ArchiMed, the healthcare-focused GP set up by former 3i executives, has made its maiden investment with the €12m acquisition of Medistream, a Switzerland-based producer of orthopaedic implants.
Following the transaction, Medistream will invest in international expansion and product development, with the cash injection also providing working capital.
The company’s management has retained its significant minority stake after completion of the deal.
ArchiMed stated it was attracted to the company by its sustained growth in annual profits. Details of the debt package associated with the transaction remain undisclosed.
The GP’s first fund, Med 1 FIA, which launched in December 2013 and held its first close on €100m in April, has a target of €120m.
Headquartered in Lausanne and founded around 50 years ago, Medistream produces orthopaedic implants through two centres; Eqval, also in Lausanne, and Citieffe in Bologna. The company has a turnover of €13m and a headcount of around 100.
Vincent Guillaumot is the co-founder and managing partner of Archimed. Alberto Scoccianti is chief executive of Medistream.
Equity – PwC (Legal, corporate finance); PrimeTax (Tax); EY (Commercial due diligence).
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