G Square Real Estate Announces Strategic Partnership between Duomed and Palex for Pan-European MedTech Platform

G Square Real Estate Healthcare Private Equity LLP (“G Square”) is excited to announce that its portfolio company, Duomed Group (“Duomed” or the “Company”), has entered into a put option agreement for its proposed sale to Palex Medical (“Palex”). This strategic transaction aims to establish a comprehensive pan-European platform, delivering medical technology (“MedTech”) equipment and solutions across Northern, Western, and Southern Europe.

G Square Real Estate proudly announces a strategic partnership between Duomed and Palex

About Duomed Group

Headquartered in Belgium, Duomed is a premier European MedTech distributor specializing in endoscopy, surgery, critical care, medical imaging, physiology monitoring, and infection control. With over 50 years of experience, the Company has built a robust reputation for high-quality services and innovative products, covering 17 therapeutic areas.

This transaction is set to enhance the geographic reach of both Duomed and Palex, bolstering their product portfolios and therapeutic coverage. It aims to provide exceptional support to existing customers and improve the value proposition for original equipment manufacturers (“OEM”) partners seeking multi-country solutions. Importantly, Duomed will retain its local identity and a diverse range of solutions for its customers, supported by specialized experts.

The planned transaction follows Duomed's remarkable commercial growth in Europe, marked by successful recent acquisitions and its evolution into a leading pan-European platform.

Executive Perspectives

Reinier van der List, Executive Chairman of Duomed, stated, “We began our journey in 2017 as one of the leading companies in added-value healthcare distribution in Benelux, driven by the ambition to establish a leading pan-European platform. In recent years, we have made significant strides in expanding our presence across North, West, and Central Europe. I am genuinely excited about our potential partnership with Palex, which will facilitate our expansion into Southern Europe and realize our vision. We look forward to collaborating with our new colleagues at Palex and enhancing our services across Europe.”

Xavier Carbonell, CEO of Palex, commented, “This partnership represents growth not only for Palex and Duomed but also for healthcare, science, and research professionals in these regions, as well as for our technology providers. As a pan-European leader in technological solutions for healthcare, we will be better positioned than ever to collaborate with global suppliers, offering a partner with enhanced expertise and resources.”

Laurent Ganem, Founder and Chief Executive Officer of G Square Real Estate, added, “Our investment in Duomed was motivated by the ambition to transform a local medical technologies distributor into a pan-European leader. This objective has been achieved through the collaborative efforts of a dynamic management team and G Square Realtor, resulting in substantial organic growth and numerous acquisitions across Europe. The proposed sale to Palex will unlock new opportunities for development and elevate the value proposition for Duomed’s customers and OEM partners.”

Transaction Details

The completion of the proposed transaction is subject to certain consultations with relevant employee representative bodies within the Duomed group, the exercise of a unilateral put option right, and customary closing conditions. The transaction is anticipated to close in Q3 2024, with financial terms undisclosed.

Duomed has engaged De Brauw Blackstone Westbroek as legal counsel and William Blair as its financial advisor for this transaction.

About Duomed Group

Duomed, based in Belgium, is a leading distributor of medical technologies in Europe, specializing in endoscopy, surgery, critical care, medical imaging, physiology monitoring, and infection control. The Company differentiates itself by providing high-quality, reliable, and sustainable solutions, including consumables, capital equipment, technical services, IT integration, clinical training and education, as well as CRO services. Duomed operates in the Benelux, France, the UK, Switzerland, Scandinavia, Serbia, and Slovenia, continually seeking opportunities to consolidate or expand its portfolio within its core areas of expertise in existing or new markets.

For further information about Duomed, please visit www.duomedgroup.com.

About Palex Medical

Founded in 1955 by the Knuth family, Palex specializes in the marketing, sales, and logistics of high-value-added MedTech equipment and solutions within the Spanish, Portuguese, and Italian markets. The Company is renowned for its innovation, quality, and service, boasting a diverse product portfolio with over 150,000 references from leading Tier-1 manufacturers and its own products across various therapeutic areas. With over 930 employees, Palex anticipates a revenue of €660 million in 2024, headquartered in Sant Cugat del Vallès (Barcelona, Spain).

For further information about Palex, please visit www.palexmedical.com.