Cinven to buy menopause specialist Theramex in €2.6bn deal
Carlyle and PAI Partners have agreed to sell London-based women's health group Theramex to Cinven in a deal worth about €2.6bn, according to people familiar with the matter, after a statement on Tuesday. Carlyle and PAI bought the company for about €1.2bn in 2022, so the value has more than doubled. Theramex operates in more than 80 countries with products across menopause (including HRT), fertility, osteoporosis, contraception and uterine health. PAI's Sébastien Veil calls women's health 'a bit of an overlooked segment in healthcare'; Carlyle's Lubna Qunash credits growth from raising treatment and diagnosis rates and launching new products. The sellers also cite supply-chain streamlining and add-on acquisitions. The FT frames it as a strong exit when private equity is struggling to sell assets within normal timelines, following CapVest's €10bn Stada deal (from Bain and Cinven) and GTCR's €4.1bn Zentiva deal (from Advent). Caveats: the price comes from people familiar rather than the statement, and the article gives no revenue, EBITDA, multiple, financing or Cinven fund.
Why it matters
A more-than-2x PE exit in four years in women's health is a useful valuation marker for the femtech and women's health category, which has long been described as underinvested, and another sign European healthcare buyouts are clearing despite a slow exit market.
