16th April 2024 – Today, G Square Healthcare Private Equity LLP (“G Square”) is pleased to share that portfolio company, Duomed Group (“Duomed” or the “Company”), has executed a put option agreement for its contemplated sale to Palex Medical (“Palex”). The envisaged transaction would form a truly pan-European platform, providing medical technology (“MedTech”) equipment and solutions across Northern, Western, and Southern Europe.
Headquartered in Belgium, Duomed is a European MedTech distributor, specialising in endoscopy, surgery, critical care, medical imaging, physiology monitoring, and infection control. With more than 50 years’ experience, the Company has developed a strong reputation over time focused on high quality services and innovative products, spanning 17 therapeutic areas.
The envisaged transaction would expand the geographic footprint of Duomed and Palex, and further strengthen product portfolio and therapeutic area coverage to support existing customers and enhance the value proposition for original equipment manufacturers (“OEM”) partners who are increasingly looking for multi-country solutions. Duomed would maintain its local identity and breadth of solutions for its customers via therapeutic area verticals, and through dedicated experts.
The contemplated transaction would follow Duomed’s significant commercial momentum in Europe, with highly successful recent acquisitions and transformation to a leading pan-European platform.
Reinier van der List, Executive Chairman of Duomed, said: “We began our journey in 2017, at the time as one of the leading companies in added value Healthcare distribution and services in Benelux, with the strong belief and ambition to build the leading pan-European platform into the future. In recent years, we made great steps expanding our business throughout North, West and Central Europe. I am therefore very excited about our contemplated tie-up with Palex, which would bring us the much desired step into Southern Europe, so that we can definitely say that our dream has become reality. We are very much looking forward to partner with our new colleagues of Palex and to continue expanding our services to our customers, our partners and our people all over Europe.”
Xavier Carbonell, CEO of Palex, commented: “This not only represents growth for Palex and Duomed, but also an opportunity for healthcare, science, and research professionals in each of these countries, as well as for our providers of technological innovations. As a pan-European leader in technological solutions for healthcare, science, and research, we would be better positioned than ever to collaborate with suppliers worldwide and offer them a partner with even broader knowledge and team.”
Laurent Ganem, Founder and Chief Executive Officer of G Square, added: “Our investment in Duomed was driven by the ambition of transforming a local Medical Technologies Distributor into a Pan-European leader. This goal was accomplished through the joint efforts of a highly entrepreneurial and dynamic management team and G Square, achieving high organic growth, and making numerous acquisitions in several European countries. The contemplated sale to Palex creates many new opportunities for development and it will enhance the value proposition for Duomed’s customers and OEM partners.”
The completion of the proposed transaction is subject to certain consultation processes with the relevant employee representative bodies of the Duomed group, exercise of a unilateral put option right and to customary closing conditions. It is expected to close in Q3 2024. Financial terms were not disclosed.
Duomed was advised by De Brauw Blackstone Westbroek as legal counsel, and William Blair as financial advisor.
About Duomed Group
Duomed, headquartered in Belgium, is a leading distributor of Medical Technologies in Europe, specialising in endoscopy, surgery, critical care, medical imaging, physiology monitoring, and infection control. Duomed makes the difference in the market it serves, by offering high-quality, reliable and sustainable solutions to its customers, combining both consumables, capital equipment, technical services, IT integration, clinical training and education, as well as CRO services. Today, Duomed is present in the Benelux, France, UK, Switzerland, Scandinavia, Serbia and Slovenia, and is continuously taking up opportunities to further consolidate or expand its portfolio within its core areas of expertise, in existing or new markets.
For further information about Duomed, please visit www.duomedgroup.com.
About Palex Medical
Palex, founded in 1955 by the Knuth family, is a company focused on the marketing, sales and logistics of high value-added MedTech equipment and solutions in the Spanish, Portuguese and Italian markets. The Company has a strong reputation for innovation, quality and service and offers a wide product portfolio (+150,000 references) from world-leading Tier-1 manufacturers (+600 partnerships) and own products across numerous therapeutic areas. Palex counts with +930 employees, has a revenue forecast of €660 million in 2024 and is headquartered in Sant Cugat del Vallès (Barcelona, Spain).
For further information about Palex, please visit www.palexmedical.com.
Media Contacts
Renaud Dessertenne, Partner
+44 20 3757 0160