The Riverside Company, a US-based global investment firm focused on the smaller end of the middle market, has invested in Medical Group, a French CDMO. As part of the transaction, Medical Group and Selenium Medical, a complementary French CDMO, have formed a strategic partnership.
Riverside will work with management teams to build a differentiated offering in the European MedTech CDMO market, accelerate growth through international expansion, invest in R&D and pursue a targeted buy-and-build programme in the fragmented European MedTech CDMO market.
“The businesses offer technical depth and a compelling value proposition for medical device manufacturers operating in increasingly complex regulatory and manufacturing environments,” said Damien Gaudin, partner and head of Healthcare at Riverside Europe. “This partnership reflects our conviction in the long-term growth potential of the industry.”
The European MedTech CDMO market benefits from favourable long-term tailwinds, including increasing outsourcing penetration, rising regulatory complexity under the EU Medical Device Regulation and growing product sophistication, all driving greater reliance on specialist CDMO partners.
Medical Group, founded in 1989, and Selenium Medical, founded in 2009, serve medical device manufacturers primarily across the orthopaedic and dental end-markets, but also in robotics, soft tissue and in vitro diagnostics.
They provide a range of outsourced manufacturing services built around surface treatment and coating of medical devices as well as cleaning, sterile assembly and packaging. Their offering also covers cleanroom plastic injection moulding, manufacturing of hydroxyapatite and calcium phosphate powders for bone substitutes and implant coatings or sandblasting, sterilisation management and consulting and laboratory testing.
Christophe Deycard and Antoine Beroud, who acquired Medical Group in 2018 and have led its growth since, said that Selenium Medical and Medical Group share the same commitment to quality, innovation and supporting customers as long-term partners. “Together, we will be able to offer a broader range of specialist capabilities while preserving the entrepreneurial culture and technical expertise that have defined both businesses.”
The partnership marks an exciting new chapter for our business, according to Damien Uijttewaal, CEO of Selenium Medical. “By collaborating with Medical Group, we are building a stronger proposition that delivers even greater value to our customers. Riverside’s experience building international healthcare businesses and executing successful buy-and-build strategies makes them an ideal partner as we pursue our ambitious growth plans,” he said.
Working on the transaction for Riverside were Gaudin, vice president Maxime Meulemeester and associate Clément Gabriel.
