News Article

Nordic private equity firm Axcel has agreed to acquire Sangro Medical Service in a carve-out transaction from GHD GesundHeits, a portfolio company of Nordic Capital.

The deal marks Axcel’s first platform investment in Germany since opening its Frankfurt office and represents the eleventh investment from its Axcel VII fund. Following the completion of the transaction, expected in the first half of 2026, the homecare distributor and logistics provider will operate as an independent business. The specific financial terms of the acquisition remain undisclosed.

Headquartered in Erkrath, Sangro serves as a critical infrastructure link within the German healthcare system, employing approximately 340 staff. The company connects more than 200 manufacturers with over 3,000 medical supply retailers and homecare providers nationwide. Each year, it delivers a broad array of medical aids, clinical nutrition, and products for wound, ostomy, and incontinence care to over one million patients.

For operators and investors, this transaction highlights the attractiveness of the German homecare sector, which continues to benefit from secular tailwinds. The market demonstrates significant resilience and growth potential driven by an ageing population, the rising prevalence of chronic diseases, and a structural shift pushing care delivery from hospitals to outpatient and at-home settings.

Axcel plans to leverage its carve-out expertise to build Sangro’s national footprint and expand its value-added services, which include inventory management and product selection guidance.