Apheon, a pan-European private equity investor, is pleased to announce a further investment in its portfolio company Ortivity (“Ortivity” or the “Company”), Germany’s leading outpatient orthopaedic care platform. The contemplated transaction provides a partial exit for existing Ortivity shareholders while bringing onboard Unigestion, a leading private equity firm focused on the mid-market, and selected new Apheon investors, thereby reinforcing Apheon’s overall exposure to the Company. The approximate EUR 200 million capital injection marks the successful completion of a targeted partner search. Through its private equity funds, Unigestion acquires a significant minority stake in Ortivity, while Apheon remains the lead investor.
Founded in 2022 by a group of leading physicians, Dr. med. Reinhard Wichels and Apheon, Ortivity has over the past four years developed rapidly into one of Germany’s most prominent outpatient healthcare platforms. The Company operates over 100 sites across three regional clusters in Germany, offering a full spectrum of orthopaedic services, including diagnostics, anaesthesia, surgery, prevention, and aftercare. Ortivity’s physician partnership model and emphasis on clinical excellence have positioned the Group as a trusted provider and builder of modern outpatient infrastructure. The Company is equally owned by physicians and capital providers.
To facilitate and further drive the ambitious growth plans, Apheon ran a targeted search to bring onboard a new financial partner. Through its private equity funds, Unigestion’s additional capital will support Ortivity's ongoing investments in Germany, prioritizing the enhancement of its integrated, physician-led care model. The transaction marks a significant milestone for the Company as it enters its next phase of growth with an expanded investor base. Apheon and Unigestion have plans to further grow the Company within the existing regional clusters, and to establish new clusters, with the aim to transition Germany’s orthopaedic market towards a more modern, outpatient model.
Nils Lüssem, Partner at Apheon, and Sebastian Walter, Director at Apheon, commented: “We are pleased to welcome Unigestion as a trusted partner. During our search, Unigestion distinguished itself as collaborative, experienced, entrepreneurial and committed to long-term growth – we are delighted to have found such a partner. Since its founding by Apheon and leading physicians, Ortivity has quickly evolved into a leading provider of orthopaedic outpatient care in Germany. Partnering with Unigestion and other selected investors will ensure we have the necessary stable capital to sustain our growth and continue investing in top-quality patient care.”
Philipp Scheier, Partner at Unigestion, commented: "We have been very impressed by Ortivity’s development since its inception in 2022. Its rapid growth is a strong testament to the hard work of the Company’s physicians, management team and Apheon, who have established a leading, high-quality and patient-centred provider of orthopaedic outpatient care solutions. I am looking forward to working together with Ortivity and Apheon to support the next chapter of this unique success story."
Dr. Andreas Hartung, current Co-CEO, commented “What we have built over the past four years is truly unique and Unigestion realised this right from the start of our partner search.” Dr. med. Michael Thorwarth, newly joined Co-CEO of Ortivity, commented: “I am delighted that the start of my tenure as CEO coincides with the strengthening of the capital base of Ortivity. This marks a significant milestone as we continue to build a powerful network dedicated to innovation in musculoskeletal care. I was drawn to Ortivity by its forward-thinking vision — the seamless integration of prevention, diagnostics, and both conservative and surgical therapies. I look forward to working closely with our orthopaedic and neurosurgical specialists, as well as our dedicated practice teams, to further develop this model. Together, we aim to set new standards in treatment quality and patient-centred service, delivering measurable benefits to those we serve.”
Markus Schneppenheim, Head of the Ortivity Medical Board, practicing physician at the OGPaedicum and co-founder of Ortivity, commented: “Ortivity is the market leader in modern outpatient orthopaedic solutions in Germany. We will now accelerate the expansion of existing clusters and enable the dynamic transfer of concepts to other regions. We are very pleased to continue our collaboration with Apheon and remain fully committed to the joint project.”
Dr. med. Reinhard Wichels, physician, investor and co-founder of Ortivity: “It has been an exciting journey so far. Ortivity has not only become the largest orthopaedic outpatient platform in Germany, but also a visible thought leader on how physician networks can contribute to closing gaps in access and quality of care delivery.”
The transaction is subject to customary regulatory approvals. Houlihan Lokey acted as the exclusive financial advisor to Apheon. Renzenbrink & Partner acted as legal advisors to Apheon.
About Apheon
Apheon is a pan‑European mid‑market private equity firm managing more than €3 billion in assets from select global institutional investors and families. Known for a “patient and friendly capital” approach, Apheon partners with entrepreneurs and management teams, offering industrial expertise to prepare companies for future growth. Through its European presence, the firm serves as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €3.5 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 21 companies across its target sectors, representing ~€3 billion sales and more than 20,000 employees. Apheon is advised by Apheon Advisors which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, visit www.apheon.com.
About Unigestion Private Equity
Unigestion S.A. manages €12 billion in private equity assets. Its award-winning team offers four key private equity strategies focused on secondaries, directs, emerging managers and climate impact. The team invests in the leaders of tomorrow, selecting exciting, hard-to-access companies with resilient profiles across five themes – supply chain efficiency, resilient infrastructure, future of work, healthcare performance and consumer evolution. Unigestion Private Equity believes that better and more consistent investment decisions can be made by harnessing the power of mind and machine and has applied its proprietary AI technology - PEpper – to private equity investments since 2020. The firm is also at the forefront of ESG investing, having launched its first environmental private equity fund in 2010. For more information, please visit www.unigestion.com.
About Ortivity
Ortivity is Germany’s leading integrated outpatient care platform for orthopaedic services. Built around a physician-led model, the Company operates over 100 medical centres across Germany, offering a full continuum of orthopaedic care. Ortivity has demonstrated consistent growth through a combination of strategic acquisitions and organic development.
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Apheon
John Mansvelt, COO, Apheon
jm@apheon.com
T: +32 2 213 60 90
Natalia Yek, Head of Investor Relations, Apheon
ny@apheon.com
T: +32 2 213 60 90
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