Good morning Eurohubsters, Craig McGlashan here with the Dealflow.
We’ve been hearing a lot about the differences between the European and US healthcare markets, particularly the fragmentation of the former compared to the latter. But that hasn’t stopped private equity firms snapping up European healthcare companies with a view to expanding them internationally.
US move. Keensight Capital will use its contacts in North America and Europe to boost the expansion of its recent acquisition, data management software provider BYG4Lab, partner Grégory Agez told PE Hub Europe’s Nina Lindholm this morning.
Paris-headquartered Keensight Capital announced a majority stake acquisition of BYG4Lab in mid-July. BYG4Lab, based in L’Union, France, provides data management software for medical laboratories specialised in biology and microbiology. Services developed by the company address central lab and point of care testing, and cover a range of disciplines of medical biology, including immunochemistry, haematology, molecular and microbiology.
“We are very management driven in our strategy,” Agez said. “BYG4Lab’s team is very creative, very passionate about the project and has the expertise.”
Over 4,500 individual laboratories utilise BYG4Lab’s software. Keensight identified strong potential to internationalise the company further, especially in North America. “We have existing clients in these countries, and we plan to develop partnerships,” Agez explained.
Read the full interview here.
OPEN deal. While Keensight is planning an international expansion for BYG4Lab, another PE firm’s portfolio company made that goal a reality on Friday.
Astorg-backed OPEN Health announced it is set to acquire Hingham, Massachusetts-based medical communications platform The CM Group from NaviMed Capital. The CM Group provides integrated solutions to the US domestic biotech and pharma industry. The partnership between OPEN Health and The CM Group will expand the platform’s global reach and portfolio of scientific solutions.
OPEN Health was acquired by Astorg in May. London-headquartered Astorg has assets under management of €17 billion. It looks to invest in global companies headquartered in Europe or the US valued between €150 million and to €2 billion via a variety of funds.
“The CM Group provides us with a significant scientific communication offering within the US domestic marketplace,” said Rob Barker, CEO of London-headquartered OPEN Health. “Our clients are global and need providers who understand not only the increasing complexity of the science, but also the ever-changing global and local landscapes. We are excited to welcome The CM Group into the OPEN Health family and look forward to working with our new colleagues to offer our clients innovative, scientific solutions around the globe.”
You can read more about the European healthcare market via my interview last week with Gyrus Capital’s Guy Semmens about the firm’s purchase of Swiss healthcare platform Consulcesi Group.
That’s it from me – have a great week and speak to you on Tuesday.