Herter & Co. – Teneo Capital Advisory advises Axcel on financing the acquisition of Sangro Medical Service from GHD
Herter & Co. – Teneo Capital Advisory is advising Axcel on the financing of its acquisition of Sangro Medical Services GmbH (Sangro) from GHD GesundHeits GmbH, a portfolio company of Nordic Capital. The transaction represents Axcel’s inaugural platform investment in the German market following the establishment of its Frankfurt office in November 2024. The transaction is anticipated to close in the second quarter of 2026.
Sangro medical service GmbH is headquartered in Erkrath and has been a key player in the German homecare market for around three decades. As a leading distributor and logistics service provider, Sangro connects more than 220 renowned manufacturers with over 3,200 medical supply stores and homecare providers throughout Germany. Furthermore, Sangro ensures the reliable delivery of a wide range of medical products to over one million patients. Through close cooperation with manufacturers and service providers, Sangro continues to make a significant contribution to improving supply chain security and quality of life for patients.
The partnership with Axcel is aimed at supporting Sangro in its next phase of growth by providing capital and strategic expertise, further strengthening its position as a leading independent homecare distributor in the German market. Following the carve-out from GHD GesundHeits GmbH, Sangro will operate as a standalone platform with significant opportunities for growth.
Herter & Co. – Teneo Capital Advisory coordinated a competitive financing process and structured a comprehensive financing package of more than €150 million. The transaction provides Sangro with a long-term capital structure tailored to support continued growth initiatives.
About Axcel
Founded in the Nordics, Axcel is a leading private equity firm investing across Northern Europe, with a focus on four sectors: Technology, Business services & Industrials, Healthcare and Consumer. With offices in Copenhagen, Stockholm and Frankfurt, Axcel’s team leverages more than 30 years of experience in building market leaders through a collaborative mindset and a structured approach to value creation. The firm has raised nine funds with committed capital of more than EUR 4.8 billion from Nordic and international investors. Axcel currently owns 26 companies and has completed 81 platform investments, over 400 add-on acquisitions and 54 exits.