Alantra Private Equity closes €155mn healthcare continuation fund to back Health in Code’s next growth phase in partnership with Mérieux Equity Partners

• Alantra Private Equity has increased its stake in Health in Code (“HiC”), a top-performing asset of Alantra Private Equity Fund III, through a continuation vehicle led by Hayfin Capital Management and supported by a diversified base of institutional investors.

• The continuation structure delivers liquidity to existing investors at three times invested capital, while allowing Alantra Private Equity to continue partnering with the company through its next stage of development.

• The transaction also welcomes Mérieux Equity Partners as a 20% minority shareholder, adding deep sector expertise and an extensive international network to support HiC’s next phase of growth.

• HiC’s ambition is to become a European leader in clinical genomics, targeting €100mn in revenues within five years through organic growth and strategic acquisitions.

Alantra Private Equity (“Alantra PE”) has successfully closed its healthcare-focused continuation vehicle, raising €155mn in capital commitments. The vehicle was significantly oversubscribed and is anchored by Hayfin Capital Management, a leading secondary investor in single-asset GP-led transactions with a dedicated healthcare focus, investing through its Private Equity Solutions strategy, alongside a broad base of domestic and international institutional investors, including BNP Paribas AM and Altamar CAM.

As part of the transaction, Alantra PE has increased its stake in Health in Code (“HiC”), Spain’s leading integrated clinical genetics platform, through the new vehicle. The continuation structure reflects both Alantra PE’s and Hayfin’s strong conviction in the asset and provides long-term capital to support HiC’s next phase of growth, while offering liquidity to existing investors at attractive returns.

In parallel, Mérieux Equity Partners (“MxEP), a leading European investment firm dedicated to Healthcare, has acquired a 20% minority stake in HiC through its buyout fund, Mérieux Participations 4. MxEP brings deep sector expertise, a strong international footprint and network to support the company’s continued expansion.

Founded in 2020 through the strategic combination of Health in Code, Imegen, Genycell Biotech, and later Genologica, HiC has built a fully integrated clinical genomics platform serving hospitals and healthcare professionals across more than 30 countries. The company combines next-generation sequencing services and diagnostic kits with its proprietary bioinformatics platform, DataGenomics, and is recognized for its clinical interpretation capabilities and its extensive proprietary variant database. HiC focuses on high-growth clinical areas including cardiology, oncology, neurology, and rare diseases.

Under Alantra PE’s ownership since 2020, HiC has more than doubled its revenues from €24mn to over €50mn, consolidated its leadership in the domestic market, successfully completed its integration, and scaled operations to approximately 200 employees. Following this period of strong execution and in-house investment, the company has reached a level of maturity that significantly de-risks the equity story and positions it for accelerated international expansion.

Following a review of strategic alternatives and strong market interest, Alantra PE selected the continuation fund structure as the optimal solution to provide liquidity to existing investors and continue supporting a high-quality, high-conviction asset through its next stage of development. Approximately 25% of the capital raised will be allocated to fund HiC’s inorganic growth, including strategic add-on acquisitions in key European markets. In addition, the company’s capital structure has been strengthened through the reorganization of its debt, resulting in a new credit facility led by Tres Mares and Santander.

Ángel Manotas, Managing Director at Alantra Private Equity, said: “The successful close of our first single-asset continuation vehicle marks an important strategic milestone for Alantra Private Equity. This transaction reflects our conviction in Health in Code as a high-quality asset with significant growth ahead. We believe this structure offers the best outcome for all stakeholders, allowing existing investors to triple their investment while enabling us to continue contributing to the company’s growth trajectory. Our ambition is clear: to create a European leader in clinical genomics with €100mn in revenues within the next five years, driven by international expansion and strategic acquisitions.”

Gonzalo Erroz, Managing Director and Co-Head of Private Equity Solutions at Hayfin Capital Management, commented: “We are pleased to partner with Alantra to support Health in Code at this pivotal stage of its evolution. As demand for advanced genetic diagnostics continues to accelerate, the continuation fund will provide Health in Code with the resources to broaden its footprint and continue delivering high‑quality, clinically impactful insights to Spanish hospitals.”

Theodor Wuppermann, Partner at Mérieux Equity Partners, added: “Health in Code has built a uniquely integrated clinical genomics platform anchored in long-standing relationships with Spanish hospitals. We are excited to partner with Alantra and the management team to support HiC’s next chapter of growth with a specific focus on international expansion.”

Alantra PE manages c. €800mn in assets across three verticals: healthcare, food & beverage, and industrial tech. Its healthcare portfolio also includes Digitaldent, the second-largest dental laboratory group in Spain.

In connection with this transaction, Alantra PE was advised by Rede Partners (M&A), PwC (financial, tax, labor, and legal due diligence), Addleshaw Goddard (legal and deal structuring), and Mansfield (commercial due diligence). Banca March, a financial institution specialized in providing advisory services to family-owned businesses, corporate groups, and international Private Equity funds on their investments in Spain, has acted as financial advisor to Mérieux Equity Partners.