Palex Medical to be acquired by Apax Partners and Fremman Capital

Funds managed by Apax Partners and Fremman Capital announced they have agreed to acquire co-controlling stakes in Palex Medical. The Southern Europe-based company, being the leading provider of high value-added medical technology (MedTech) equipment and solutions, is to be sold by Fremman and other minority shareholders.

Founded in 1955, Barcelona-based Palex Medical is the foremost independent MedTech solutions provider in Southern Europe. Their broad product portfolio includes over 150,000 product references from more than 600 world-leading tier-1 manufacturers. The firm is trusted for its strong reputation in innovation, quality, and service, supplying high-value MedTech equipment to public and private hospitals and laboratories in Spain, Portugal, and Italy.

Xavier Carbonell, CEO of Palex Medical, stated, “We’re incredibly excited to continue our partnership with Fremman and to have secured the backing of Apax as a joint-lead investor for the next phase of our growth journey… By bringing a strong and experienced partner like Apax into our shareholder base, we expect to be able to further accelerate our growth, both locally and internationally…”

Ricardo de Serdio, Founding Partner and CEO of Fremman Capital, added: “Since our entry in Palex in December 2021, we have pursued a clear strategy to support the Company in becoming an international leader in MedTech distribution… We are thrilled with the sale transaction and with our subsequent investment to continue supporting Xavier and the Company on this next phase of pan-European growth.”

Frank Ehmer, Partner at Apax Partners, commented: “We couldn’t be happier to be partnering with Xavier and the wider Palex team, along with Fremman Capital… Palex has consistently outperformed over decades, with an unrivalled reputation and offering, and we look forward to building on this success to date, leveraging our experience and insights to help the team accelerate growth and execute on our joint vision for the future.”

The transaction, which will see Apax Partners and Fremman Capital partnering with Palex Medical’s management team to drive value creation and pursue international growth, is slated to close in the fourth quarter of 2023, subject to customary closing conditions. Financial terms of the agreement were not disclosed.