From division of a listed group to standalone market leader in multiple healthcare niches


Investment since 2014


Medical devices


75 million euros

Revenue in 2014
20 M
  • Part of Fagron listed group
Revenue in 2023
75 M
  • Full independence for Arseus Medical (carve-out)
  • Growth process launched from 2015; organic and through 10 acquisitions

Arseus Medical is a medical device distributor and service provider in a wide range of medical specialties. In 2014 it formed part of a listed group (Fagron), but its operations were non-core. Dynamica took over the division and made it an independent entity (carve-out) with regard to IT, logistics, finance, HR, etc. Very soon after the acquisition, they launched a buy & build process and completed multiple acquisitions. In 2017, GIMV became co-owner to accelerate the acquisition strategy and international expansion.

Actions taken

Dynamica’s acquisition of Arseus Medical began an organic growth process that accelerated starting in 2015 thanks to an active acquisition strategy. This expanded the company’s product range, reducing its dependence on a single segment.

The acquisitions were fully integrated within the organisation, producing synergies such as cost savings and revenue cross-selling. Additionally, the company implemented new IT systems such as a fully integrated ERP, including e-commerce. Arseus also invested in a large, multidisciplinary technical department. It built an operating platform to allow it to serve various verticals in the medical market more efficiently. This plug-and-play system is already in active use in several specialties. The intention is to now focus on adjacent medical specialties, which is possible thanks to the backbone that has been created. In addition, they set up a new logistics framework, part external, part internal, to streamline operations.

Arseus Medical invested extensively in Quality & Regulatory in the context of stricter MDR regulations, leading to ISO accreditation. The company also focuses more heavily on environmental, social and governance factors (ESG) going forward, reflecting its values and the importance of corporate social responsibility.


The company’s revenue grew from EUR 20 million in 2014 to EUR 75 million in 2022. A strong management team took charge and ten acquisitions increased the product range.

Arseus Medical’s success during the COVID-19 pandemic was partially due to a diversified product range, which reduced its operations’ dependence on a specific segment. The acquisitions were successfully integrated into the organisation, creating cost savings and revenue cross-selling opportunities.

Today, Arseus Medical is exhibiting stable standalone growth. In contrast to its previous focus on a few niche operations, the company has now achieved exposure to a much broader range of customers and medical specialties.