Our experience

Our portfolio companies and potential investments operate in the healthcare sector, primarily based in the Nordic region. The companies we invest in shall contribute to an improved quality of care, increased availability of care, reduced or postponed need for care, more care for an existing budget and/or preventive care. We find common ground in our long-term efforts to give people the opportunity to enjoy healthier lives in the future. 

Read our Annual review for 2019 here. (Opens a new tab).

Portfolio and experiences

Impilo creates value in its investee companies through active involvement and long-term perspective, which enable us to set positive and challenging objectives, diligently follow up on execution, provide new resources while showing an understanding and respect for the investee companies’ cultures – all in order to promote their development. Below you can read more about our investments and how our view of transparent companionship leads to robust business in the long term.


Euro Accident

Euro Accident is a leading Swedish specialist in health-related insurance and employee wellbeing, active primarily within the long-term disability (LTD), private health insurance (PHI), group life and accident markets.

Euro Accident was founded in 1996 and has experienced strong growth over the past 15 years, enabled by high quality products and leading service that aim at keeping their clients as healthy as possible.

Euro Accident provides a comprehensive range of health insurance options and health services to Swedish companies, mainly SMEs, to help them succeed with their health and work environment strategies. The customer base consists of over 300k insured individuals across c. 35k companies.

Euro Accident’s ambition is to become the leading niche provider of health insurance and health-related insurance products in Scandinavia.

The company is headquartered in Stockholm, Sweden, and has ca 240 FTE.

Read more


Ferrosan Medical Devices

FMD is the world’s largest manufacturer of gelatine-based bioabsorbable hemostatic products for use in surgical procedures, and also has a smaller electromechanical contract manufacturing activity, based in Søborg, Denmark.

The company’s technology includes biomaterials used as haemostatic agent for surgery to control bleeding, and miniature electromechanics used in devices for minimally invasive surgery and biopsy.

FMD distributes its biomaterials products via Ethicon (a division within J&J) through a long-standing mutually exclusive partnership anddistribution agreement dating back to 1995.

FMD was established as a separate legal entity in 2010 through a demerger from Ferrosan A/S. Ferrosan A/S engagement in the haemostatic area dates back to 1947 when the company developed and launched its first product. It is the extensive knowledge of more than 70 years that is the heritage of the company upon which the future is being built.


Read more



Humana is a Nordic care company with a focus on quality and customer satisfaction. The company is a market leader in individual and family care and personal assistance, with expanding operations in elderly care. Humana has 15,000 employees who all work with a shared vision – Everyone is entitled to a good life.

The company had annual revenue of SEK 7,467m in 2019. Humana is listed on Nasdaq Stockholm and is headquartered in Stockholm, Sweden.

Humana’s objective: To be the given choice for care services for clients and purchasers with high quality demands.

Humana’s values: Commitment, Happiness and Responsibility

The company’s strategy is grounded in its core values, and sustainability is incorporated in the strategy and is built around four strategic target areas:

- Quality operations
- Attractive employer
- Long-term, sustainable growth
- Socially responsible provider

Read more


Immedica Pharma

Immedica is engaged in commercialization and distribution of orphan and niche specialty pharmaceuticals across Europe and the Middle East. Current portfolio of ca. 20 drugs spans proprietary, in-licensed, and partnered products across several therapeutic areas currently centered around metabolic diseases, oncology and ophthalmology.

Immedica intends to quickly establish full capabilities and further scale across the European and Middle Eastern territories, with a vision to become the leading player in launching niche specialty pharmaceuticals targeting diseases with high unmet medical needs.

Immedica is headquartered in Stockholm, Sweden, and employs c. 40 employees.

Read more



NutraQ’s mission is to help people to a better everyday life through well-documented consumer health products.

The Group is engaged in direct-to-consumer development and sales of consumer health products across the Nordic countries, the Czech Republic and the Netherlands. The largest brands are VitaePro (nutritional supplements) and Oslo Skin Lab (cosmeceuticals).

NutraQ has a leading direct-to-consumer position in the Nordics with c. 300k subscriptions, and an emerging position in rest of Northern Europe.

NutraQ is headquartered in Oslo, Norway, and employs c. 145 employees.

Read more


The Fertility Partnership

The Fertility Partnership, with the acquisition of VivaNeo, is the leading Northern European provider of fertility treatments, with c. 24,000 cycles annually, incl. adjacent services.

TFP comprises 19 clinics across the UK, Germany, Austria, Denmark, the Netherlands and Poland, and a sperm bank, a blood lab and c. 80 ultrasound sites across the UK.TFP’s mission is to offer all patients the care, understanding and expertise that help to bring dreams to life.

TFP’s strategy is to continue to grow both organically and through acquisitions of new clinics and development of greenfield clinics, as well as commercialization of adjacent services – and with this to continue being the leading provider of fertility services in Northern Europe, measured on Net Promoter Score (NPS),success rate, market share and profitability.

TFP is headquartered in Oxford, UK, and Berlin, Germany, and employs c. 650 FTE

Read more



Cavidi is a diagnostic company developing assays and an automated instrument for HIV viral load monitoring. The Ziva™ system, targeting district hospitals and regional laboratories (the mid-marketsegment) in the African market, is built on the company’s longstanding chemistry solution used in its manual testing product.

Cavidi’s technology offers unique features; the assay can detect all subtypes of HIV where the other diagnostics technologies only detect the major subgroups.

The Ziva™ system is a fully automated benchtop product with higher throughput and less hands-on time than other solutions in the mid-market segment, making it uniquely tailored for the needs of these labs.

In February 2020, Impilo reached an agreement with the majority shareholder of Cavidi, resulting in a sale of all instruments by Impilo against a proceeds split in the future. At the time of the agreement, Impilo had a 34% ownership in the company.

Key events under Impilo ownership 2018-2020:

- Improved governance model and financial and operational reporting
- Strengthened leadership with new CEO, CFO and R&D manager, as well as recruitment of key development project resources
- Strengthened project management setup and significant progress in the Ziva development project
- Progress in distributor search in preparation for commercialization

Read more


Apotek Hjärtat - A clear vision and strategy in a complex deregulation

When Sweden’s state monopoly on pharmacies was opened to competition in 2009, it provided interesting investment opportunities. The key participants’ extensive experience of the pharmacy channel through board work in ACO Hud, Ferrosan and Nycomed, and the retailing competence of the incoming management team, lead by Anders Nyberg, was critical in executing on the development opportunities identified. Apotek Hjärtat developed into a leading, national business with industry leading margins and was acquired by ICA in February of 2015. Over 100 new pharmacies were acquired or established greenfield by Apotek Hjärtat 2010-2015, bringing the total number to more than 300.

Read more


Ferrosan - Refocussing and growth

In 2005, Ferrosan was an international consumer health and medical device group with 3 SBUs and 570 FTEs, based outside Copenhagen, Denmark. The new board then set out a new direction to refocus the Consumer Health activities on a few, larger markets and core brands, and rationalizing the SKU-portfolio within to drive operational efficiency. Operating margins within Consumer Health expanded by 10-% points between 2005 and 2011, when Pfizer acquired the business. During this period the Medical Device unit succesfully developed a second generation  of products to drive growth and take market share.

Read more


Palodex - Operational improvements and US market share growth

In 2005, Palodex was formed through the acquisition of the Instrumentarium and Soredex dental imaging activities out of GE. The activities were based in Tuusula, just outside Helsinki, Finland. During the new Board and leadership, a growth and improvement agenda was developed. Market share in the US doubled 2005-2009, NWC was reduced in steps and margins expanded continuously. In 2009, Danaher Corporation acquired Palodex.

Read more

Redefining partnership

We strongly believe that true progress comes from strong partnerships. The Impilo team strives to be a talented partner with an ambitious, long-term and open approach, seeking to be the wind under the wings of others.