Houlihan Lokey Advises EMZ Partners on the Sale of FotoFinder Systems to GHO Capital

Houlihan Lokey is pleased to announce that FotoFinder Systems GmbH (FotoFinder or the company), a global market leader and pioneer in skin imaging solutions and a portfolio company of EMZ Partners (EMZ), has agreed to be acquired by GHO Capital Partners LLP (GHO), the European specialist investor in global healthcare. EMZ will retain a meaningful minority stake alongside GHO and FotoFinder’s management team. The transaction was signed on 3 July 2025 and is pending standard regulatory approvals.

Headquartered in Bavaria and founded in 1991, FotoFinder develops software- and AI-enabled imaging systems used by dermatologists, general practitioners, and clinics for early skin cancer detection and aesthetic diagnostics. Its product portfolio includes fully automated total body mapping systems, handheld digital and AI-assisted dermatoscopes, and imaging solutions for trichoscopy and aesthetics. FotoFinder’s solutions are widely regarded as the gold standard in dermatology and are used by clinicians in more than 90 countries. The company is also the first to offer an MDR-certified AI-powered dermatoscope in the EU.

FotoFinder’s strong R&D capabilities and consistent innovation track record have resulted in best-in-class image quality, user experience, and clinical utility. Since EMZ’s investment in 2021, the company has completed a successful succession plan, expanded its shareholder base, and laid the foundation for international growth.

In early 2024, FotoFinder acquired DermLite, the U.S.-based leader in handheld analogue dermatoscopes, creating a transatlantic platform that spans the full spectrum of skin imaging technologies. Houlihan Lokey also advised FotoFinder and EMZ on the acquisition of DermLite.

With GHO’s support, FotoFinder will accelerate its global expansion, further develop its digital offering, and pursue growth in adjacent segments such as aesthetics. Key initiatives include subscription-based software models, integration of AI tools into clinical workflows, and migration to cloud-based platforms.

Klaus Maurer, Senior Partner at EMZ, said: “Since our investment in FotoFinder three years ago, the company has achieved continued growth, underpinned by its expanded presence in the U.S. market through DermLite. After extensive discussions and close alignment between GHO, FotoFinder, and EMZ on the company’s strategic direction, we believe we have laid out the best possible foundation for its future success. We would like to take the opportunity to thank Andreas Mayer and the whole FotoFinder/DermLite team for the excellent collaboration in the last years. We are looking forward to remaining a shareholder of the group.”

Ken Eichmann and Stuart Quin, Partners at GHO Capital, commented: “We are delighted to announce the acquisition of FotoFinder, a pioneer in advanced skin imaging and AI-enabled diagnostic software. GHO identified FotoFinder through its subsector origination efforts and has teamed up with Munich-based EMZ Partners in a bilateral transaction to accelerate growth. FotoFinder, headquartered in Bavaria and founded by Andreas Mayer and family, recently merged with DermLite, based in California and founded by John Bottjer, Nizar Mullani, and Thorsten Trotzenberg, to create the global market leader in dermoscopy devices. We are excited to partner with Andreas, John, and the combined FotoFinder/DermLite team, along with our partners at EMZ, to leverage our experience of scaling international healthcare platforms.”

Houlihan Lokey served as the exclusive financial advisor to EMZ and FotoFinder. This transaction further strengthens the firm’s cross-border leadership in the MedTech sector.

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