Houlihan Lokey Advises Apheon

Houlihan Lokey is pleased to announce that Ortivity Group (Ortivity), Germany’s leading integrated outpatient orthopaedic care platform and portfolio company of Apheon, a pan-European private equity investor, has attracted a growth investment of approximately €200 million from a group of new partners. The transaction, resulting from a targeted partner search, provides fresh growth capital for Ortivity and a partial exit for existing shareholders. Unigestion, a leading private equity firm focused on the mid-market, will acquire a significant minority stake. Selected new Apheon investors will also participate, thereby reinforcing Apheon’s overall exposure to the company, while Apheon remains the lead investor.

Founded in 2022 by a group of leading physicians, Dr. Reinhard Wichels, and Apheon, Ortivity has rapidly developed into one of Germany’s most prominent outpatient healthcare platforms over the past four years. The group operates more than 100 locations across three regional clusters and offers a fully integrated range of orthopaedic services, including diagnostics, anaesthesia, surgery, prevention, and aftercare. Built on a physician partnership model and a commitment to clinical excellence, Ortivity has become a trusted provider and builder of modern outpatient infrastructure. The company is equally owned by physicians and capital providers.

The new growth capital from Unigestion and other selected investors will support Ortivity’s ambitious expansion plans within its existing regional clusters and through the establishment of new clusters, driving the transition of Germany’s orthopaedic market towards a modern, outpatient model. Investments will focus on enhancing the company’s integrated, physician-led care platform and further strengthening patient access and quality of care.

Houlihan Lokey acted as the exclusive financial advisor to Apheon. This transaction underscores Houlihan Lokey’s leadership in the European healthcare services sector and its track record in advising on landmark growth investments.

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