HC Partners has sold Fysiogroep Nederland to EMZ Partners
Fysiogroep Nederland
Fysiogroep Nederland (FGN) is the leading pure-play physiotherapy and speech therapy platform in the Netherlands. The group provides a comprehensive range of general and specialized physiotherapy, speech therapy, physio fitness and complementary care services across a network of more than 400 locations throughout the Netherlands. Over 1,500 employees deliver more than 1.9 million treatments to more than 170,000 clients annually. FGN combines national scale with regional proximity and entrepreneurship through a scalable hub-and-spoke operating model, balancing local autonomy with centralized support functions. Its focus on care quality, innovation and employee satisfaction positions the group as a trusted partner to clients, healthcare professionals, practice owners and health insurers.
The Deal
Lincoln International acted as the exclusive sell-side advisor to HC Partners and FGN co-founder Philip van der Have on the sale of FGN to EMZ Partners. Since HC Partners co-founded FGN with Philip van der Have in 2018, the group has completed 50 acquisitions and built a scalable operating model. The transaction provides a strong foundation for continued organic and inorganic growth with the support of EMZ Partners. Lincoln International designed and executed a highly competitive, carefully orchestrated sell-side process. Combining deep healthcare services expertise with strong local execution capabilities in the Netherlands, the team developed a tailored positioning that clearly articulated FGN’s differentiated multi-site model and growth potential. Rigorous preparation, targeted investor engagement and disciplined process management generated strong interest and sustained competitive tension, delivering an outstanding outcome for the shareholders and securing EMZ Partners as the ideal partner for FGN’s next phase of growth.
Our Perspective
Dirk-Oliver Löffler, Lincoln International Managing Director and Co-Head of Healthcare, Europe, who led the transaction, commented, “FGN is a truly differentiated healthcare services platform, combining national scale with strong regional entrepreneurship, outstanding care quality, a robust digital and operational backbone and a proven buy-and-build engine. We are delighted to have advised HC Partners and Philip van der Have on this landmark transaction. EMZ Partners’ management-centric approach and experience supporting ambitious management teams make it a strong partner for FGN’s next chapter. We congratulate the shareholders, FGN’s management team and EMZ Partners on the successful completion of the transaction.”
HC Partners
HC Partners is an Amsterdam-based investment firm that partners with entrepreneurs and management teams to build leading organizations in fragmented markets. The firm supports sustainable growth by leveraging scale, sharing expertise and pursuing targeted acquisitions.
EMZ Partners
EMZ Partners is a leading European investment firm with offices in Paris, Munich and Amsterdam. For more than 25 years, EMZ has supported entrepreneurs and management teams in small- and mid-sized companies through a management-centric investment approach and flexible capital solutions. This approach makes EMZ a strong partner to support FGN’s continued organic growth and buy-and-build strategy.
We are proud of what FGN has achieved alongside Philip and the management team and are pleased to welcome EMZ Partners as the right partner for the company’s next phase of growth. Lincoln International was exceptional throughout the transaction. The team combined deep healthcare services expertise with strong local execution capabilities and a nuanced understanding of FGN’s differentiated model, enabling it to tailor a compelling positioning that resonated strongly with investors. Lincoln’s rigorous preparation, senior-led approach and disciplined orchestration created a highly competitive process with an unrivaled level of organization and execution. The team’s commitment, judgment and responsiveness were instrumental in delivering an outstanding outcome for the shareholders.
Meet our Senior Team in Healthcare
View More Transactions in Healthcare
Any information or testimonials contained in this post may not be representative of the experience of other clients and is no guarantee of future performance or success.