Our experience

Our portfolio companies and potential investments operate in the healthcare sector, primarily based in the Nordic region. The companies we invest in shall contribute to an improved quality of care, increased availability of care, reduced or postponed need for care, more care for an existing budget and/or preventive care. We find common ground in our long-term efforts to give people the opportunity to enjoy healthier lives in the future. 

Case

Apotek Hjärtat - A clear vision and strategy in a complex deregulation

When Sweden’s state monopoly on pharmacies was opened to competition in 2009, it provided interesting investment opportunities. The key participants’ extensive experience of the pharmacy channel through board work in ACO Hud, Ferrosan and Nycomed, and the retailing competence of the incoming management team, lead by Anders Nyberg, was critical in executing on the development opportunities identified. Apotek Hjärtat developed into a leading, national business with industry leading margins and was acquired by ICA in February of 2015. Over 100 new pharmacies were acquired or established greenfield by Apotek Hjärtat 2010-2015, bringing the total number to more than 300.

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Case

Ferrosan Medical Devices

Ferrosan Medical Devices A/S (FeMD) develops and produces hemostatic products used to stop bleeding during surgery, as well as miniature electrical engineering used in equipment for regional anesthesia and minimal invasive surgery. The company was in 2011 separated from Ferrosan A/S and established as an independent company. Since 2005, the company has enjoyed average annual growth of 11%. The market for FeMD's products is expected to continue to grow in the future. This development is driven by product launches, increased penetration in several geographic markets, broadened application areas and continued product development. FeMD has approximately 230 employees and has production sites and offices in Søborg and in Szczecin in Poland.

 

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Case

Ferrosan - Refocussing and growth

In 2005, Ferrosan was an international consumer health and medical device group with 3 SBUs and 570 FTEs, based outside Copenhagen, Denmark. The new board then set out a new direction to refocus the Consumer Health activities on a few, larger markets and core brands, and rationalizing the SKU-portfolio within to drive operational efficiency. Operating margins within Consumer Health expanded by 10-% points between 2005 and 2011, when Pfizer acquired the business. During this period the Medical Device unit succesfully developed a second generation  of products to drive growth and take market share.

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Case

Palodex - Operational improvements and US market share growth

In 2005, Palodex was formed through the acquisition of the Instrumentarium and Soredex dental imaging activities out of GE. The activities were based in Tuusula, just outside Helsinki, Finland. During the new Board and leadership, a growth and improvement agenda was developed. Market share in the US doubled 2005-2009, NWC was reduced in steps and margins expanded continuously. In 2009, Danaher Corporation acquired Palodex.

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Portfolio and experiences

Impilo creates value in its investee companies through active involvement and long-term perspective, which enable us to set positive and challenging objectives, diligently follow up on execution, provide new resources while showing an understanding and respect for the investee companies’ cultures – all in order to promote their development. Below you can read more about our investments and how our view of transparent companionship leads to robust business in the long term.

Present

The Fertility Partnership

TFP is a European provider of fertility services, ultrasound pregnancy scans and hormone treatments present in the UK and in Poland. TFP comprises 8 IVF clinics in the UK, which in turn are supported by a network of 27 satellites, 2 IVF clinics in Poland, 88 ultrasound clinics in the UK, as well as a nascent hormone treatment business.

TFP was founded in 2012 with the merger of Oxford Fertility (a spin-off from Oxford University Hospitals) and IVF Hammersmith (closely associated with Imperial College London Hospitals) and over the past seven years, the group has expanded through further add-on acquisitions, greenfield developments and expansion into Poland and adjacent services. TFP is structured as an overarching entity that is the majority or outright owner of the individual clinics, in most of which founding doctors hold a minority ownership, thereby becoming partners with TFP.

TFP is headquartered in Oxford, England and employs approx. 350 FTEs.

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Present

Humana

Humana was founded in 2001 and is a leading provider of care services in the Nordic region, currently with c. 15,000 employees and a turnover of SEK 6.7bn. Humana is the market leader within Individual & Family care services as well as Personal Assistance in Sweden, the second largest provider of Individual & Family care services in Norway and Finland, and is also present in Denmark through an acquisition made late 2018. Today, the company serves about 8,000 clients in these countries.

Humana is listed on Nasdaq Stockholm since 2016 and is headquartered in Stockholm.

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Present

Immedica Pharma

Impilo has launched Immedica Pharma – a pan-European specialty pharma commercialization and distribution platform. Immedica’s plan is to quickly establish a fast-growing EUR 100m+ leading pan-European niche specialty pharma portfolio composed of partner products as well as proprietary products rights – and spanning from pre-approval stage through peak sales. This will be achieved through world-class launch, commercialization, and distribution capabilities lead by a management team with a very strong and established track record within niche specialty pharma.

Immedica was formed through the combination of an existing platform, recruitment of new management and key employees. Immedica will be built on the initial acquisition of Medical Need Europe – a rapidly growing, Northern Europe focused, launch- and commercial distribution partner for rare disease therapies and orphan drugs.

Immedica is headquartered in Stockholm, Sweden.

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Present

Cavidi

Cavidi AB develops and manufactures instruments and assays for HIV viral load diagnostics. Based on the proven chemistry of current manual test ExaVir Load, the company is now in the final phases of development of a new fully automated viral load diagnostic platform. This platform, Ziva™, aims to meet the need for cost-effective monitoring in high-disease burden countries. Commercialization is underway, and a distribution agreement is established with a top 10 global diagnostic company that will help Cavidi bring Ziva to market.

The WHO has defined an ambitious treatment target to help end the AIDS epidemic: 90% of all people living with HIV will be diagnosed, 90% of these will get access to antiretroviral therapy, and 90% of these will have viral suppression. This, combined with a WHO recommendation to use viral load technology to monitor HIV patients under treatment, is expected to drive a great demand for Cavidi’s innovative solutions.

Cavidi has approximately 45 employees, and is headquartered in Uppsala, Sweden.

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Present

Ferrosan Medical Devices

Ferrosan Medical Devices A/S (FeMD) develops and produces hemostatic products used to stop bleeding during surgery, as well as miniature electrical engineering used in equipment for regional anesthesia and minimal invasive surgery. The company was in 2011 separated from Ferrosan A/S and established as an independent company. Since 2005, the company has enjoyed average annual growth of 11%. The market for FeMD's products is expected to continue to grow in the future. This development is driven by product launches, increased penetration in several geographic markets, broadened application areas and continued product development. FeMD has approximately 230 employees and has production sites and offices in Søborg and in Szczecin in Poland.

 

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Present

NutraQ

NutraQ AS is a Norwegian company offering nutritional supplements, medical devices and skin care products directly to consumers through subscription solutions. The company offers its products across the Nordic markets and in the Czech Republic.

The demographic trend of ageing populations, increasing health awareness and the trend of self-medication create a favourable market backdrop for the company.

NutraQ AS was established in 2017 through the merger of several entities controlled by Sana Pharma Group. The origin of NutraQ dates back to 2002 when the first product VitaePro was launched, which today remains the company’s most sold product.

NutraQ is headquartered in Oslo, Norway and employs c.135 people.

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Prior

Apotek Hjärtat - A clear vision and strategy in a complex deregulation

When Sweden’s state monopoly on pharmacies was opened to competition in 2009, it provided interesting investment opportunities. The key participants’ extensive experience of the pharmacy channel through board work in ACO Hud, Ferrosan and Nycomed, and the retailing competence of the incoming management team, lead by Anders Nyberg, was critical in executing on the development opportunities identified. Apotek Hjärtat developed into a leading, national business with industry leading margins and was acquired by ICA in February of 2015. Over 100 new pharmacies were acquired or established greenfield by Apotek Hjärtat 2010-2015, bringing the total number to more than 300.

Read more

Prior

Ferrosan - Refocussing and growth

In 2005, Ferrosan was an international consumer health and medical device group with 3 SBUs and 570 FTEs, based outside Copenhagen, Denmark. The new board then set out a new direction to refocus the Consumer Health activities on a few, larger markets and core brands, and rationalizing the SKU-portfolio within to drive operational efficiency. Operating margins within Consumer Health expanded by 10-% points between 2005 and 2011, when Pfizer acquired the business. During this period the Medical Device unit succesfully developed a second generation  of products to drive growth and take market share.

Read more

Prior

Palodex - Operational improvements and US market share growth

In 2005, Palodex was formed through the acquisition of the Instrumentarium and Soredex dental imaging activities out of GE. The activities were based in Tuusula, just outside Helsinki, Finland. During the new Board and leadership, a growth and improvement agenda was developed. Market share in the US doubled 2005-2009, NWC was reduced in steps and margins expanded continuously. In 2009, Danaher Corporation acquired Palodex.

Read more

Redefining partnership

We strongly believe that true progress comes from strong partnerships. The Impilo team strives to be a talented partner with an ambitious, long-term and open approach, seeking to be the wind under the wings of others.