Noerr advises Axcel on its first platform investment in Germany

A Noerr team led by Christoph Thiermann has advised private equity firm Axcel on its first platform investment in Germany. The Scandinavian private equity company has acquired the homecare distributor sangro medical service GmbH.

Sangro is being carved out of GHD GesundHeits GmbH, a portfolio company of Nordic Capital, and will operate as an independent company following completion of the transaction. Closing is expected in the first half of 2026.

With the acquisition of Sangro, Axcel is taking over a leading distributor in Germany’s homecare market. The company serves as a key link between more than 200 manufacturers and over 3,000 medical supply retailers and homecare providers. Through the new partnership, Sangro aims to strengthen its position as an independent business, expand its presence across Germany and establish a foundation for sustainable, long-term growth.

The partnership with Sangro marks Axcel VII’s eleventh investment. Axcel, a leading private equity firm, focuses on four core sectors: technology, business services and industrials, healthcare, and consumer goods.

Advisors to Axcel: Noerr

Lead: Christoph Thiermann (partner, Private Equity, Munich)

Private Equity: Markus A. Braun (associated partner, Munich), Uwe Brendler (associated partner, Dresden), Teresa Seibold (senior associate, Munich), Roman Thiele (associate, Dresden)

Antitrust: Fabian Hübener (partner, Brussels), Carolin Sophie Schütte (senior associate, Hamburg)

Banking & Finance: Pinar Turkac-Christmann (associated partner, Frankfurt)

Commercial: Michael Reiling (partner, Munich), Diana Richter (counsel, Munich)

Digital: Patrick Neidinger (associated partner, Munich), Julian Monschke (associated partner, Frankfurt), Paul Vogel (senior associate, Munich), Isabella Sieber (associate, Munich)

Employment & Pensions: Benjamin Jahn (partner, Munich), Vincent Jungbauer (senior associate, Munich)

Intellectual Property: Christoph Rieken (partner, Munich), Katja Steinthaler (associated Partner, Munich)

International Trade: Tobias Zuber (associated partner, Brussels)

Product Regulation: Evelyn Schulz (partner, Dresden), Michael Klein (associate, Dresden)

Real Estate: Tim Behrens (partner, Frankfurt), Hendrik Westendorf (senior associate, Frankfurt), Elena Sophia Bideris (associate, Frankfurt)

Regulatory: Hendrik Schlutt (counsel, Berlin)