Prior notification of a concentration (Case M. 11668 – PSG EQUITY / RIVEAN CAPITAL / CORILUS) – Candidate case for simplified procedure
Date: 2024-09-12
Institutions: Directorate-General for Competition, European Commission
Subjects: e-Health, economic concentration, health care, investment company, merger control, software








C_202405522EN.000101.fmx.xml












Official Journal of the European Union


EN
C series













C/2024/5522


12.9.2024






Prior notification of a concentration
(Case M. 11668 – PSG EQUITY / RIVEAN CAPITAL / CORILUS)
Candidate case for simplified procedure
(Text with EEA relevance)
(C/2024/5522)


1.   
On 3 September 2024, the Commission received notification of a proposed concentration pursuant to Article 4 of Council Regulation (EC) No 139/2004 (1).
This notification concerns the following undertakings:






—


PSG Ultimate GP Managing Member L.L.C. (‘PSG Equity’, United States of America), ultimately controlled by Mark Hastings (United States of America),










—


Rivean Capital Management Holding B.V. (‘Rivean Capital’, The Netherlands),










—


Corilus NV (‘Corilus’, Belgium), currently solely and ultimately controlled by Rivean Capital.




PSG Equity and Rivean Capital will acquire within the meaning of Article 3(1)(b) of the Merger Regulation joint control of the whole of Corilus.
The concentration is accomplished by way of purchase of shares.


2.   
The business activities of the undertakings concerned are the following:






—


PSG Equity is a growth equity firm that partners with software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. PSG Equity operates out of offices in Boston, Kansas City, London, Madrid, Paris, and Tel-Aviv.










—


Rivean Capital is a mid-market private equity company that identifies businesses with potential for accelerated development, strategically delivering international M&A, organic growth initiatives, and structural enhancements. Rivean Capital has local offices in Belgium, Germany, Italy, The Netherlands and Switzerland.






3.   

Corilus commercializes healthcare software that enables healthcare providers, such as general practitioners, specialists, pharmacists, dentists, nurses, physiotherapists, and residential care centers to connect with their patients.



4.   
On preliminary examination, the Commission finds that the notified transaction could fall within the scope of the Merger Regulation. However, the final decision on this point is reserved.
Pursuant to the Commission Notice on a simplified treatment for certain concentrations under Council Regulation (EC) No 139/2004 on the control of concentrations between undertakings (2) it should be noted that this case is a candidate for treatment under the procedure set out in the Notice.


5.   
The Commission invites interested third parties to submit their possible observations on the proposed operation to the Commission.
Observations must reach the Commission not later than 10 days following the date of this publication. The following reference should always be specified:
M. 11668 – PSG EQUITY / RIVEAN CAPITAL / CORILUS
Observations can be sent to the Commission by email or by post. Please use the contact details below:
Email: COMP-MERGER-REGISTRY@ec.europa.eu

Postal address:





European Commission




Directorate-General for Competition




Merger Registry




1049 Bruxelles/Brussel




BELGIQUE/BELGIË







(1)  
            OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’).

(2)  
            OJ C 160, 5.5.2023, p. 1.


ELI: http://data.europa.eu/eli/C/2024/5522/oj
ISSN 1977-091X (electronic edition)