French private equity firm ArchiMed has made its first investment – €12 million into MediStream a Lausanne-based manufacturer of orthopedic implants. The investment comes on the heels of ArchiMed’s debut fund – Med1 – holding its first close in April on €100m.
The fund is targeting €120m, and is currently hovering around €110 million. The hard cap is €150m, according to sources familiar with the matter. ArchiMed is solely dedicated to healthcare investing in Europe.
The fund will target €5 million to €15 million per operation, primarily through leveraged buyouts.
Triago is acting as the placement agent for the fund.
MediStream CEO Alberto Scoccianti and other senior managers sold no equity in the transaction and hold substantial stakes in the company, with the opportunity to grow those stakes through performance-based option packages. The company plans to use the investment for international growth. ArchiMed says it will use its banking relationships to help facilitate that expansion and growth equity investments.
ArchiMed was founded late last year by Denis Ribon, former global head of healthcare at 3i and three of his former team members.