Today, Palex announced the execution of an option agreement to purchase Duomed. The combined group will significantly improve its position as a truly pan-European platform, providing medical technology solutions and devices (“MedTech”) throughout Northern, Western and Southern Europe. This decision follows the recent acquisition of Izasa by Palex, demonstrating Palex's ongoing goal to invest in the platform in order to expand its presence in this sector while offering its partners added value.

Based in Belgium, Duomed is a European MedTech distributor specialised in endoscopy, surgery, critical care, medical imaging, physiological monitoring and infection control. With more than 50 years of experience, the company has built a solid reputation through its focus on high-quality service and innovative products addressing 17 therapeutic areas. Duomed will continue operating in added-value products, using its existing business model and market strategy. It will maintain its local identity and breadth of solutions for its clients through therapeutic area verticals and dedicated experts.

The merged group will enjoy an extended geographical presence, strengthen its product portfolio, and increase therapeutic area cover, which will help its clients and improve its value proposal for its partner manufacturers of original equipment, who are increasingly seeking more multinational solutions.

Xavier Carbonell, CEO of Palex, said, “Not only does this represent growth for Palex, but it's also an opportunity for health, science and research professionals in each of these countries, as well as for our technological innovations suppliers. As a pan-European leader in technological solutions for health, science and research, we're better positioned than ever to collaborate with suppliers across the world and offer them a partner with even broader knowledge and a more extensive team.”

Frederic Hoffman, CEO of Duomed, said, “It was incredibly important to find a partner with a dynamic, future outlook that would improve our reputation and commitment to offering unbeatable customer service through technical experience and deep market knowledge. This association achieves all of that and enables our staff and our approach to customers and suppliers to remain unchanged. We're eager to get to work with our Palex colleagues and build an even stronger company together, with a value proposal for our colleagues, customers and manufacturers.”

Frank Ehmer, partner of Apax, said, “Palex is a noteworthy operator in MedTech distribution and the combination with Duomed consolidates its position as a truly unique pan-European platform even further. We view Duomed and Izasa as important steps to providing our equipment manufacturers with a leading solution. We look forward to continuing to work with Xavier and the team while they drive growth throughout the business and continue to improve the value proposal for both existing manufacturing partners and Palex's new, trusted clients.”

Ricardo de Serdio, founding partner and CEO of Fremman Capital, added, “Since we joined Palex in December 2021, we've followed a clear strategy to support the company as it becomes an international leader in MedTech distribution. In little more than two years, we've helped the company complete 11 acquisitions in 10 countries, more than quadrupling the size of the business. We're excited by the acquisition of Duomed, which we consider a highly complementary asset and the next step in the creation of a pan-European distributor capable of being a partner of the highest quality for equipment manufacturers across multiple countries.”

Completion of the proposed transaction is subject to certain consultation processes with the pertinent employee representative bodies at the Duomed Group, the exercising of a unilateral right of put option, and normal closing conditions. The deal is expected to be closed in the third quarter of 2024. The financial terms were not disclosed.

Palex received legal advice from Sullivan & Cromwell and Stibbe, with Houlihan Lokey acting as financial advisor.

Duomed received legal advice from De Brauw Blackstone Westbroek and financial advice from William Blair.

ABOUT PALEX

Palex, which was founded in 1955 by the Knuth family, is a company focused on marketing, sales and logistics for MedTech equipment and solutions with high added value in the Spanish, Portuguese and Italian markets. The company has an excellent reputation for innovation, quality and service, and it offers an extensive product portfolio (150,000+ references) from world-leading manufacturers (600+ partners) and its own products in numerous therapeutic areas. Palex has approximately 928 employees, an expected income of €660 million in 2024, and its head office in Sant Cugat del Vallès (Barcelona, Spain).

For more information about Palex, visit www.palexhealth.com.

ABOUT DUOMED

Based in Belgium, Duomed is a rapidly growing European MedTech distributor specialised in endoscopy, surgery, critical care, medical imaging, physiological monitoring and infection control. Duomed makes a difference in the market it serves, offering reliable, sustainable and high-quality solutions to its customers, combining both consumables with capital equipment, technical service, IT integration, clinical training and education, as well as CRO services. Duomed has more than 600 employees and operates in 10 countries. It is expected to take in €290 million in 2024 and has its head office in Aartselaar (Belgium).

For more information about Duomed, visit www.duomedgroup.com.

ABOUT APAX

Apax Partners LLP (“Apax”) is a world-leading private capital advisory firm. For more than 50 years, Apax has worked to inspire the growth and ideas that transform businesses. The firm has put together and advised funds with commitments totally more than $77 million. Apax funds invest in companies in four global sectors: technology, services, health and internet/consumption. These funds provide long-term equity financing to build and strengthen global companies.

For more information about Apax, visit www.apax.com.

ABOUT FREMMAN

Fremman is a medium-sized, pan-European investment firm with offices in London, Luxembourg, Madrid, Munich and Paris. It aims to partner with successful management teams to help transform leading local businesses into sustainable multinational leaders. Its senior partners have worked together for many years, with more than 100 years of investment experience between them. Fremman's goal is to build better, more sustainable companies that have a positive impact on society.

For more information about Fremman, visit www.fremman.com.