Mérieux Equity Partners gains leverage to advanced wound care sector with curea Medical - Investors in Healthcare

In March, France-based healthcare investment firm Mérieux Equity Partners (MxEP) acquired a majority stake in curea Medical, a carve-out from McAirlaid’s, a global producer and distributor of the world’s first nonwoven airlaid, SuperCore, which is produced without glue, binders, recycled materials or latex. Mérieux’ investment aims to drive curea’s growth and innovation in advanced wound care solutions while expanding the company’s global reach.

Founded in 2010, curea is a Germany-based manufacturer of specialist wound care solutions. With more than 50 employees, the company has become a key player in the advanced wound dressing sector, serving homecare providers, hospitals, and pharmacies across Europe, with Germany as its core market.

Its SuperCore superabsorbent technology is widely regarded as the ‘gold standard’ in modern wound care for superior exudate management.

The acquisition provides MxEP with an opportunity to gain exposure to the expanding advanced wound care market. Curea’s superabsorbent technology and leading position in the German homecare sector, a healthcare sector that is benefiting from a shift away from hospital-based treatment, were key attractions.

“Curea stands out for its cutting-edge solutions in advanced wound care and its niche positioning in the superabsorber segment,” said Jaana Grüter, partner at MxEP. “Unlike major competitors that focus on hospital-based foam products, curea specializes in homecare applications. We saw curea as the strongest platform in this segment and decided to back it.”

Absorbing care at home

In 2024, the German homecare market was valued at €11bn, growing 7% from 2023, according to Summary Seven in a report for Investors in Healthcare. Key areas of growth include incontinence and wound care.

Several factors are driving the sector’s growth in and beyond Germany. As people live longer, chronic wounds such as diabetic foot ulcers are becoming more prevalent.

“Governments across Europe are working to reduce healthcare costs by treating long-term conditions outside hospitals whenever possible,” said Theodor Wuppermann, partner at MxEP. “Many healthcare systems are pushing for more cost-effective treatments outside hospitals, which aligns well with curea’s business model.”

Super absorbers outperform traditional foam dressings in managing high-exudate wounds and are often cheaper. “That fits in well with the shift toward home treatment, making curea’s offering even more relevant,” Grüter added.

Leverage appeal

Founded in 1997, McAirlaid’s business ranges across four units: Food Packaging, Retail Solutions, Medical Care and Cigarette Filtration. Greater focus on the wound care business against a backdrop of a growing market was seen as an opportunity for curea to expand.

“Over the past 10 years, curea Medical has developed into an established manufacturer of wound dressings for Germany and international markets,” said CEO Dr Andreas Bolz. “To take this development to the next level, we sought a new partner who could support our growth.”

That partner was MxEP.

“Our ambition is to build a leading European player in superabsorbent dressings, capitalizing on Curea’s technological expertise and state-of-the-art manufacturing in Germany,” Wuppermann said.

In recent years, curea has demonstrated consistent positive performance, with the firm achieving double-digit annual organic revenue growth. The company’s financial stability, consistent and growing cash flows, market leading technology and strong positioning within a sector benefiting from favourable market tailwinds made investment via an LBO an attractive option.

“While we don’t require leverage to create value—our focus is on growth based on innovation and through internationalization—curea’s strong profitability and cash flow made it a suitable candidate for moderate leverage,” said Grüter.

While MxEP declined to disclose specific terms, Grüter noted that the firm typically applies “conservative leverage—typically 3x-4x EBITDA—to maintain financial stability.” A senior debt financing was structured with Nord LB.

McAirlaid’s reinvested as a minority investor, ensuring continuity in the supply of its proprietary technology, which is integral to curea’s products. The management team, including Bolz, will also invest.

“Management participation is key to our approach,” said Wuppermann. “LBO structures align incentives by allowing key personnel to have ownership stakes. We believe in partnerships, and this transaction ensures that everyone is working toward the same growth objectives.”

Value creation

MxEP emphasized that growth will come from innovation and international expansion rather than financial engineering.

“Curea combines a superior product, a growing market, and strong profitability, making it an excellent investment,” said Wuppermann. “With the right growth strategy—international expansion, innovation, and awareness-building—we believe we can scale the business significantly.”

Curea has a strong presence in Germany, with a market share of around 20%, but there is room for expansion across Europe and beyond. While it already offers unique charcoal-based super absorbers that neutralize bacteria, further R&D and product development investments are planned.

“Many clinicians and buyers still aren’t fully aware of the advantages of super absorbers,” said Grüter. “We will work on marketing, clinical evidence, and education to drive wider adoption. Even in Germany, a well-developed market, only 30% of specialists recognize super absorbers as the benchmark, meaning 70% of the market remains untapped.”

Curea has an existing presence in Switzerland, Austria, Benelux, and Spain through distributors.

“These are natural expansion targets,” Wuppermann said. “Our initial focus will be on adjacent European markets where curea already has a foothold. But larger markets like France and the UK are also appealing – though more competitive.”

The acquisition was made through Mérieux’ Participations 4 Fund (MP4), marking the fund’s tenth transaction overall, its first investment in Germany, and its first buyout in the advanced wound care sector.