Pava Partners is pleased to announce that NORD Holding Unternehmensbeteiligungsgesellschaft mbH (“NORD Holding”) has sold its majority stake in hg medical to Astorg Mid-cap (“Astorg”).

hg medical is a leading global contract manufacturer of complex orthopedic implants and a pioneer in the extremity segment. With locations in Germany and the U.S., the company has earned a reputation for deep technical expertise in its core segment, high-quality manufacturing and exceptional customer service. With its team of experienced engineers and technicians, hg medical offers a comprehensive range of services including design and development, prototyping, validation and production of complex, high-quality implants. In addition, the company has built an impressive track record of customer and profitable growth over the past 16 years through its partnerships with fast-growing challengers and blue-chip OEMs in the extremities space.

2020 Pava Partners advised hg medical on the sale of a majority stake to NORD Holding. With NORD Holding, hg medical has become a high-growth and even more customer- and solution-oriented company with outstanding technical capabilities and manufacturing excellence. Astorg’s investment will enable the company to further expand its capacity and service offering to meet the growing demand for outsourced manufacturing in the orthopedic sector. For Astorg, hg medical is the first investment in Germany. Following the transaction, Johannes Hagenmeyer, CEO and founder of hg medical, will move to an advisory board role. Craig Bluett, COO of hg medical, will assume the role of CEO.

“Given the increasing global demand for orthopedic implants, hg medical is well positioned to continue its growth trajectory and maintain its position as a leading supplier in the industry. Astorg’s investment will enable the company to further expand its capacity and service offering to meet the growing demand for outsourced production in the orthopedic sector, while actively pursuing M&A opportunities in a fragmented market,” says Andre Seidel, Partner at NORD Holding.

And Johannes Hagenmeyer, CEO of hg medical, adds: “After the 2020 transaction with the sale to NORD Holding, we have now once again found a competent partner in Astorg to support the further path and growth of hg medical. Thanks to the profound knowledge of Pava Partners in the medical technology industry and the great commitment of the team, we were again able to achieve a very great success.”

About NORD Holding

With its 50-year history and assets under management of € 2.5 billion, NORD Holding Unternehmensbeteiligungsgesellschaft mbH is one of the leading private equity asset management companies in Germany. The business is divided into Direct Investments and Fund Investments.

The focus of the Direct Investments business area is on the structuring and financing of corporate succession models, the acquisition of group units/subsidiaries and expansion financing for medium-sized companies. In contrast to most other financial investors, who only manage funds for a limited period of time, NORD Holding acts as a so-called “evergreen fund” without any time limit and invests from its own balance sheet. The company is currently invested in more than 15 companies in Germany and other German-speaking countries. Fund Investments targets the small cap segment of the European private equity market and focuses on primaries, secondaries and co-investments. NORD Holding focuses strongly on buyout managers newly established in the market, operational investment strategies and regularly acts as an anchor investor.

About hg medical

hg medical is a leading contract manufacturer of high-quality orthopedic implants with a focus on lower extremities, upper extremities and spine. hg medical’s customers develop products that improve the quality of life for many patients around the world. hg medical supports them in successfully implementing their ideas in a highly competitive environment.

About Astorg

Astorg is a European private equity firm with over €20 billion in assets under management. Astorg works with entrepreneurs and management teams to acquire market-leading, global companies headquartered in Europe, providing them with the strategic leadership, governance and capital they need to achieve their growth objectives. Astorg has a strong entrepreneurial culture, a long-term shareholder perspective and a lean decision-making body. Astorg has valuable industry expertise in healthcare, software and technology, business services, and technology-based industrial companies. The offices are located in London, Paris, New York, Frankfurt, Milan and Luxembourg.