Mittelstand GP closes single-asset healthcare deal

The process, focused on medical equipment company medifa, was designed to replace an LP stepping away from the buyout market.

A manager focused on Germany’s Mittelstand has used the secondaries market to replace a key limited partner.

Medical technology company medifa was transferred out of a fund managed by Hohnhaus & Jansenberger Gruppe into a single-asset vehicle, according to a statement seen by Secondaries Investor. The vehicle was backed by Munich-headquartered YIELCO Investments, among a number of existing investors. Ely Place advised on the process.

“We are pleased to remain a significant shareholder in medifa and support its continued growth trajectory,” said managing partner Wolfgang Hohnhaus, in a second statement. “The acquisition has enabled H&J to fully complete investment activity of the Fund I portfolio, generating an attractive return to our investors.”

The process was designed to replace Clearsight Investments, which is withdrawing from the buyout market, according to two sources familiar with the situation. The Swiss investment manager accounted for 75 percent of the capital in H&J’s Fund I, having committed €50 million.

H&J bought Clearsight out of medifa with the support of YIELCO and existing investor Cathay Capital, which increased its position in the business, Secondaries Investor understands. The CEO of medifa, Christian Keller, also rolled his stake into the vehicle.

According to its website, medida produces equipment for operating theatres and is the owner one of the largest original equipment manufacturers in the German medical technology sector.

H&J is owned by Munich-based entrepreneurs Hohnhaus and Peter Jansenberger. The firm acquires platform businesses and develops them through a buy-and-build strategy. Its executives tend to take managing director positions in the portfolio companies.

Formed in 2020, Ely Place closed four GP-led deals worth €150 million last year, according to Secondaries Investor‘s annual advisory survey.