• European listed private equity investor Gimv and Belgian family-owned investor CNP announce the signing of definitive agreements under which Gimv will acquire an indirect minority stake in Equine Care Group (ECG) from CNP, which will remain ECG’s lead strategic partner.

• By joining CNP, Bencis, the founders, managers and the veterinarians, Gimv becomes part of a very strong shareholder base united behind one ambition: to accelerate ECG’s development into the world’s leading one-stop partner for high-quality equine medicine, and to reinforce ECG’s position as the global leader for veterinary innovation, welfare, and professional excellence.

Created in 2021 by merging Dr. Tom Mariën’s leading equine clinic EquiTom, Global Medics, and Dr. Frederik Bruyninx’s Ambulatory Care practice, Equine Care Group  has evolved into a leading European provider of high-quality equine care. ECG offers equine hospitals, ambulatory veterinary services, reproductive solutions, nutrition and supplement brands and specialized laboratories. Known for partnering with Olympic teams and leading stud farms, ECG treats over 50,000 horses annually and has grown quickly through organic expansion and 30+ acquisitions.

Following the partnership announcement between CNP and ECG earlier this year, Gimv now joins through a joint entity that will retain majority ownership, with CNP as lead strategic partner. Gimv is committed to further support ECG’s global expansion alongside CNP and CEO Dr. Tom Mariën.  ECG’s vet-led unique holistic model brings together leading veterinarians and other equine healthcare professionals, invests in greenfield hospitals in regions lacking access and focuses on research, education and innovation, all with the clear goal of delivering the best possible medical care and improving horse welfare worldwide.

With the combined support of CNP, Bencis and now Gimv, ECG is well-positioned to cement its leadership in global equine healthcare, leveraging Belgium’s deep equestrian tradition and ECG’s international reputation for excellence and sustainability.

Bart Diels, Managing Partner – Head of Healthcare at Gimv: “As a team with a strong track record in doctor-led healthcare growth stories, we see clear parallels between ECG and our previous healthcare success stories. We are excited to support CNP and ECG’s management in accelerating the group’s international expansion and innovation in equine care.”

Xavier Le Clef & David Caudron – respectively CEO and CFO at CNP: “We are pleased to welcome Gimv as a minority investor, supporting ECG’s international growth. Gimv’s healthcare expertise complements CNP’s ambition and reinforces our shared mission to deliver world-class equine care and make this available all over the world.”

Dr. Tom Mariën & Julie Santens – respectively CEO and Managing Director at ECG: “We are delighted to welcome Gimv into our team. We share the same values, the same DNA and the same ambition. This partnership strengthens our foundations, and Gimv’s renowned healthcare expertise will help us to further professionalize our company and our sector.  Together we will raise the standards of equine veterinary care while preserving our veterinarian-led model.”

This investment supports Gimv’s ambition to become a leading European private equity investor and makes ECG one of its ten largest holdings.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

About Svenskt

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

About New Care

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

About Avista Healthcare Partners

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

About Vision Healthcare

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

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

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

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

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

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

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

For further information, please contact:

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

About Intelerad

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

About Hg

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

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

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

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

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

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

About Avista Healthcare Partners

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

About PK Benelux

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