Be levels, a leading company in the health sector specializing in nutritional and sports supplements based on natural active ingredients, has announced that Axon Partners Group has acquired a minority stake valued at €6M.

Founded in Madrid in 2020 during the pandemic by serial entrepreneur Javier Echanove, Dr. Antonio Hernández (founder and medical director of the Keval clinic), and Jon Prada (former Google executive who joined the founding team in the early stages), Be levels currently employs 15 people. With the motto “A life worth living,” Be levels was created to enhance the lives of those who prioritize their health through nutrition, rest, and exercise. Since its inception, the company has experienced strong triple-digit growth and currently boasts an annual turnover exceeding €7M. Notably, the company has remained profitable since the end of its second year and has reached its current status with minimal external funding.

Be levels offers a comprehensive range of proprietary formulas designed to achieve various wellness goals, from improving sleep, stress management, and cognitive focus to addressing more specific needs like enhancing female fertility and hormonal regulation through natural dietary supplements. The sports line of Be levels caters to individuals seeking to achieve their best version, offering supplements that provide energy and promote better recovery. The company also provides free professional advisory services to support individuals on their journey toward holistic health. As a result, Be levels enjoys an average customer rating of 9.2/10, with more than 1,000 health professionals actively recommending their products.

Be levels’ supplements target a potential market of €2Bn in Spain. The growing interest in health care and the pursuit of non-pharmacological alternatives to address health conditions, a trend accelerated by the pandemic, is a major driver of the sector. Furthermore, the company is deeply committed to education, offering free courses and webinars for professionals and consumers alike on its website.

This investment marks Axon’s third deal this year under its Growth Equity strategy, aligning with its investment thesis of backing innovative companies with exceptional founders, high growth, and efficient use of capital. The investment comes from the Axon Innovation Growth Fund, a vehicle focused on European scale-up companies, which has also invested in firms such as Metricool, Embention, and Dogfy Diet.

Javier and Jon, founders of Be levels, stated, `Since founding Be levels, we have tripled our business year after year, achieving this growth while remaining profitable. Through this partnership with Axon Partners Group, we aim to continue building a brand that leads our category. It is truly exciting to work every day to improve people’s lives, and we feel that what we have achieved so far is just the beginning. The initial decision to innovate and create unique products alongside Dr. Hernández’s team was crucial, allowing us to see how thousands of people have found a great ally in Be levels for their daily lives.´

César Gimeno, Senior Manager at Axon, commented, `We are thrilled with the opportunity presented by Javier, Jon, and Antonio to be part of Be levels’ inspiring journey. The natural dietary supplements sector is experiencing strong growth, and Be Levels is ideally positioned to become a prominent leader. We look forward to leveraging our experience in high-growth companies to help Be Levels achieve this objective.

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Bridgepoint has today announced that it will continue to back Oris Dental, a leading provider of dental care services across the Nordic region.

Following four years of support through the Bridgepoint Development Capital (BDC) III fund – a franchise focused on investing in lower mid-market businesses across Europe – Oris has more than trebled in size, whilst maintaining its position as a quality leader known for its dentist-centric culture. During the partnership, Oris has pursued an accelerated M&A agenda, has entered both the Swedish and Danish markets, and delivered above-market organic growth.

The Nordic dental services market remains highly fragmented, and significant opportunities exist for Oris to continue its journey of growth, focusing on clinical quality and operational improvements. As such, Bridgepoint has agreed to provide further funding to Oris via its BDC IV fund – which now becomes the new lead investor – continuing the two firms’ partnership to create a leading Nordic dental services platform. In addition, Oris and BDC are pleased to welcome Swedbank Robur Alternative Equity as a new investor and partner in the business going forward.

Eirik Aasland Salvesen, Chief Executive Officer at Oris Dental, said:

“Since 2020, Bridgepoint and Oris have enjoyed a successful partnership, driven in large part by Bridgepoint’s strong support of our quality-focused ambitions and dentist-centric culture. We are excited to continue to benefit from BDC’s backing as we look to further establish Oris’ position as a premier provider of dental services in the Nordic region.” 

Johan Gustafsson, Partner at Bridgepoint, said:

“With its clear focus on consistent, high-quality dental care and attracting, developing and retaining talent, Oris is clearly differentiated as a leader in its sector. The business has grown rapidly since our initial investment, and we are proud to continue to support the company in building out a leading Nordic high-quality dental platform.”

Financial details of the transaction are not disclosed. The transaction closed on 12 September 2024.

On track for commercial-scale production of actinium-225, which is crucial to a new class of targeted treatments for cancer

Largest Series A in life sciences sector in Belgium to date; led by EQT Life Sciences

Total of EUR 134 million raised including funding secured through EUR 7.2 million equity from IBA and SFPIM, and EUR 33.8 million debt financing

EQT Life Sciences is pleased to announce that it has led a EUR 93 million oversubscribed Series A fundraise in PanTera, the Belgian radioisotope producer. With additional equity and debt funding, the total amount raised is EUR 134 million. The round was also joined by Kurma Partners, Eurazeo, Korys, Paladin and PMV. Alongside this, IBA, the world leader in particle accelerator technology, and SFPIM, a Belgian sovereign fund, will convert into equity EUR 7.2 million convertible loans.

PanTera was founded in 2022 with the primary goal of enabling large-scale production of actinium-225 (225Ac), which is crucial to enable a new class of targeted cancer treatments known as Targeted Alpha Therapy. The funds raised will be used primarily to support the construction of a state-of-the-art production facility in Belgium.

Targeted Alpha Therapy is a promising new cancer treatment approach that enables safe and effective delivery of radiation to the cancer cells by radioisotopes that emit highly energetic alpha particles. The radiation effect of the alpha particle is more localized compared to other approaches and as such can destroy the cancer cells to which it is attached without harming surrounding healthy tissue. The most promising alpha emitter for this approach is 225Ac. As a result, demand for 225Ac is increasing rapidly as drug-development companies look to scale-up clinical trials across a range of different cancers and seek regulatory approvals. However, dependable, scalable and sustainable methods for producing 225Ac are complex and require advanced nuclear infrastructure, which has resulted in a global shortage of the isotope.

PanTera is working to solve this global shortage. The Company’s unique, patented photo-nuclear “gamma” production process transforms Radium-226 (226Ra) into Radium-225 (225Ra), which in turn decays into 225Ac. This process provides a reliable, safe and high-quality supply of 225Ac, not only for clinical trials but also for future commercial radiopharmaceutical therapies, the first of which are due to be on the market in 2028-2029. PanTera’s process and infrastructure is designed to enable the annual production of more than 100 Curies (Ci) of clinical grade 225Ac by 2029, allowing treatment of more than 100,000 patients per year. The combination of SCK CEN’s unmatched large stock of pure 226Ra and IBA’s Rhodotron® electron accelerator, positions PanTera to become a highly successful and reliable producer of this key medical radioisotope.

In parallel to its effort to develop commercial-scale production of 225Ac, PanTera is already providing early 225Ac supply through an alternative production method. Working in collaboration with TerraPower Isotopes, PanTera is on track to provide 1.5-2 Ci of 225Ac annually from early 2025. With today’s current global supply estimated at 3 Ci annually, this will be a significant contribution to drug development. PanTera has signed supply agreements with several pharmaceutical companies, including Bayer, and expects to have secured agreements for more than 80% of its capacity before starting production.

Sven Van den Berghe, CEO of PanTera, said: “PanTera is looking to radically improve supply in the short and long term, in order to ensure that this potentially life-saving, highly innovative modality can reach patients. The size of this raise is testament to our strategy, our unique assets and our capabilities. We are working alongside very experienced partners with a combined expertise and a network that goes well beyond 225Ac production and encompasses all aspects of the radiopharmaceutical revolution. With this funding, we are now en route to realise our vision of providing a “Better Fight for Life” to cancer patients worldwide by becoming a dependable global 225Ac supplier.”

Martijn Kleijwegt, Partner at EQT Life Sciences, commented: “It is clear to us that PanTera has the expertise, assets and strategy in place to address the critical actinium-225 supply shortage faced by the pharmaceutical industry today, as well as the significant increase in demand expected in the future. EQT is one of the world’s largest healthcare investors and we are committed to supporting pioneering ventures, like PanTera, to reach their fullest potential. We are excited to partner with the PanTera team, alongside IBA, SCK CEN and our fellow investors, on the next phase of PanTera’s development.”

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About PanTera
PanTera, an IBA and SCK CEN joint-venture, aims to secure the large-scale production of actinium-225 (225Ac), one of the most promising alpha-emitting radioisotopes to fight cancers. By working towards this large-scale production, PanTera’s ultimate goal is to improve the accessibility of future innovative cancer therapy based on 225Ac and theranostics in general.

More information can be found at: www.pantera-life.com

About IBA
IBA (Ion Beam Applications S.A.) is the world leader in particle accelerator technology. The company is the leading supplier of equipment and services in the field of proton therapy, considered to be the most advanced form of radiation therapy available today. IBA is also a leading player in the fields of industrial sterilization, radiopharmaceuticals and dosimetry. The company, based in Louvain-la-Neuve, Belgium, employs approximately 2,000 people worldwide. IBA is a certified B Corporation (B Corp) meeting the highest standards of verified social and environmental performance.

IBA is listed on the pan-European stock exchange EURONEXT (IBA: Reuters IBAB.BR and Bloomberg IBAB.BB).

More information can be found at: www.iba-worldwide.com

About SCK CEN
70 years of experience in nuclear research and technology

SCK CEN is one of the largest research institutions in Belgium. Every day, more than 900 employees dedicate themselves to developing peaceful applications of radioactivity. SCK CEN’s research activities focus on three main areas: innovative nuclear systems, nuclear waste management and dismantling, and the resolute fight against cancer. World-renowned, SCK CEN shares its knowledge through countless publications and training courses, so that this pool of exceptional competence can be maintained.

More information can be found at: www.sckcen.be

IonOpticks responds to growing global market needs for proteomics tools by partnering with Nordic based private equity firm Adelis. The fast-growing proteomics tools company brings onboard Adelis as new controlling shareholder, with founders and management as co-investors. The investment will augment IonOpticks’ global presence, drive innovation, and support acquisitions as the company expands closer to key customers and consolidates its leading position in the exciting and rapidly growing field of proteomics and adjacent applications.

Adelis Equity Partners (“Adelis”), announces its first platform investment outside of the Nordics with its majority investment into IonOpticks, a leading global producer of high-performance chromatography columns. IonOpticks’ solutions are today used by the leading academic, biotech and pharma proteomics research labs around the globe. The company, which has been profitable since inception, is continuing to grow at roughly 50% per year and is expected to exceed 10m EUR of sales this financial year. The investment will augment IonOpticks’ global presence, drive innovation, and support acquisitions as the company expands closer to key customers and consolidates its leading position in the exciting and rapidly growing field of proteomics and adjacent applications.

The partnership between founders, management and Adelis will enable IonOpticks to scale its operations globally and further enhance product development. Being closer to its key customers and collaborators while also ensuring compatibility across major LC-MS platforms is a key priority, allowing researchers worldwide to benefit from IonOpticks’ leading chromatography solutions. Adelis’ extensive experience, industrial advisor network and resources will support IonOpticks in maintaining its leadership position as the provider of the best solutions for LC-MS proteomics research.

IonOpticks also strengthens its board with the appointment of several industry heavyweights, including Dr. Peter Wrighton-Smith as Chairman. With an established career in scaling life sciences companies, Peter is well-positioned to guide IonOpticks through its next phase of growth. Joining Xavier Perronnet and Dr. Jarrod Sandow, the board also welcomes industry leaders Mårten Winge, Sibel Arnes, and Rasmus Molander.

“I’m excited to join IonOpticks to help support the expansion of its commercialisation efforts globally and to help the company with its ambitious program of new product introductions into current and new markets.” Peter Wrighton-Smith, newly appointed Chairman of IonOpticks, explains.

“We chose to partner with Adelis because they share our vision for IonOpticks’ goals and are a strong cultural fit. Their genuine desire to work with us and guide the company to realise its goals, together with their experience, networks, and resources, made them the ideal partner. This partnership allows us to continue developing the best chromatography solutions for researchers worldwide and pursue further innovations tailored to the industry’s evolving needs,” says Xavier Perronnet, Chief Executive Officer of IonOpticks.

“Ultimately, it’s about human health, and we believe that maximising what is discoverable in biological samples is a vital early step in developing therapies and improving patient outcomes. That’s what IonOpticks does,” Perronnet continues.

Sibel Arnes and Rasmus Molander at Adelis note, “Europe and indeed the Nordics has a long legacy in proteomics and pioneering human health research. When we met the team, we immediately recognised IonOpticks’ unique solutions and global potential. Their commitment to working with key opinion leaders in the field and delivering best-in-class solutions is impressive, and the results from the accelerating research in proteomics is promising. IonOpticks aligns perfectly with Adelis’ strategy of supporting unique and growing companies in healthcare and life sciences. It is a privilege to partner with a company that can meaningfully contribute to addressing many of our currently unresolved health conditions, and we look forward to collaborating with the IonOpticks team in the coming years.”

For further information:

Michael Sinden, CBO, IonOpticks

E-mail: michael@ionopticks.com

Sibel Karina Arnes, Adelis Equity Partners

E-mail: sibel.arnes@adelisequity.com

About IonOpticks

IonOpticks produces high-performance chromatography solutions for the global research community enhancing mass spectrometry (LC-MS) and high-end proteomics research. Their solutions enhance the sensitivity of mass spectrometry sample analysis, enabling scientists and clinicians to discover more from their samples. These advancements are valuable for a broad range of applications within the field of biological and medical research including drug discovery, phosphoproteomics and shotgun proteomics. https://ionopticks.com/

About Adelis Equity Partners

Adelis is a growth partner for well-positioned companies primarily in the Nordic and DACH regions. Adelis partners with management and/or owners to build businesses in growth segments with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 42 platform investments and more than 230 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.