Alantra Private Equity has closed a €155 million healthcare continuation vehicle to increase its stake in Health in Code, positioning the Spanish clinical genomics platform for its next phase of international expansion and acquisitions. The single-asset continuation fund was significantly oversubscribed, led by Hayfin Capital Management, with additional commitments from a diversified group of institutional investors, including BNP Paribas AM and Altamar CAM.
The transaction provides liquidity to existing investors in Alantra Private Equity Fund III at three times invested capital while allowing Alantra to remain invested in what it described as a top-performing portfolio company. Alongside the continuation vehicle, Mérieux Equity Partners joined the shareholder base as a 20 percent minority investor through its Mérieux Participations 4 buyout fund, adding healthcare sector specialization and an international network to support the company’s growth plan.
Health in Code was formed in 2020 through the combination of Health in Code, Imegen, Genycell Biotech, and later Genologica. The company has built an integrated clinical genomics platform that serves hospitals and healthcare professionals in more than 30 countries, spanning next-generation sequencing services and diagnostic kits as well as its proprietary bioinformatics platform, DataGenomics. The business focuses on clinical areas including cardiology, oncology, neurology, and rare diseases, and highlights its clinical interpretation capabilities and proprietary variant database as differentiators.
Alantra said that since its initial investment in 2020, Health in Code has more than doubled revenue from €24 million to over €50 million, completed integration across the combined group, reinforced its domestic market leadership, and grown to around 200 employees. With the business at a more mature operating footing, the new capital is intended to support faster international growth and a more active acquisition strategy across Europe.
Approximately 25 percent of the capital raised is expected to be allocated to inorganic growth, including add-on acquisitions in key European markets. The company’s capital structure has also been strengthened through a debt reorganization that resulted in a new credit facility led by Tres Mares and Santander.
Alantra said Health in Code’s ambition is to become a European leader in clinical genomics and reach €100 million in revenue within five years through a mix of organic growth and acquisitions. Advisers on the transaction included Rede Partners, PwC, Addleshaw Goddard, and Mansfield, while Banca March acted as financial advisor to Mérieux Equity Partners.
KEY QUOTES
“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.”
Ángel Manotas, Managing Director, Alantra Private Equity
“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.”
Gonzalo Erroz, Managing Director And Co-Head Of Private Equity Solutions, Hayfin Capital Management
“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.”
Theodor Wuppermann, Partner, Mérieux Equity Partners
