Houlihan Lokey Advises G Square

Houlihan Lokey is pleased to announce that G Square, a leading European healthcare private equity investor, has agreed to acquire a majority stake in the Finnish medtech company Serres. The transaction is expected to close in the first quarter of 2026, subject to customary regulatory approvals and closing conditions.

G Square, a leading European healthcare private equity investor focusing on middle-market companies with high growth potential, has signed an agreement to acquire a majority stake in Serres, a global forerunner in sustainable surgical fluid management solutions, to accelerate its global expansion and sustainability leadership.

Founded over five decades ago and headquartered in Kauhajoki, Finland, Serres is one of the global leaders in sustainable surgical fluid management. The company’s high-performance suction bags and fluid disposal solutions are used in more than 80,000 surgical procedures per day and are trusted by approximately 50% of the world’s top 100 hospitals. The company’s production facilities in Kauhajoki and Saarijärvi are among the most advanced in the field of automation. Long before sustainability became a healthcare priority, the company embedded circularity and efficiency into its products and operations.

“Serres is an outstanding company; a true European champion in its field with world-class sustainable products and a strong culture of innovation. The company has built a unique platform with strong potential to grow globally,” said Oliver Hoenich, Partner of G Square.

“We are excited to partner with the Jyllilä family to support Serres and its management team in accelerating growth, widening international reach and strengthening Serres’ leading market position in sustainable solutions for surgery and intensive care,” added Yasemin Arik, Partner of G Square.

Paree Group, the long-standing family owner, will retain a significant stake and continue as a strategic partner in Serres’ next phase of development. G Square brings deep healthcare expertise and an established track record of helping innovative European companies in scaling internationally. G Square and Paree Group aim to develop Serres into a leading international medtech platform by investing in new products, commercial capabilities, and targeted acquisitions to strengthen its market reach. The transaction positions Serres to build on its leading position in Europe, accelerate its growth in the United States, and expand its footprint globally.

Houlihan Lokey served as the exclusive buyside advisor to G Square, further cementing the firm’s deep expertise in the medtech sector.

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