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AAC Capital sells Corilus to Gilde Buy Out Partners


AAC Capital (“AAC”), Gilde Buy Out Partners (“Gilde”), and the management of Corilus, a leader in medical software solutions for the primary care market in Belgium, are pleased to announce that Gilde has reached an agreement to acquire Corilus from AAC. Financial terms of the transaction are not disclosed.

Corilus enables a smart and an efficient healthcare system by connecting care providers, patients and stakeholders. Its cloud-based connected care solutions are used by over 40,000 care providers including general practitioners, dentists, physiotherapists, pharmacies, nurses, elderly care homes and hospitals. Corilus delivers mission-critical software solutions that are deeply embedded in the daily jobs of caregivers covering both administrative and clinical processes. Founded in 1998, Corilus is headquartered in Ghent and employs more than 400 staff.

Since the carve-out of Corilus from Fagron in 2015, AAC have worked closely with the Chief Executive Officer of Corilus, Dirk van Lerberghe, and the management team to drive innovation and pioneer a cloud-based connected care platform built on microservices architecture. Over this period, the company has supplemented its sustained organic growth profile by successfully completing five acquisitions to broaden its footprint across the care chain. The company also invested in building a scalable organisational framework to position itself for international expansion.

Marc Staal, Managing Partner at AAC Capital and Sander de Lange, Investment Director at AAC Capital, commented:

“We want to thank Dirk and the management team for their partnership since 2015. We are proud to have had the opportunity to work with this talented management team and support the company to become a leader in the European healthcare technology sector. We are delighted with the progress the company has made under our ownership and wish the team every success at a time when their mission to connect and digitalise the healthcare system is critically essential. We are confident that Corilus will continue to shape the future of eHealth in Belgium and beyond under its new ownership.”

Nicolas Linkens, Managing Director at Gilde, said:

“We have been following Corilus for several years and recognise that its cloud-based software and the network effect fostered in its ecosystem of connected caregivers and patients make Corilus truly unique. The combination of long-term organic growth potential and the opportunity to continue acquiring complementary companies presents a compelling value creation thesis. We believe this blueprint for success can be replicated in other European countries and are excited to partner with Dirk and his talented management team on this journey.”

Dirk van Lerberghe, CEO of Corilus, said:

“Our prime focus is to make the healthcare system more efficient and smarter by providing powerful, innovative and user-friendly software. On the back of our success with Helena, our patient portal, and Progenda, our online scheduling software, we will continue our relentless innovation to add to our new patient engagement and empowerment platform. Ultimately, we enable care providers to spend more quality time with their patients and improve healthcare outcomes. My management team and I look forward to leveraging Gilde’s experience, international network and financial support to embark on our international ambitions. We also want to thank AAC for the support they provided in our successful journey over the last five years.”

The transaction is subject to customary regulatory approval.

Arma Partners served as exclusive financial advisor while Allen & Overy acted as legal advisor to AAC and Corilus on this transaction.

Freshfields acted as legal advisor to Gilde on this transaction.

About Corilus
Corilus develops and provides cloud-based innovative software solutions for healthcare providers: general practitioners, pharmacists, dentists, midwives, specialists, ophthalmologists, opticians, nurses, physiotherapists and elderly care homes. Corilus offers a full suite of products and support services that care providers use to perform their daily jobs. More than 40,000 care providers in twelve countries use Corilus software every day. Corilus has an annual turnover of more than EUR 50 million and employs more than 400 specialised staff based in Belgium and France.
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About AAC Capital
AAC is a leading Benelux mid-market buy-out firm, which has to-date completed 34 management buyouts. It targets opportunities for majority stakes in profitable, cash-generative companies headquartered in the Benelux. AAC is a growth-oriented investor with the following companies in its portfolio: Fysius, Hobré Instruments, Lubbers Logistics Group, Oogwereld, Savaco, Verasol and Yarrah.
For more information, please visit or contact Ariën Stuijt at Hill+Knowlton Strategies at +31 6 2153 1233

About Gilde Buy Out Partners
Gilde Buy Out Partners is a leading European private equity investor in mid-market transactions with operations in the DACH region and the Benelux. Gilde manages funds in excess of EUR 3 billion and has offices in Utrecht, Brussels, Frankfurt and Zurich. Since its inception in 1982, Gilde has supported more than 250 companies to realize their growth ambitions. Other recent investments include Eichholtz, Xindao, Gundlach, Kinkelder and Caseking.
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