10 healthtech deals as PE signals robust appetite for sector

The healthcare industry’s adoption of technology, accelerated by the covid-19 pandemic, has attracted significant interest from private equity investors in the last few years. The health technology sector is likely to gain even more traction, given the rise in consumer tech awareness and advancements in technology.

With private equity firms mixing it up with pharma software, tele-diagnostic companies, medical technology firms and others, we have witnessed some healthy dealflow in the healthtech sector so far this year across Europe and the US.

Here are 10 recent deals that caught the attention of PE Hub Europe and affiliate title PE Hub (in reverse chronological order):

1. Nordic Capital to take majority share in corpuls

Nordic Capital announced in April that it will acquire a majority share in corpuls, a medical technology company that provides emergency medical services and cardiac resuscitation, in partnership with the founding family.

Corpuls is headquartered in Kaufering, Germany. The company reported revenues of €127 million in 2022 and employs 450 people.

PE Hub Europe’s Nina Lindholm talked in depth about the deal with Nordic partner Jonas Agnblad.

2. EQT-backed Evidia bags 4ways from ECI Partners

Also in April, EQT-backed Evidia acquired 4ways, a UK and European tele-diagnostic company, from ECI Partners.

ECI Partners first invested in 4ways in 2018. This acquisition represented a full realisation for ECI, generating a 2.7x return.

3. Eir Partners invests in Gifthealth

Eir Partners acquired a majority stake in Gifthealth, a Columbus, Ohio-based pharmaceutical software company in April.

Gifthealth was founded by chief executive and co-founder Nick Potts and president and co-founder John Romano.

4. HIG Capital picks up Polygon

In March, HIG Capital acquired Polygon, a provider of integrated healthcare maintenance services to hospitals in Italy and Spain.

Polygon is headquartered in Rome and has more than 600 employees.

5. Thoma Bravo to invest in LOGEX

Thoma Bravo, also in March, announced that it will invest in LOGEX, a European healthcare analytics provider.

LOGEX is headquartered in Amsterdam and has over 450 employees.

6. Afinum 9 takes majority stake in mymediset

Afinum 9 in February acquired a majority stake in mymediset, a technology provider for SAP-integrated medical device management in the healthcare industry.

Mymediset provides fully SAP-integrated software and cloud-based apps for more efficient, responsible and reliable medical device management.

7. KKR’s Gamma Biosciences to sell Astrea Bioseparations to Biotage

KKR’s global sciences platform Gamma Biosciences has agreed to sell its operating company Astrea Bioseparations to Biotage in exchange for newly issued shares in Biotage, the company announced in February.

Astrea is a provider of process chromatography solutions including columns, resins, and nanofibre purification technology for life sciences and other adjacent industries.

8. Ardian takes stake in Théradial

Ardian in February partnered with UI Investissement to acquire a stake in Theradial, a French company in the dialysis sector targeting high value-add segments in medical devices, drugs, and healthcare software.

Théradial, established in 1998, is headquartered near Nantes and has 90 employees across France and Italy.

9. ReviveHealth acquires SwiftMD

In January, ReviveHealth, a health and integrated care company, acquired SwiftMD, a virtual care services firm.

As part of this transaction, Eir Partners acquired a majority stake in ReviveHealth.

10. Cressey and HEP acquire InterMed from Granite Bridge

Granite Bridge Partners in January sold The InterMed Group, a healthtech management services company, to Cressey & Company and Health Enterprise Partners.

Harris Williams served as financial advisor to InterMed on the deal.

PE Hub Europe and PE Hub expect to see more deals in the healthtech sector in the future.