EQT to Acquire Corza Biosurgery in Strategic Healthcare Carve-Out

EQT has agreed to acquire the biosurgery business of Corza Medical from GTCR, marking another strategic healthcare carve-out as private equity firms continue reshaping medical technology portfolios through targeted acquisitions and platform-building strategies. Financial terms of the transaction were not disclosed.

The transaction includes Corza Biosurgery, a business centered on TachoSil, a biologic patch used to control bleeding and seal tissue during surgical procedures. The product is widely used across cardiovascular, neurological, hepatic and thoracic surgeries and has established a presence in more than 50 countries through an extensive clinical evidence base spanning more than two decades.

The acquisition represents a partial exit for Chicago-based private equity firm GTCR, which will retain ownership of Corza Medical’s remaining surgical technology businesses, including its wound closure, ophthalmology and biomedical textiles divisions. The company said it will continue investing in those businesses while sharpening its focus as a specialized surgical technology platform.

The transaction is expected to close during the fourth quarter of 2026, subject to customary regulatory approvals and closing conditions.

Platform Built Through Strategic Acquisitions

Corza Medical was established in 2019 under GTCR’s Leaders Strategy™, partnering with medical technology executive Greg Lucier to build a diversified global surgical products company through acquisitions and operational improvements.

A key milestone came in 2021 when GTCR and Corza acquired TachoSil through a corporate carve-out transaction and simultaneously combined it with Surgical Specialties, another earlier acquisition. Since then, Corza has completed three additional acquisitions, including the carve-out of TachoSil’s manufacturing assets, expanding production capacity while strengthening its commercial infrastructure and product portfolio.

The company also invested in expanding its direct sales organization, strengthening global distribution partnerships and developing new applications for minimally invasive and robotic-assisted surgery, further enhancing the value of the biosurgery franchise.

Gregory T. Lucier, Executive Chairman and Chief Executive Officer of Corza Medical, said the transaction represents an important milestone for the company.

He said EQT is well positioned to support the biosurgery business through its next stage of growth while allowing Corza Medical to continue investing in its remaining surgical technology businesses.

EQT Targets Growth in Global Biosurgery

For EQT, the acquisition expands its healthcare investment portfolio and provides a platform to capitalize on rising demand for advanced surgical technologies.

The investment firm said it intends to accelerate commercial expansion, broaden product indications, expand geographically and pursue complementary acquisitions to build a broader biosurgery platform. EQT also plans to invest in innovation and strengthen the company’s global commercial capabilities.

Ethan Waxman, Partner at EQT, said TachoSil has established a strong reputation among surgeons because of its proven clinical outcomes and extensive evidence supporting its use across complex surgical procedures.

Following completion of the acquisition, Thierry Leclercq will continue leading the business, while Sheri McCoy, former Chair of Johnson & Johnson’s Surgical Care Group, will become Chair of the standalone company.

Corza Biosurgery employs approximately 400 people worldwide and operates a specialized manufacturing facility in Linz, Austria, where TachoSil has been produced for more than 20 years.

Healthcare Buyouts Remain Active

The acquisition reflects continued private equity interest in healthcare carve-outs and specialized medical technology assets, particularly businesses with strong intellectual property, recurring demand and opportunities for international expansion.

Biosurgery has become an increasingly attractive segment as healthcare systems seek technologies that improve surgical outcomes, reduce complications and shorten recovery times. Products such as hemostatic patches and tissue sealants are benefiting from rising surgical volumes driven by aging populations, increasing prevalence of chronic diseases and wider adoption of minimally invasive surgical techniques.

Private equity firms have increasingly pursued carve-out transactions in healthcare to create focused businesses capable of accelerating innovation and operational execution. Rather than acquiring diversified conglomerates, sponsors are targeting high-quality assets that can operate independently while benefiting from dedicated capital and strategic investment.

For GTCR, the sale monetizes a high-value business created through acquisitions and operational enhancements while preserving ownership of Corza Medical’s remaining growth platforms. For EQT, the acquisition provides an opportunity to build a larger global biosurgery franchise through organic investment and future mergers and acquisitions.

The transaction also highlights the resilience of healthcare dealmaking despite broader uncertainty across private markets. Medical technology remains one of the most active investment sectors due to its defensive characteristics, strong demographic tailwinds and consistent demand for innovative products that improve patient outcomes.

Financial advisors to Corza Medical are Citi and Moelis & Company, while Kirkland & Ellis LLP serves as legal counsel. Piper Sandler is acting as financial advisor to EQT, with Latham & Watkins LLP providing legal counsel.

Like PE NEWSWIRE reports? Sign up to our free newsletter for the latest private markets news, exclusive deal coverage, market intelligence, and investor insights from around the world.