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Private equity fund Ergon Capital has acquired a majority stake in medical technology distributor Palex from Corpfin Capital.
Palex, which provides medical technology for public and private hospitals and laboratories in Spain and Portugal, is headquartered in Barcelona and has around 500 employees. It distributes products to more than 1,500 clients in the public and private sectors.
Palex’s products include patient monitoring software and surgical robots.
Corpfin Capital will retain a minority stake in the company alongside Ergon and the management.
Ergon is a mid-market private equity investment company with more than €1 billion of assets under management. It makes equity investments in companies with a “sustainable competitive position in attractive niche markets located in the Benelux, France, Germany, Italy and Iberia”. Ergon is advised by Ergon Capital Advisors which has offices in Brussels, Paris, Munich, Milan and Madrid.
Since its inception in 2005, Ergon has raised approximately €1.9 billion, invested in 23 companies (of which seven are in the Benelux countries, three are in France, three are in Germany, eight are in Italy and two are in Spain). It has also completed 49 “add-on acquisitions” for a total aggregate transaction value of more than €4 billion. Ergon’s current portfolio consists of 12 companies.
Pablo Álvarez Couso (pictured), director at Ergon in Spain, said: “We are delighted to partner with such an excellent and visionary management team and to support them in their expansion plans for the company in the upcoming years, both in Spain and internationally”.
Xavier Carbonell, CEO of Palex, commented: “We are convinced Ergon is the right partner for Palex’s next stage of development and are excited to start this new phase in which we look forward to pursuing further growth opportunities in Spain and abroad, in line with the company’s historical development”.
Meanwhile, Alberto Curto, managing partner of Corpfin, said: “We are convinced about Palex’s strong potential and that Ergon is the best suited partner to bring the company to the next level. Palex has a unique business model in a very attractive sector and we are thrilled to continue supporting management alongside Ergon in this new phase”.