NORD Holding has acquired Hallmarq Veterinary Imaging
Hallmarq Veterinary Imaging
Hallmarq Veterinary Imaging is a global provider of advanced diagnostic imaging solutions for veterinary practice. Founded in 2001, Hallmarq pioneered species-specific MRI and CT technologies, including the world’s first standing equine MRI platform, alongside veterinary CT and MRI systems intended to support safer workflows and improved diagnostic outcomes. Hallmarq’s products and dedicated support services are installed at practices and referral centers in more than 28 countries, helping veterinarians access advanced imaging across equine and small-animal care.
The Deal
Lincoln International acted as exclusive debt adviser to NORD Holding, executing a focused and accelerated financing process to secure committed underwriting through signing and closing. The financing was structured around Hallmarq’s contracted and recurring revenue profile, underpinned by long-term customer relationships and an embedded installed base that supports ongoing service and support revenues. This visibility helped underpin lender underwriting alongside a KPI framework aligned to order intake, installation ramp and cash conversion. The structure also addressed the business model dynamics: meaningful upfront capex and a potential lag between contracts being signed, systems being installed and earnings being generated. The agreed package provides flexibility and appropriate headroom to support continued international expansion, ongoing investment in technology and product development and the build-out of a scaled global platform.
Our Perspective
Aude Doyen, Managing Director at Lincoln International, commented, “Hallmarq has built a strong position in veterinary imaging, with a compelling mix of contracted revenues and an established installed base. Our focus was to run an accelerated process that delivered certainty at signing, while working with lenders to get comfortable with the order-to-installation phasing and upfront investment profile. The outcome is a financing package that supports NORD Holding’s plans to scale the platform internationally and continue investing in product development.”
NORD Holding
With over 50 years of history and assets under management of €4.0 billion, NORD Holding is one of the leading private equity asset management companies in Germany.
The focus of the direct business is on the structuring and financing of corporate succession models, the acquisition of group divisions / subsidiaries and the expansion financing of medium-sized companies. In contrast, most other financial investors only manage funds with a limited term. NORD Holding however, acts as a so-called “evergreen fund” with no term restrictions and invests from its own balance sheet. The company is currently involved in more than 14 companies in Germany and other German-speaking countries.
The Fund Investments division targets the small-cap segment of the European private equity market and focuses on primary, secondary and co-investments. NORD Holding concentrates strongly on buyout managers newly established on the market, operational investment strategies and regularly acts as an anchor investor. For more information, please visit www.nordholding.de.
Lincoln demonstrated a deep understanding of both the asset and lender requirements, delivering a highly competitive, underwritten solution within a tight timeframe. Their proactive, hands-on approach was instrumental in securing committed funding alongside signing. We are delighted with the outcome and look forward to building a global veterinary imaging technology group with a financing structure that supports our long-term growth ambitions.
Meet our Senior Team
I build trust with clients by putting their interests first at all times.
Aude Doyen
Managing Director & Co-Head of Capital Advisory, Europe
London
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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.