CapMan Buyout exits Pharmia to Labomar

Funds managed by CapMan Buyout have sold Pharmia Holding Oy, a leading Finnish contract manufacturer of dietary supplements and medical devices, to Labomar.

CapMan invested in Pharmia in 2021 and has since focused on growing the company’s business and market position in the Nordics. Today, the company is the leading contract manufacturer within dietary supplements and medical devices in the Nordics with a turnover of approximately 20 million euros and 85 employees. The company’s growth has been driven by a strategic focus on medical devices and probiotics, while simultaneously investing in R&D capabilities and operational efficiency improvements.

“During CapMan Buyout’s ownership period, Pharmia has successfully executed its growth strategy. I want to thank Pharmia’s management and personnel as well as my board colleagues for making this a successful investment. I am convinced that Labomar is the right partner for supporting the growth of Pharmia in the future,” says Anders Björkell, Partner at CapMan Buyout.

“I want to thank CapMan for their strong support over the past years. As a next step we are thrilled to be part of the Labomar family. This acquisition marks a strategic step forward in our mission to expand our footprint in the Nordic region and strengthen our capabilities in the development of high-quality food supplements and medical devices. Labomar’s expertise and values align seamlessly with ours, and together we look forward to driving innovation and delivering even greater value to our partners and customers,” comments Petteri Laaksomo, CEO of Pharmia.

Labomar is a leading European manufacturer of food supplements, medical devices and functional cosmetics, and is owned by Charterhouse Capital Partners. The company is headquartered in Italy with operations in Spain and Canada as well.

“We are proud of this new acquisition. Pharmia is a solid and well-structured company, with an approach and vision that we immediately recognised as being closely aligned with those of Labomar. The know-how and experience of its team represent an added value that will further contribute to the growth of our Group. The integration of Pharmia will also allow us to strengthen our presence in a strategically important geographic market and to consolidate our position in a key sector such as probiotics, thereby creating new synergies and further expanding our offering,” says Walter Bertin, founder and CEO of Labomar.

For more information, please contact:

Anders Björkell, Partner, CapMan Buyout, +358 40 537 7566

Petteri Laaksomo, CEO, Pharmia, +358 50 552 5255

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 6.5 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

About Pharmia

Pharmia is Finland’s leading contract manufacturer specialised in the development and manufacture of food supplements and medical devices (CE-marked products). Pharmia enhances people’s well-being by creating innovative solutions for their customers, which they produce with a concept “from idea to product”. Pharmia’s passion for well-being guides them to be more than just a contract manufacturer – they are a partner that implements and enables their customers’ success. https://pharmia.fi/en/.

Acquisition Unlocks New Collaboration Opportunities with Health Metrics

Brisbane & Melbourne, AUS – September 29, 2025 — Accel-KKR, a global technology-focused private equity firm, has officially acquired MOA, a leading quality improvement platform for aged care, retirement living, and disability service providers across Australia. This acquisition marks a continuation of Accel-KKR’s healthcare technology portfolio and opens the door to deeper collaboration between MOA and fellow portfolio company and enterprise healthcare management provider, Health Metrics.

As part of the Accel-KKR family, MOA and Health Metrics will explore ways to integrate their platforms to deliver enhanced clinical and operational management solutions to care providers. Health Metrics, known for its enterprise-grade software platform eCase, serves organisations that are responsible not only for delivering care, but also for ensuring effective governance, regulatory compliance, and transparency.

“Now that we’re all part of the Accel-KKR portfolio, Health Metrics is excited to work directly with MOA to unlock greater value for our customers,” said Paul Brindle, CEO of Health Metrics. “By combining MOA’s advanced analytics with our eCase clinical, regulatory and compliance platform, providers will be able to gain a 360° view of resident outcomes, clinical risks, and continuous improvement opportunities.

The collaboration aims to deliver:

• Enhanced clinical and operational insights through shared data and analytics
• Smarter decision-making and seamless compliance for care providers
• Richer platform integration
• Improved data consolidation across platforms

Both teams are committed to partnership models and new product innovations that use risk insights to better inform workflows for carers and strengthen provider compliance.

Importantly, MOA will continue to work with all other clinical management solutions in the market, maintaining its open and collaborative approach to integration.

“This collaboration between MOA and Health Metrics reflects our commitment to investing in technologies that empower providers with deeper insights, seamless compliance, and smarter decision-making,” said Maurice Hernandez, Managing Director at Accel-KKR.

“We’re proud of the impact MOA has had in supporting aged care and disability providers across Australia,” said Garry Neale, CEO of MOA. “Joining the Accel-KKR portfolio and collaborating with Health Metrics allows us to accelerate innovation and deliver even greater value to care providers.”

About Accel-KKR

Accel-KKR is a technology-focused investment firm with over $23 billion in cumulative capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs, and going-private transactions. Accel-KKR’s headquarters is in Menlo Park, with offices in Atlanta, Chicago, London, and Mexico City. Visit accel-kkr.com for more information.

About MOA

MOA Benchmarking provides a comprehensive schedule of audits and surveys for self-assessment against ACQS, ARVAS, and NDIS standards, for almost 2,000 aged and community care, retirement living, and disability support services. We also provide collection tools, pre-submission data-quality checking services, and GPMS upload services, for nearly half of all residential aged care services under the National Aged Care Mandatory Quality Indicator Program (NACMQIP).

Fully integrated modules for Incident Management (IMS), Risk Management, Plan for Continuous Improvement (PCI), Feedback & Complaints, and Policies & Procedures provide an end-to-end Quality Management framework. This allows organisations to foster a culture of continuous quality improvement, strengthen governance, and ensure that every member of the organisation contributes to, and benefits from, a shared commitment to excellence. www.moa.com.au

About Health Metrics

Health Metrics is a leading provider of enterprise software for aged care and disability service providers. Its flagship platform, eCase, helps organisations streamline operations, ensure compliance, and deliver high-quality care through integrated digital solutions.  www.healthmetrics.com.au

• Combination strengthens position of hospitals, practices, and care homes in a consolidating market facing major transformation
• Bundling of demand volume and innovation capacity creates efficiency gains that strengthen both healthcare providers and industry
• Consistent deployment of digital solutions aims to optimize processes, accelerate workflows, and sustainably improve quality of supply in the healthcare system

Berlin/Ulm, Munich (Germany), 19 September 2025 – Vivecti Group and Sana Kliniken AG are entering into a strategic partnership: Vivecti is acquiring the procurement alliance of Sana Kliniken AG, which serves more than 1,500 healthcare facilities in Germany and Switzerland. Simultaneously, Sana Kliniken AG will acquire a 21 percent stake in Vivecti Group, continuing to support the company’s success as a partner. The combination creates a leading, technology-oriented procurement alliance with innovative products and services for hospitals and other healthcare providers in the European healthcare space. Completion of the transactions is subject to customary regulatory approvals.

The German healthcare system faces significant challenges: While patient numbers stagnate, material costs continue to rise. At the same time, hospitals confront a highly consolidated, internationally operating supplier landscape. To ensure reliable supply and achieve economically viable prices under these conditions, high-performing procurement alliances and digitally controlled processes are becoming increasingly important. This is precisely where the Vivecti-Sana alliance comes in: It bundles demand volume, innovation capacity, and digital expertise, creating efficiency gains that strengthen both healthcare providers and industry, thereby sustainably supporting the healthcare system.

“Healthcare needs strong partnerships in a consolidating market facing transformation. Together with Sana Einkauf, we are laying the foundation for sustainable economic viability and innovative solutions that offer genuine added value to our customers. We are consistently continuing our successful digitalization course: Through coordinated exchange and intelligent analysis of structured data, we create transparency, enhance service quality, and optimize the entire supply process – to the benefit of both healthcare providers and industry,” says Prof. Dr. Benjamin I. Behar, CEO of Vivecti Group.

“With this partnership, we are following our proven strategy: working with partners to continuously improve healthcare supply for patients in a sustainable and forward-looking manner – while remaining part of an international network that guarantees security of supply and innovation. In addition to our long-standing procurement expertise, we will primarily contribute our experience and perspectives as a leading hospital group and customer of procurement services to the partnership,” explains Thomas Lemke, CEO of Sana Kliniken AG.

A Strong Partner for Healthcare Providers and Industry

Vivecti Group, headquartered in Berlin/Ulm, was founded under the name Prospitalia as a procurement group for hospitals. Over the years, the company has evolved into an integrated service provider for inpatient and outpatient healthcare providers and, together with Prospitalia, today comprises ten specialized group companies, including PCM, Wawibox, h-trak, and CoSolvia. As a comprehensive performance partner and digitalization pioneer, Vivecti supports its customers with procurement services and software, professional management and central services, as well as specialized consulting offerings.

Through the Sana procurement alliance, affiliated hospitals and healthcare facilities currently source goods worth approximately four billion euros under conditions negotiated by Sana Einkauf & Logistik GmbH with industry partners. The offering encompasses medical devices, consumables, capital goods, as well as pharmaceuticals and laboratory supplies. With integration into Vivecti Group, a total volume of more than seven billion euros emerges – creating one of Europe’s largest procurement alliances, from which numerous healthcare providers in Germany, Austria, and Switzerland will benefit in the future. Higher procurement volumes secure low price levels and thus comprehensively relieve the healthcare system. Simultaneously, combining both companies’ supplier partnerships leads to a more extensive product portfolio at competitively negotiated prices.

Together with Sana Einkauf, Vivecti will employ approximately 700 staff members and serve over 6,000 healthcare providers as customers across European healthcare. The goal of this step is to relieve economic pressure on hospitals, practices, and care homes, increase security of supply, and consistently advance digital innovations in procurement.

Sana’s hospital full-service supply (KVV) will remain a direct part of Sana Hospital Group and continue to supply over 150 owned and cooperating facilities from seven logistics centers with medical products – from ordering to modular supply to invoice processing. This preserves the proven structure and ensures security of supply and stability for the future.

Hospitals and Industry Benefit from Digital Competence

For affiliated hospitals, the combination opens a series of concrete advantages: They benefit from a strengthened position in procurement negotiations and from reliable supply – even during times of fragile supply chains. More efficient, digitally supported procurement and logistics processes provide additional relief. Simultaneously, the expanded network enables faster exchange of knowledge and best practices as well as comprehensive consulting in strategic supplier and category management.

Following the combination, there will be a particular focus on the digital competence that Vivecti brings to the partnership. Through consistent deployment of digital solutions, processes are to be optimized, workflows accelerated, and quality of supply in the healthcare system sustainably improved. AI-supported applications for procurement and logistics are to be used on a shared data basis – from master data management and data mapping to scanner-based warehouse management systems. The result: greater transparency, more efficient materials management, and strategically aligned procurement optimization.

Strengthening Outpatient Care

An important area of action is strengthening outpatient care – and thus supporting the politically demanded shift from inpatient treatments to the outpatient sector. Lean, digital processes and improved procurement conditions create the prerequisites for this. Vivecti already supports outpatient healthcare providers today – with intuitive materials management solutions and a digital marketplace for professional procurement, as well as with transparency and centrally negotiated procurement volumes that enable price advantages.

About Vivecti Group
Vivecti Group is an integrated, technology-supported healthcare partner. The portfolio encompasses procurement, managed services, and consulting, supported by proprietary platforms, data analytics solutions, and software tools. Under the holding company umbrella, specialized companies operate including Prospitalia, Pro Care Management, Wawibox, miralytik, h-trak, WMC/WMCF, Hospital Management Group, and CoSolvia. With approximately 550 employees, Vivecti generated revenue of 145 million euros in 2024.

About Sana Kliniken AG
Sana Kliniken AG is a leading integrated healthcare service provider in the German-speaking region. Comprehensive healthcare for four million patients annually extends from prevention services to outpatient and inpatient care to aftercare, rehabilitation, and the provision of medical aids and devices. These services are delivered nationwide across approximately 50 hospitals, 58 MVZ companies with about 550 physician positions, as well as over 60 medical supply stores and prevention practices combined. Additionally, Sana offers B2B services, including services and consulting for external hospitals, particularly in medical technology and management contracts. In 2024, approximately 41,500 employees generated revenue of 3.6 billion euros. The owners of Sana Kliniken AG, founded in 1976, are 24 private health insurance companies.

Media contacts:

Vivecti:

Harald Domke
FGS Global
Tel: +49 171 3383 836
Email: Harald.Domke@fgsglobal.com

Sana Kliniken AG:

Henning Stegmayer
Konzern-Bereichsleiter Unternehmenskommunikation
Tel: +49 151 7463 8356
Email: henning.stegmayer@sana.de

Combination creates a leading, next generation claims operating system for payers, with end-to-end AI capabilities for claims, payments, care & utilization management, payment integrity, and member engagement, serving 115+ health plans 

BOSTON, September 4, 2025 – HealthEdge and UST HealthProof today announced the successful close of their merger, following Bain Capital’s acquisition of UST HealthProof from UST. Financial terms of the transaction were not disclosed.

Headquartered in Boston, the combined company will operate as HealthEdge. With its significant reach into the U.S. healthcare system, touching over 110 million lives, HealthEdge is well-positioned to empower health plans with modern AI-enabled technology and services that lower total costs and improve operational efficiency. The combined company will also be supported by Bain Capital’s forty-plus years of experience building and adding value to healthcare companies around the world to drive innovation and improve patient experiences and outcomes.

Health plans are under pressure from rising administrative costs, more complex regulations, and growing member expectations, and legacy systems are not serving plans’ evolving needs. The combination of HealthEdge and UST HealthProof creates a single, end-to-end platform that helps payers modernize their operations. By uniting HealthEdge’s AI-powered payer applications with UST HealthProof’s interoperability suite, the platform streamlines administrative processes, lowers total costs, and improves the member experience. UST HealthProof’s proprietary technology also reduces the risks of migrating to the cloud, giving payers a safer path to digital transformation while supporting better clinical outcomes for both payers and patients.

The combined company brings together award-winning technology, end-to-end product breadth, and industry experience to accelerate payer technology modernization. In particular, the combined company will:

• Drive improved value for payers through integrated software and tech-enabled services, that can lower total costs while improving clinical outcomes
• Unlock new product and market expansion opportunities in a growing industry
• Accelerate platform and services innovation, by developing an AI-native operating system that supports all aspects of the payer value-chain, from claims administration automation and payment integrity to personalized member engagement
• Create a stronger, unified go-to-market presence to address customers’ greatest needs

HealthEdge will be led by a management team that leverages leadership, vision, and expertise from both legacy organizations, creating new opportunities for team members to learn and grow. Kevin Adams, the former CEO of UST HealthProof, will serve as CEO of the combined company. Steve Krupa, the former CEO of HealthEdge, will remain actively involved as a member of the company’s board of directors.

“I’m honored to take the helm at this pivotal moment for healthcare technology,” said Kevin Adams, CEO of HealthEdge. “Health plans are looking for new ways to handle rising costs and regulatory demands while meeting what their members expect. This merger brings together best-in-class payer technology with seamless integration capabilities and experienced operational teams. It streamlines the administrative complexity that health plans deal with every day. Our integrated approach gives them a solution that’s easier to implement and more effective in delivering the value they are seeking.”

“HealthEdge has successfully partnered with health plans for years to drive continuous innovation in healthcare IT,” said Steve Krupa, member of HealthEdge’s Board of Directors. “We’re now positioned to unite modern technology with proprietary interoperability and proven operational expertise — enabling health plans to deliver a future of frictionless and cost-effective healthcare experiences.  We’re excited to join forces with UST HealthProof to deliver even greater value to our customers and teams.”

“HealthEdge and UST HealthProof are two innovative businesses with complementary customer bases, product suites, and go-to-market engines that combined will create the first end-to-end, next-generation claims platform of its kind for payers. And they have a proven track record of partnering with each other for nearly 10 years to create compelling value for health plans,” said Devin O’Reilly, a Partner at Bain Capital.

“By bringing these two leaders together, we are creating the clear next-generation cloud-based claims system for payers, with the scale, expertise, and technology to disrupt the sector. With healthcare at a critical inflection point and payers under unprecedented financial pressure, the combined company is well positioned to lower costs, harness AI-driven innovation, and deliver the frictionless US healthcare experience of the future,” said Paul Moskowitz, a Partner at Bain Capital.

TripleTree acted as financial advisor, Kirkland & Ellis LLP as legal counsel, and Ares Management as lead financing partner to Bain Capital. Evercore acted as financial advisor to HealthEdge. Goldman Sachs and JPMorgan acted as financial advisor and Davis Polk & Wardell LLP as legal counsel to UST HealthProof.

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About HealthEdge
HealthEdge® is trusted to provide the technology and services that power health plans’ most important value streams. With an integrated platform of solutions spanning claims administration, quality improvement, prospective payment accuracy, provider network management, care management, member engagement and risk adjustment, HealthEdge enables health plans to converge their data so they can harness automation and the promise of AI. Combining this next-gen technology with services and expertise gives health plans unmatched capabilities to deliver a future of frictionless and cost-effective healthcare experiences. For more information, visit www.HealthEdge.com.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

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