European healthcare M&A roundup – May

Zina Fragkiadaki
June 1, 2022

The healthcare acquisitions across Europe that made the headlines last month

May was another busy month for M&A in the healthcare sector. Companies based in the Nordics have done the most acquiring, accounting for more than half of the deals announced.


Medicover, the Stockholm-listed international health care services group, continues to be very acquisitive. It completed the acquisitions of Allenort Kliniki Terapii in Poland, a network of five specialised mental health centers and Poland’s first private psychiatric hospital, and Laurus Medical in Romania, a network specializing in medical services covering venous disorders and minimally invasive proctology treatments.

The latter is subject to customary merger control approvals, according to a press release. Laurus Medical adds a national network of 10 clinics. The total purchase price for the two acquisitions is roughly €16 million and is settled in cash.

Later in the month, Medicover acquired a Poland-based fitness network, McFIT Polska, from RSG Group, a Germany-based group in the fitness and lifestyle sectors. Financial terms were not disclosed.

The news follows the acquisition of Nasz Lekarz, one of the largest providers of medical services and clinical trials in Poland, and Allenort, a private Polish psychiatric clinic chain together with a hospital, in April.


Aleris, a Swedish firm that operates healthcare centers backed by Triton Fund V, has acquired Art Clinic, an MVI-backed specialist care provider focusing on orthopedics, including spine surgery as well as plastic surgery. The terms of the transaction were undisclosed.


On 11 May, the Nordic care company Humana announced that it has acquired Assistans för dig, a Swedish personal assistance provider, for a total of SEK 151 million. The payment is divided into an initial purchase price of SEK 20 million on a cash and debt-free basis and two earn-outs based on financial performance for 2022 and 2023, the company said.

Founded in 2010, Assistans för dig has full-year revenues of approximately SEK 600 million. The provider has approximately 2,000 employees in 8 offices across Sweden.

Ambea (Nytida)

Nytida, a learning disability care company in Sweden providing support and care for children, young people and adults with lifelong disabilities and psychosocial problems and part of the Ambea group, has acquired Alternatus Familia. Founded in 2015, Alternatus provides family care in Sweden. Its revenue for the financial year 2020/2021 was SEK 24 million.


Swedish medical care services company Capio has acquired Alva Barnklinik, a Swedish pediatric clinic, for an undisclosed sum.


Swedish distribution group OptiGroup has acquired Scholte Medical BV, a distributor of medical devices in the Netherlands. Scholte Medical has revenues of approximately EUR 16.5 million. The acquired company will become part of OptiGroup’s Hygos business area and will continue to operate under its current brands Daxtrio and Mediost. The purchase price has not been disclosed.


On May 18, the Finnish occupational health services supplier Tyoterveys Laine announced that The City of Jyväskylä has agreed to sell its share capital to Finnish health services company Mehiläinen for € 7.1 million.

Mehiläinen also acquired Solutos, a provider of psychiatric services, and Tutoris, a rehabilitation services provider – both for an undisclosed sum. Tutoris’ turnover in the previous financial year was €19.2 million, according to a press release.

Tunstall Healthcare

As reported earlier this month by HealthInvestor UK, health and care technology company Tunstall Healthcare acquired the alarm monitoring services provider Oy Verifi in Finland. The terms of the transaction were not disclosed.

This latest move follows Tunstall’s acquisitions of the Netherlands-based Secuvita last year and the Germany-headquartered BeWo in March this year.


Brussels-listed specialist healthcare real estate investor Aedifica invested approximately €14.5 million in the development of a school and two specialist residential care centres in Finland earlier this month.

The real estate investor also continued its expansion in Ireland with the acquisition of a fully operational care home for approximately €11 million. The property accommodates up to 89 elderly people. Following the acquisition, its Irish portfolio will amount to nearly €320 million upon completion of all development projects.

Aedifica further invested €21 million in the acquisition and extension of a care home in Somme-Leuze in Belgium.


Brussels-listed real estate investor Cofinimmo acquired two nursing and care homes in Brabant and Hainaut, Belgium for a total consideration of approximately €24 million. The acquisition of the nursing and care home in Hainaut took place through a €4.5 million contribution in kind of 39,933 Cofinimmo shares.

In Spain, Cofinimmo acquired a plot of land in Córdoba, in the autonomous community of Andalusia, to construct a new nursing and care home. The investment budget for both the plot of land and the works amounts to approximately €15 million. The site is pre-let to Amavir, a Spanish healthcare operator.

Almaviva Sante

In France, Almaviva Sante, a French hospital group, sold an undisclosed minority stake to Swiss Life Asset Managers.

Lux Med

Lux Med, a Warsaw-headquartered private medical services provider, has invested in IT solutions startup MC2 Innovations, according to Puls Biznesu.


Last but not least, private equity firm Permira had sold medical equipment service provider Althea to a consortium including Italian infrastructure fund F2i and infrastructure investment manager DWS Infrastructure after eight years of ownership. Althea’s assets in the UK and Ireland were bought by DWS, while F2i acquired Althea’s assets in Italy and 14 other countries.

Overall, it’s been a busy spring and we understand more deals are in the works as we approach the third quarter of the year. Some of the most anticipated ones are that of Ramsay Health Care , the global Australia-based hospital operator, and the Walgreens Boots Alliance’s pharmacy and retailer Boots.

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