Artinis Medical Systems (Netherlands) and NIRx Medical Technologies (Germany/United States) are both pioneers in functional Near-Infrared Spectroscopy (fNIRS) solutions. This dual transaction brings together two highly complementary companies, establishing a new global leader in fNIRS.
Functional Near-Infrared Spectroscopy (fNIRS) is a differentiated neuroimaging technology that offers unique advantages over traditional brain imaging methods such as fMRI and EEG. The niche market is experiencing high growth due to its increasing ease of use, technical advantages and recent software improvements. The new platform aims to enhance the adoption of fNIRS in applied neuroscience while also pursue additional add-on acquisitions to become the go-to platform for neuroimaging- and related research tools.
The newly formed group will fuel ground-breaking neuroscience research that addresses the growing complexity and prevalence of brain-related conditions. The findings from this research and applied use ultimately contributes to better care and lower cost for the healthcare system.
Gilde Healthcare is a specialized healthcare investor managing over €2.6 billion across two fund strategies: Venture&Growth and Private Equity. This platform is part of the Private Equity strategy, which focuses on profitable lower mid-market healthcare companies based in North-Western Europe.
Tresmares has supported Gilde’s acquisition by providing a senior financing package including amortising and non-amortising term loans to reduce the blended cost of capital for the borrower, in addition to an RCF and a committed acquisition facility to support the continued growth of the group.
Boyd Rutten, Investment Director at Gilde Healthcare said “This transaction reflects our entrepreneurial strategy of combining complementary, high-potential companies to build leading platforms that deliver better care at lower cost. We see significant potential to scale this group and set industry standards in neuroimaging, helping address the rising global burden of neurological and mental health conditions. In Tresmares, we found the ideal financing partner to support this ambition through their flexible support and growth mindset. We are excited to work together to further grow the group organically and through M&A.”
Richard Österdahl, Benelux, Nordics & Ireland Lead at Tresmares Capital said “The newly formed group is a global market leader within a high-growth, niche market, which is the core of Tresmares’ investment philosophy. We were particularly impressed with the level of R&D which has gone into both businesses over decades, and has been resulting in increasing recognition in publications in both the USA and Europe. We’re thrilled to be supporting Gilde Healthcare, such an experienced investor with deep-sector expertise and look forward to developing our relationship with them.”
Phil Arbour, Managing Partner of Tresmares Capital UK said “This marks our second transaction in the Dutch market this year, and we are delighted to be able to support Gilde Healthcare on this important acquisition and consolidation journey. We look forward to partnering with Gilde Healthcare on this and other investments in the near future. We’d like to also extend thanks to Deloitte who shepherded the debt advisory process, as well as DLAP who supported us as legal counsel”.
About Tresmares:
* Tresmares Capital was originally established in Spain in 2020, and soon became one of the largest independent private capital fund managers in Iberia.
* Tresmares opened its London office in November 2022 under the leadership of Phil Arbour, as Managing Partner. The London-based team is responsible for sourcing debt and minority equity investments across the UK, Ireland, Benelux and the Nordics.
* Tresmares has grown into a pan-European investment firm, managing capital commitments in excess of €3.3bn.
* Tresmares’ direct lending strategy is sector-agnostic, targeting fast-growing businesses with €2m to €20m of EBITDA, with a product capability spanning from senior debt (including RCFs and TLA), junior debt and preferred equity. Other Tresmares strategies include Fund Finance and Funds of Funds.
* This represents Tresmares’ second transaction in the Netherlands in the last six months.
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