TD Cowen advises NORD Holding on the sale of hg medical

TD Cowen is pleased to announce that NORD Holding Unternehmensbeteiligungsgesellschaft mbH (“NORD Holding”) sold its majority stake in hg medical to Astorg Mid-Cap (“Astorg”).

hg medical is a leading global contract manufacturer of complex orthopedic implants and a pioneer in the extremities segment. With facilities in Germany and USA, the company has built a strong reputation for its deep engineering expertise in its core segment, high-quality manufacturing, and exceptional customer service. With its team of experienced engineers and technicians, hg medical offers a comprehensive range of services, including design and development, prototyping, validation, and production of complex high-quality implants. The company has furthermore built an impressive track record of customer success and profitable growth through its partnerships with fast-growing challenger and blue-chip OEMs in the extremities space over the last 16 years.

In 2020, TD Cowen advised hg medical on the sale of a majority stake to NORD Holding. With NORD Holding, hg medical has become a strong-growing and even more customer-centric and solution-driven organization with outstanding engineering capabilities and manufacturing excellence. The investment from Astorg will enable the company to further expand its capacity and service offering to meet the growing demand for outsourced manufacturing in the orthopedic sector. For Astorg, hg medical is the first investment in Germany. After the transaction, Johannes Hagenmeyer, CEO and founder of hg medical, will move into an Advisory Board role. Craig Bluett, COO of hg medical, will take over as CEO.

“With the global demand for orthopedic implants on the rise, hg medical is well-placed to continue its growth trajectory and maintain its position as a leading player in the industry. Astorg’s investment will enable the company to continue expanding its capacities and service offering to serve the increasing demand for outsourced production in the orthopaedic space, while actively executing M&A opportunities in a fragmented market,” states Andre Seidel, Partner of NORD Holding.”

And Johannes Hagenmeyer, CEO of hg medical, adds “Following the transaction in 2020 with the sale to NORD Holding, we have now once again found a competent partner in Astorg to support the further path and growth of hg medical. Due to TD Cowen’s deep knowledge of the medtech industry beside the team’s great commitment, we were again able to achieve a very great success.”


With a 50-year history and assets under management of € 2.5 billion NORD Holding Unternehmensbeteiligungsgesellschaft mbH is one of the leading private equity asset management companies in Germany. The business consists of the Direct Investments and the Fund Investments divisions.

The main focus of the Direct Investments business is on structuring and financing of company succession models, the takeover of group departments / subsidiaries as well as expansion financing for medium-sized companies. In contrast to most other financial investors who only manage funds for a limited period, NORD Holding acts as a so-called “Evergreen Fund” without a time limit and invests from its own balance sheet. The company is currently invested in more than 15 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 primaries, secondaries 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.


hg medical is a leading contract manufacturer of high-quality orthopaedic implants specialising in lower extremities, upper extremities and in the spine sector. hg medical’s customers design products to improve the quality of life for many patients all over the world. hg medical supports them to make their ideas succeed in a highly competitive environment.