Houlihan Lokey Advises TopzorgGroep

Houlihan Lokey is pleased to announce that Ivo van Loo, Founder and CEO of TopzorgGroep, and Capital A Investment Partners have agreed to sell a majority stake in TopzorgGroep, one of the Netherlands’ leading integrated multi-payer care platforms, to rehaneo, backed by Fremman Capital. The transaction has been signed and is subject to approval by the Dutch competition and healthcare authorities. Houlihan Lokey acted as sole financial sellside advisor to the shareholders. The terms of the transaction have not been disclosed.

With roots in physiotherapy dating back to 2002, TopzorgGroep combines paramedical care, multidisciplinary rehabilitation, preventive wellbeing, and occupational health services in one integrated model. Since partnering with Capital A in 2019, the group has completed more than 50 acquisitions, including FysioHolland. Today it employs more than 1,100 FTEs, treats over 170,000 patients annually across approximately 220 clinics and 420 external care locations, and generates c. €120 million in revenue (FY25).

Ivo van Loo said: “With rehaneo and Fremman Capital, we have found a partner that understands our services, shares our values and supports our ambitions. This partnership will allow us to further develop our integrated care model, create new opportunities for our colleagues, and continue delivering high-quality, accessible care tailored to the needs of patients and employers.”

rehaneo is a leading German outpatient rehabilitation and therapy group backed by Fremman Capital, offering rehabilitation, physiotherapy, aftercare, prevention, medical fitness and occupational health services. Founded in 2020, the group partners with established healthcare providers, combining clinical expertise and local identities with the resources of a larger healthcare organisation. The acquisition marks rehaneo’s entry into the Dutch market.

Bruno Crone, Founder and CEO of rehaneo, said: “TopzorgGroep is an excellent strategic and cultural fit for rehaneo. We share a vision of making high-quality, multidisciplinary healthcare accessible close to where patients live, with a strong focus on therapeutic services and local expertise. By combining our complementary capabilities, we can learn from one another, further improve patient care and take an important step in developing a broader European rehabilitation and therapy group.”

Houlihan Lokey’s Corporate Finance team acted as sole financial sellside advisor to the shareholders and led the sale process. This was complemented by Houlihan Lokey’s Capital Solutions team, whose lender education was successfully carried out as part of the sales process. This transaction follows our 2024 advisory work for Gimv on the sale of rehaneo to Fremman Capital and marks our second successful transaction with the same buyer group in the sector, further demonstrating our proven industry track record and long-standing relationships with relevant financial sponsors.

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