globally, having invested approximately $19 billion in the sector since 2004.

About Clinisupplies
Clinisupplies is a leading UK-based manufacturer and supplier of medical appliances specialising in continence products for managing acute and chronic conditions. Employing over 500 people in the UK, China and India, Clinisupplies supplies its products to the NHS and delivers direct to patients’ homes through Clinidirect, its dispensing appliance contractor.

Clinisupplies is focused on developing products which are simple and discreet to use. Its product development team works with clinicians and patients to develop a strong product pipeline to be manufactured at its CE, ISO, US FDA approved facilities.

Please visit www.clinisupplies.co.uk for further information.

About Great Bear
Great Bear Healthcare is a UK-based manufacturer and supplier of continence care products and operates the home delivery service Nightingale. The company was created in 2007 with the aim of developing a high-quality range of continence products to enable people to live the life they want to lead.

Great Bear has grown consistently and today employs more than 120 people working across Great Bear & Nightingale home delivery service. Great Bear is headquartered in Cardiff with home delivery services based in Cardiff & Bridgwater.

Please visit www.greatbearhealthcare.co.uk for further information.

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 and on Twitter @KKR_Co.

FGS Global
Alastair Elwen / Sophia Johnston
Telephone: +44 20 7251 3801
Email: KKR-Lon@FGSGlobal.com

Source: KKR & Co. Inc.

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IK Partners completes acquisition of Medica Group

IK Partners

Press Release
Friday, 7 July 2023

IK Partners (“IK”) is pleased to announce that the IK IX Fund has completed its acquisition of Medica Group Plc (LSE:MGP) (“Medica” or “the Group”), a market-leading teleradiology provider in the UK and Ireland and provider of imaging solutions to clinical trials in the US. Representing IK’s fourth platform investment in the UK, the acquisition of Medica was made through Moonlight Bidco Limited (“Bidco”), a newly incorporated wholly owned subsidiary of funds advised by IK.

Following shareholder approval on Friday, 9 June 2023, the acquisition became effective on Thursday, 6 July 2023 and Medica has now been de-listed from the London Stock Exchange.

Founded in 2004 and headquartered in Hastings, UK, Medica is a leading healthcare services provider with operations in the UK, Ireland and US. With over 400 employees globally, the Group has a network of more than 750 radiologists, radiographers and specialist doctors who serve over 200 clients worldwide. In the UK and Ireland, Medica provides a fast and reliable reporting service (including out-of-hours) for MRI, CT, Ultrasound and X-Ray to more than 100 National Health Service (“NHS”) trusts, the Irish Health Service Executive (“HSE”) and independent sector organisations. Through its subsidiary in the US, RadMD, Medica provides high-quality imaging services for clinical trials within the pharmaceuticals, biotechnology and medical device industries, with particular expertise in oncology. Within the area of clinical trials, Medica has, to date, contributed to over 600 studies globally.

IK’s focus will be on supporting the Group to continue delivering high-quality services to its customers, with a strong emphasis on maintaining high standards of clinical governance and sub-speciality expertise offered by its network of over 750 outstanding radiologists, radiographers and specialist doctors. IK’s investment will support Medica and its management team to continue investing in its people, technology and new capabilities, both organically and through M&A.

IK has a well-established track record of investing in successful companies across the Healthcare sector and to date, has invested in 23 healthcare companies across Europe, deploying approximately €2.1 billion of capital.

Stuart Quin, CEO of Medica Group, said: “Since inception, Medica has gone from strength-to-strength, becoming an international provider of high-quality telemedicine services, imaging services for clinical trials and a market-leading teleradiology provider in the UK and Ireland. This, coupled with the outstanding contributions of our employees as well as a dedicated network of exceptional radiologists, radiographers and specialist doctors, has enabled us to continue improving patient outcomes by delivering the highest quality service. As we embark on the next phase of Medica’s growth, we look forward to working closely with the team at IK, whom we believe is best placed to support us given their active partnering approach and understanding of our markets. This represents an exciting next step as we continue to provide high-quality reporting to support our customers and lead the way in telemedicine.”

Pete Wilson, Partner and Advisor to the IK IX Fund, added: “We are delighted to complete the acquisition of Medica and begin working with Stuart and his team to drive continued strong growth. The Group provides critical services to a broad range of healthcare providers and is contributing, in partnership with its customers, to help clear imaging backlogs, reduce waiting times and ultimately improve clinical outcomes. We look forward to supporting the business in achieving its mission to lead the way in delivering collaborative and responsive telemedicine solutions that put patient outcomes at the heart of what they do.”

 

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About Medica Group

Medica is the teleradiology market leader, providing hospital radiology departments with independent support to address serious capacity issues in both urgent and non-urgent reporting pathways. Founded in 2004 and headquartered in Hastings, UK, Medica has operations in the UK, Ireland and US. With over 400 employees globally, the Group has a network of more than 750 radiologists, radiographers and specialist doctors who serve over 200 clients worldwide. For more information, visit www.medica.co.uk

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Lazeo Welcomes Significant Investment from Blackstone

Blackstone

LONDON, UK and PARIS, FRANCE – July 6, 2023 – Lazeo, the number one provider of aesthetic medicine services in France, today announced that funds managed by Blackstone Tactical Opportunities (“Blackstone”), have agreed to make a significant investment in the Company. Financial terms of the transaction were not disclosed.

Headquartered in Paris, Lazeo is a founder-led, family-owned provider of non-invasive aesthetic medicine services including laser hair removal, injectables, body contouring, and medical-grade facials. Founded in 2010 by Dr. Bernard and Dimitri Sillam with a single location in Paris, Lazeo has grown to become the number one provider in France with 135 locations, five in Belgium and significant runway for further expansion in both existing and new markets. In 2023, Lazeo entered Germany with the acquisition of Munich-based Cleanskin.

This partnership with Blackstone will support Lazeo’s continued growth and help meaningfully scale its operations and ongoing expansion. Dimitri Sillam, Co-Founder and Chief Executive Officer, will continue to run day-to-day operations of the Company.

Dimitri Sillam, Co-Founder and CEO at Lazeo, said: “We are thrilled and honoured to partner with Blackstone for the next phase of our growth journey. Blackstone shares in our vision to make Lazeo into a European champion in aesthetic medicine, and we look forward to working together to build on our significant success to date.”

Raphael de Botton, Senior Managing Director at Blackstone, said: “Providing capital to a family-founded company is a hallmark of Blackstone Tactical Opportunities and we are delighted to partner with Bernard, Dimitri and the Lazeo team.

“Lazeo is a high-growth market leader with clear brand recognition in a sector with strong industry tailwinds and meaningful value-add opportunities. Together with the Sillam family, Blackstone will support Lazeo in capitalising on its leadership position in France, while expanding its operations in Europe.”

The transaction is subject to regulatory approvals and other customary closing conditions.

Press Contacts:

Lazeo
Scarlett Sillam
+33 6 84 60 35 16

Blackstone
Rebecca Flower
Rebecca.Flower@blackstone.com
+44 (0)7918 360372

The Leverage Advisory on behalf of Blackstone
Florence Sabourin
fsabourin@theleverageadvisory.eu
+33 6 07 62 47 36

About Lazeo
Lazeo is the leading aesthetic medicine provider in France, with over 140 fully owned locations across France, Belgium, and Germany, and over 800 employees. Lazeo provides safe, non-invasive treatments at the forefront of innovation for maximum effectiveness and comfort, with treatments that are tailored to meet the needs and requirements of each client. Lazeo was founded in 2010 by Dr. Bernard Sillam and Dimitri Sillam.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $991 billion in assets under management include investment vehicles focused on private equity, real estate, private and liquid credit, infrastructure, life sciences, growth equity, public securities and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

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Radiologists from the CRP, Imacam and I-Series groups are joining forces to create Imaneo, a leading group of independent radiologists in Occitanie

Parquest

Radiologists from the CRP, Imacam and I-Series groups are joining forces to create Imaneo, a leading group of independent radiologists in Occitanie.

Press release

Montpellier, 13 June, 2023

Radiologists from the CRP, Imacam and I-Seris groups have decided to partner around a common project by creating Imaneo, a group of independent radiologists in Occitanie.

Based in Hérault and Gard, Imaneo brings together nearly seventy radiologists, all shareholders of the group. To support this project and enable ambitious long-term development, they have partnered with the French investment fund Parquest, which benefits from a long experience in supporting the development of companies in healthcare services. In addition to the existing teams and Parquest, they have also recruited a seasoned management team that will support radiologists in the operational implementation of their project.

Thus, Imaneo radiologists intend to pursue and accelerate the development of their practices with the following objectives:

  • Ensure the development of an offer of medical excellence built around diagnostic imaging and interventional radiology guaranteeing patients a coordinated and high-quality healthcare journey within the region’s healthcare network
  • Benefit from the strength of a group and the expertise of a dedicated management team to address professional challenges (investments, recruitment and retention)
  • Lead an active strategy of development and innovation for the benefit of patients and the whole ecosystem (partnerships with CPTS and the Hospital, teleradiology, AI, screening, etc.)
  • Strengthen the support provided to their employees particularly through training around innovation and good medical practices.Imaneo’s radiologists intend to expand the association to new radiologists or groups of radiologists interested in actively participating in the development of radiology services in their territories. These new members will join as associated radiologists, preserving the autonomy and independence of their practices over time.Imaneo has already welcomed eight new radiologists in early 2023 and plans to welcome five more by the end of the year.Jérôme Bénis, radiologist and President of Imaneo, stated: “This association is an answer to the evolving radiology profession and its new challenges, which require advanced equipment and significant investments. While the sanitary crisis has shed light on the importance of high-quality and local medicine, we are thrilled to partner with Parquest, which brings its economic and managerial expertise as well as the necessary funds and human resources to achieve our ambitions”.Arthur Brézac, Deputy Chief Executive Officer of Imaneo, added: “Radiology in France is at a turning point, facing both organizational and demographic challenges. The Imaneo project, as it was conceived, paves the way for the radiology of tomorrow: care for patients as close as possible to their places of residence while offering innovative and high-quality medical care, allowing radiologists to focus on the development of diagnostic and therapeutic radiology. The medical independence of the radiologists will be the leading force of this adventure”.Laurence Bouttier, Associate Director at Parquest, asserted: “We are convinced by the quality of Imaneo’s medical offering and by the radiologists’ project, that makes Imaneo a unifying force in this sector under consolidation. This project perfectly aligns with our expertise in supporting the structuring of a group and providing the means to accelerate its development independently in the long run. What a promising alliance for the success of this project led by talented doctors.”

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Cathay Health Increases its Stake in TISSIUM with €50M Series D

Cathay Capital

New financing to support TISSIUM’s commercial launch and platform extension

 

Paris, (France), May 23, 2023 – Today, Cathay Health announced its participation in the €50M Series D round of TISSIUM, a privately-owned medtech company developing biomorphic programmable polymers for tissue reconstruction. The investor syndicate brings new investors such as Fonds Stratégique des Transitions, managed by ISALT as well as Merieux Developpement, and includes historical investors such as Credit Mutuel Innovation and Sofinnova Partners.

Cathay Health reinvested over pro rata in this round of financing, based on the progress the company has made to get into clinical studies, its corporate development and its advancing commercial plans as well as its vision for further developing its product pipeline.

This latest funding round coincides with the achievement of important milestones for TISSIUM, notably its on-going first-in-human study on its first nerve repair product, COAPTIUM Connect, in Australia and the preparation of the commercialisation of its first products in nerve and hernia repair. The financing will allow TISSIUM to continue to execute on its development plan, funding the company for the commercialisation of its first products in nerve and hernia repair and fueling the extension of its pipeline of products and its platform.

TISSIUM will continue to pursue rapid international expansion, leveraging in-house production and state-of-the-art manufacturing facilities, as well as entering partnerships in certain verticals. In parallel, it will broaden its platform with more specialized products in the existing verticals (nerve, herna and cardiovascular) while also extending to other verticals in new therapeutic areas.

Christophe Bancel, CEO of TISSIUM, said: “With the closing of our Series D financing round, TISSIUM is well-positioned to finance the commercialization of its first products. This funding significantly bolsters our ability to move with speed towards our goal of enhancing tissue reconstruction for patients. We look forward to continuing our work to bring innovation in the space and develop products that make a difference in patients’ lives.”

Hongjie Hu, Managing Partner at Cathay Health, added: “Since leading TISSIUM’s 2021 Series C, we’ve been continuously impressed with the team and the company’s strong progress in developing multiple clinical programs off the TISSIUM biopolymer technology platform. We continue to believe that TISSIUM is creating the future of tissue reconstruction and are proud to continue supporting the company’s clinical and commercial growth of its expandable platform that can be applied toward driving better outcomes in multiple, large therapeutic areas.”

 

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About TISSIUM

TISSIUM, a privately-owned MedTech company based in Paris, France and Boston, USA, is dedicated to the development and commercialization of products derived from its unique biopolymer platform. The company’s products will address multiple unmet clinical needs, including atraumatic tissue repair and reconstruction.

TISSIUM is developing a portfolio of products that leverage its proprietary family of fully biosynthetic, biomorphic, and programmable polymers, which are the foundation of the company’s technology platform. Currently, the Company has a pipeline of seven products across three verticals, including sutureless nerve repair, hernia repair and cardiovascular sealants. Each product is designed to enhance the tissue reconstruction process in a unique way. In addition, the company develops complementary delivery and activation devices for enhanced performance and usability of its products.

TISSIUM’s technology is based on world-class research and intellectual property from the laboratories of Professor Robert Langer (MIT) and Professor Jeffrey M. Karp (Brigham and Women’s Hospital), who co-founded the company in 2013.

For more information, please visit: www.TISSIUM.com

Follow us on LinkedIn, Twitter @TISSIUMtech.

​​About Cathay Health

Cathay Health, affiliated to Cathay Capital, is a tech bio fund investing at the convergence of healthcare, life sciences and technology. As a multi-stage venture and growth fund, it backs convergence medicine companies across Europe, North America and Asia whose tech-enabled solutions catalyze groundbreaking advances in medicine. From the world’s leading life sciences and technology hubs, including San Francisco, New York, London, Cambridge, Paris, and Basel, Cathay Health aims to partner with future leaders in the data-driven medicine era to transform human health and care in all its dimensions.

For more information, please visit us on the web or follow us on LinkedIn and Twitter @CathayHealth.

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CapMan Growth exits Coronaria, continues as investor in Silmäasema

Capman

apMan Growth press release
19 May 2023 at 14:30 PM EEST

CapMan Growth exits Coronaria, continues as investor in Silmäasema

The ownership of Coronaria, one of the largest healthcare industry companies in Finland, is restructured. CapMan Growth and Tesi exit Coronaria while Cor Group, together with the company’s leadership and key persons, increase their ownership of the company to over 80%. As part of the restructuring, CapMan Growth invests in Silmäasema together with Elo, Ilmarinen, Konstsamfundet and key persons, as part of an investment round of around €40 million. Coronaria remains the largest owner of Silmäasema with an ownership of about 80%.

CapMan Growth has together with Coronaria’s main owner Cor Group and Mandatum Asset Management (MAM) agreed on an arrangement in which Cor Group increases its ownership in Coronaria. As CapMan Growth exits the company, the ownership share of products managed by the MAM Growth Equity team (MAM GE) also increases. As a result of this arrangement, Cor Group together with the company’s leadership and key persons, own about 82% of the company, while the ownership share of products managed by MAM GE remains around 18%.

”I am very grateful that I have had the opportunity to develop and build this wonderful company for so many years, while at the same time learning from unique entrepreneurs. At this point, I would especially like to thank Teppo Lindén, Ulla Näpänkangas, Marika Heikkala and Jari-Pekka Kelhä, and all the rest of Silmäasema’s and Coronaria’s management for their amazing work in an environment challenged by a public social and welfare renewal, covid-19, inflation and a war in Europe,” comments Antti Kummu, Managing Partner at CapMan Growth.

”I want to thank CapMan and Antti Kummu for providing us with resources to grow into one of the largest healthcare operators in the country, as well as the market leader in eye health. During CapMan’s ownership period our turnover has more than tripled from 117 million to 358 million. At the same time our personnel have grown from about 1,200 to 4,200 people”, comments Teppo Lindén, CEO at Coronaria.

CapMan Growth Equity Fund 2017 Ky fund is in carry and will have seven remaining assets following this exit.

Silmäasema’s ownership base broadens

Connected to this the CapMan Growth Equity II -fund has made an investment in Silmäasema as part of an investment round of about 40 million euros, which was also joined by Finnish institutional investors Elo, Ilmarinen and Konstsamfundet and key persons.

Coronaria continues as the main owner of Silmäasema with an ownership share of approximately 80% after the investment. The ownership share of investors and key persons in Silmäasema is about 20% after the investment. Following the investment, Antti Kummu will continue as a member of the company’s Board of Directors, together with Timo Larjomaa who will join as a new member.

Silmäasema is a subsidiary of Coronaria and the leading eye health operator in Finland, offering all services related to eye health and optical retail as a one-stop-shop. In a few years, the company has visibly strengthened its market position in Finland and reached a market leading position.

”As the Chair of the Board at Silmäasema I have been closely involved in the company’s development for over three years. I am very impressed with the company’s unique concept, leadership, and know-how. During this time the company has almost doubled in size and grown into a market leader in all its operating segments. This is a good base on which to build future growth,” comments Antti Kummu.

”Silmäasema continues strong growth in the eye health market. New investors strengthen the company’s ownership structure and enable investing in growth also going forward. We also receive new know-how to develop the company. The change in ownership structure will not change our operative activities, shares Teppo Lindén.

For more information, please contact:
Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About Coronaria

Coronaria on is one of the most significant healthcare companies in Finland, offering versatile ophthalmological and optical services, specialized healthcare, oral healthcare, and rehabilitation services on a national level. In rehabilitation and therapy services, Coronaria is Finlands leading operator. Coronarias subsidiary Silmäasema is a market leader in eye health. Coronaria is part of the Finnish health and welfare group, Cor Group. In 2022 Coronarias turnover was 358 million euros and the company had about 4,200 employees.

About Silmäasema

Silmäasema is the largest eye health and optical retail operator in Finland. We see the whole picture, from meeting and treating our patients to Finnish eye health as a whole. Silmäasema’s over one thousand experts in eye health, treat close to a million clients a year. Silmäasema has nearly 150 optical stores and ophthalmologist centres, 18 private eye hospitals and seven providers of public eye health services across the country. Silmäasemas turnover in 2022 was 203 million euros and the company had about 1,000 employees.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With €5.1 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

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Tesi exits its investment in health care provider Coronaria

Tesi

Coronaria is one of the largest healthcare service providers in Finland. The company has services, to name a few, for vision care, specialised care, oral health and rehabilition. Tesi first invested in the company in 2013, and was an active, long-term owner up until the exit.

In addition to Tesi, CapMan Growth will also exit its investment. Cor Group and Mandatum, on the other hand, increase their equities.

”We have been an active, long-term owner in Coronaria since 2013. During that time, the company has seen its net sales grow from EUR 39 million to EUR 369 million. On top of these, Coronaria has had a significant role in developing, for instance, vision care and rehabilitation services in Finland. We are, at this moment of exit, happy to have invested in the company and with their development over the years. We wish all the best for Coronaria,” comments Juuso Puolanne, Investment Director at Tesi.

Read more:

Additional information:

Juuso Puolanne, Investment Director, Growth and Industrial Investments
+358 50 570 0235
juuso.puolanne@tesi.fi

 

Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter

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