Munich-based HealthTech startup Ortivity snags €200 million to reshape German orthopaedic care
Ortivity, a German HealthTech startup reshaping outpatient orthopaedic care, has secured a fresh capital injection of around €200 million in a strategic transaction led by existing majority investor Apheon, with new backing from Swiss private equity firm Unigestion.
The deal allows existing shareholders a partial exit, and accompanies the appointment of Ortivity’s new co-CEO, Dr med. Michael Thorwarth.
“I am delighted that the start of my tenure as CEO coincides with the strengthening of the capital base of Ortivity. This marks a significant milestone as we continue to build a powerful network dedicated to innovation in musculoskeletal care. I was drawn to Ortivity by its forward-thinking vision – the seamless integration of prevention, diagnostics, and both conservative and surgical therapies. I look forward to working closely with our orthopaedic and neurosurgical specialists, as well as our dedicated practice teams, to further develop this model. Together, we aim to set new standards in treatment quality and patient-centred service, delivering measurable benefits to those we serve,” said Dr Thorwarth.
Founded in 2022 in collaboration between a group of leading doctors, Dr med. Reinhard Wichels and Apheon, Ortivity has scaled to over 100 locations grouped into three regional clusters. The platform delivers integrated orthopaedic services spanning diagnostics, anaesthesia, surgery, and aftercare.
Unigestion now joins the fold with a “significant minority stake“, while Apheon remains the lead investor. The funds will accelerate Ortivity’s ambitions to expand its network and further develop its integrated, physician-led care model across Germany. Unigestion’s entry concludes a targeted search conducted by Apheon to find a capital partner aligned with Ortivity’s long-term vision.
Nils Lüssem, Partner at Apheon, and Sebastian Walter, Director at Apheon, commented: “We are pleased to welcome Unigestion as a trusted partner. During our search, Unigestion distinguished itself as collaborative, experienced, entrepreneurial and committed to long-term growth – we are delighted to have found such a partner. Since its founding by Apheon and leading physicians, Ortivity has quickly evolved into a leading provider of orthopaedic outpatient care in Germany. Partnering with Unigestion and other selected investors will ensure we have the necessary stable capital to sustain our growth and continue investing in top-quality patient care.”
Philipp Scheier, Partner at Unigestion Private Equity, commented: “We have been very impressed by Ortivity’s development since its inception in 2022. Its rapid growth is a strong testament to the hard work of the Company’s physicians, management team and Apheon, who have established a leading, high-quality and patient-centred provider of orthopaedic outpatient care solutions. I am looking forward to working together with Ortivity and Apheon to support the next chapter of this unique success story.”
The deal is still subject to customary regulatory approvals. Houlihan Lokey acted as financial advisor to Apheon, with Renzenbrink & Partner providing legal counsel.
Co-founder Dr med. Reinhard Wichels added: “It has been an exciting journey so far. Ortivity has not only become the largest orthopaedic outpatient platform in Germany, but also a visible thought leader on how physician networks can contribute to closing gaps in access and quality of care delivery.”
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