MidEuropa has agreed to acquire a significant minority stake in OSHEE, one of Europe’s fastest-growing functional beverage brands.

The vehicle, which was significantly oversubscribed, was led by Hayfin Capital Management and supported by institutional investors including BNP Paribas AM and Altamar CAM. The structure provides liquidity to existing limited partners at three times invested capital, while allowing Alantra to retain exposure to a high-conviction asset.

The transaction also introduces Mérieux Equity Partners as a 20% minority shareholder through its buyout fund, Mérieux Participations 4. The addition of a specialist healthcare investor signals a deliberate shift from build-and-integrate to scale-and-expand, as Health in Code prepares to accelerate its international footprint.

Founded in 2020 through the combination of Health in Code, Imegen, Genycell Biotech, and later Genologica, the business has developed an integrated clinical genomics platform serving hospitals and healthcare professionals in more than 30 countries. The company combines next-generation sequencing services, diagnostic kits, and its proprietary DataGenomics bioinformatics platform, with a focus on cardiology, oncology, neurology, and rare diseases .

Under Alantra’s ownership, revenues have more than doubled from €24m to over €50m, while headcount has grown to approximately 200 employees. With integration largely completed and the business model de-risked, the sponsor is now targeting €100m in revenues within five years, driven by organic growth and selective acquisitions.

Approximately 25% of the €155m raised will be deployed into inorganic growth initiatives, including add-on acquisitions across key European markets. At the same time, the capital structure has been reinforced through a debt reorganisation and a new credit facility led by Tres Mares and Santander.

“We believe this structure offers the best outcome for all stakeholders, allowing existing investors to triple their investment while enabling us to continue contributing to the company’s growth trajectory. Our ambition is clear: to create a European leader in clinical genomics with €100mn in revenues within the next five years, driven by international expansion and strategic acquisitions,” Ángel Manotas, Managing Director at Alantra Private Equity, said in a statement.

The deal highlights the continued institutional appetite for healthcare-focused GP-led secondary transactions, particularly where sponsors can demonstrate operational execution and clear pathways to international scale.

For Alantra, which manages around €800m across healthcare, food & beverage, and industrial tech, the continuation fund marks a strategic milestone and a template for extending ownership of maturing assets without forcing premature exits.

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