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Investment banking for
healthcare and deeptech companies

We advise founders, management teams and shareholders on sell-side and buy-side M&A, buyouts and capital raising, from Series A to late-stage venture.

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Apparius founded
2010
featured transactions
58
in healthcare
22
in deeptech
18

What we do

  1. 01

    Mergers & acquisitions

    Sell-side and buy-side advisory, with strategic and financial acquirers, in France and abroad.

  2. 02

    LBO & MBO

    Advising management teams and shareholders on leveraged and management buyouts.

  3. 03

    Capital raising

    From Series A to late-stage venture, with venture capital, growth equity and strategic investors.

Two sector practices

Healthcare

We advise healthcare companies, from medical devices and surgical robotics to digital health and healthcare services.

Medical devices, surgical robotics, digital health, healthcare services.

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Deeptech

We advise companies built on breakthrough and industrial technologies.

Semiconductors, materials, energy, environment, robotics.

Explore

Recent transactions

All transactions
Announced

Surgical navigation and robotics

Binding acquisition offer (€155M EV) from

Enovis

Exclusive advisor to the company
Healthcare Sept 2026 Announced

eCential Robotics

Surgical navigation and robotics

Type
Binding acquisition offer (€155M EV) from Enovis
Apparius’s role
Exclusive advisor to the company

Enovis (NYSE: ENOV) made a binding offer to acquire eCential Robotics at an upfront enterprise value of €155 million, with up to €35 million in milestone payments tied to the knee and shoulder programmes. eCential's spine surgery robot brings Enovis the robotics capability its offering lacked. Existing shareholders, including Bpifrance, Sigma Gestion and Med-Innov, are selling their shares. Closing is expected in the fourth quarter of 2026.

Read the case study
Healthcare

Rehabilitation assets of Axinesis

Acquired by

Exclusive advisor to the buyer
Healthcare Mar 2026

Axinesis

Rehabilitation assets of Axinesis

Type
Acquired by Dessintey
Apparius’s role
Exclusive advisor to the buyer

A few months after its LBO, Dessintey, a Saint-Étienne medtech focused on post-stroke rehabilitation, acquired the rehabilitation business of Belgium's Axinesis: the REAplan and REAtouch ranges and related commercial assets, with Axinesis retaining manufacturing under a CDMO agreement. Partners since 2021, the two companies now offer a complete intensive rehabilitation range.
Healthcare

Rehabilitation devices

LBO with

Exclusive advisor to the sellers
Healthcare Nov 2025

Dessintey

Rehabilitation devices

Type
LBO with Arlane
Apparius’s role
Exclusive advisor to the sellers

Founded in 2017 in Saint-Étienne, Dessintey designs rehabilitation devices based on visual illusions, including mirror therapy. Profitable and present in more than 25 countries, the company completed its first LBO with small-cap fund Arlane, now majority shareholder, following a competitive process run by Apparius.
Healthcare

AI-curated scientific information

Series A from

Exclusive advisor to the company
Healthcare Sept 2025

Juisci

AI-curated scientific information

Type
Series A from Ring Capital, Big Pi Ventures
Apparius’s role
Exclusive advisor to the company

Founded in 2021 by Robin Roumengas and surgeon David Luu, Juisci develops an app that uses artificial intelligence to track and summarise new medical publications, with some 200,000 users. Its first venture round, with Big Pi Ventures and Ring Capital, funds its international expansion and its enterprise offering.
Deeptech

Semiconductors

Acquired by

Exclusive advisor to the sellers
Deeptech Nov 2024

IBS – Innovative Ion Implant

Semiconductors

Type
Acquired by Ardian
Apparius’s role
Exclusive advisor to the sellers

Founded in 1987, Ion Beam Services is a French semiconductor company specialising in ion implantation, which alters the electrical properties of chips. As part of its founder's succession plan, a majority stake was sold to Ardian Semiconductor, in a process run on the sell side by Apparius.
Healthcare

3D surgical registration

€11M Series A from

Exclusive advisor to the company
Healthcare Aug 2024

SurgAR

3D surgical registration

Type
€11M Series A from Bpifrance, XAnge, Elaia
Apparius’s role
Exclusive advisor to the company

SurgAR develops augmented reality solutions for minimally invasive surgery. Closed just before CE marking of its first product, dedicated to uterine surgery, the round will accelerate its rollout in hospitals and the build-up of clinical data.
Healthcare

Robotic spinal surgery navigation

€10M strategic investment from

Financial advisor to management
Healthcare May 2024

SpinEM Robotics

Robotic spinal surgery navigation

Type
€10M strategic investment from Spineart
Apparius’s role
Financial advisor to management

Founded in 2021 by Stéphane Lavallée and Stéphane Morvan, SpinEM Robotics develops navigation software for spine surgery, designed for eCential Robotics' robotic platform. Spine specialist Spineart joined its share capital.
Deeptech

Industrial wastewater treatment

Acquired by

Exclusive advisor to the sellers
Deeptech Mar 2024

Inopsys

Industrial wastewater treatment

Type
Acquired by Indaver
Apparius’s role
Exclusive advisor to the sellers

A KU Leuven spin-off founded in 2015 in Mechelen, InOpSys treats pharmaceutical and chemical wastewater on site with mobile units, recovering water, solvents and valuable components. Belgian waste management group Indaver acquired the company to accelerate its shift towards a circular economy, bringing in its team of some twenty engineers.

Featured stories

Healthcare 2016 – 2026

eCential Robotics: from seed round to Enovis offer

Apparius has advised eCential Robotics (formerly Surgivisio) since its first financing rounds. Built on more than 15 years of research in computer-assisted surgery in Grenoble, the company developed Op.n®, a platform that combines 2D/3D imaging, surgical navigation and active robotics in a single architecture, cleared by the FDA for spine surgery.

We advised the company on its 2016 seed round with MedInnov, its €10.5M Series A in 2018 with Bpifrance and Trail, and its close to €100M financing in 2021, combining equity, quasi-equity and debt, which allowed it to scale up production and prepare its entry into North America.

In September 2026, Enovis (NYSE: ENOV) made a binding offer to acquire eCential Robotics at an upfront enterprise value of €155 million, with up to €35 million in milestone payments. Enovis plans to build a robotics centre of excellence in Grenoble around the team and to launch a next-generation robot, starting with the knee and then the shoulder. Closing is expected in the fourth quarter of 2026.

Exclusive financial advisor to the company

Deeptech 2019 – 2021

From Waga Energy's €10M round to its IPO

Apparius supported Waga Energy over a substantial part of its financial journey. In 2019, we helped the company secure a €10 million round from investors including ALIAD, Ovive, Starquest, Noria and Tertium, financing its international expansion and the development of its WAGABOX® technology.

We then advised the founders on the company’s €126 million initial public offering on Euronext Paris in October 2021. The IPO gave Waga Energy the capital to accelerate its expansion and establish itself as a European leader in producing biomethane from landfill gas.

Advisor to the company, then to the founders

Investment bankers nurtured through entrepreneurship

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