Exit: NORD Holding Acquires the Medas Group from Liberta

Munich / Hano­ver – Liberta Part­ners (“Liberta”), a Munich-based multi-family holding company, is selling the Medas Group (“Medas”), inclu­ding its subsi­diary Arco Verrech­nungs­Sys­teme GmbH (“Arco”), to funds advi­sed by NORD Holding. The tran­sac­tion marks an important mile­stone in the Medas Group’s contin­ued deve­lo­p­ment and lays the foun­da­tion for its next phase of growth. The tran­sac­tion is subject to regu­la­tory approval.

The Medas Group specia­li­zes in billing for private medi­cal prac­ti­ces and curr­ently serves more than 2,000 prac­ti­ces and faci­li­ties nati­on­wide. The group combi­nes high-quality service and strong consul­ting exper­tise with in-depth know­ledge of the GOÄ, perso­nal points of cont­act, and a compre­hen­sive range of digi­tal services and products. 

Liberta Part­ners acqui­red Medas in 2022 and has consis­t­ently digi­ti­zed and further deve­lo­ped its busi­ness model.

Nils von Wietz­low, a part­ner at Liberta Part­ners, says: “Over the past few years, Liberta has worked closely with Medas as an active and relia­ble part­ner, provi­ding compre­hen­sive support to manage­ment in digi­tiz­ing its busi­ness model, acqui­ring Arco, and driving stra­te­gic growth. We are very plea­sed to see how successfully the group has deve­lo­ped during this time. We are convin­ced that Medas has found the right part­ner for its next phase of growth in NORD Holding.”

Medas was foun­ded in 1980 and, over the course of more than 45 years, has become the leading specia­list in private medi­cal billing in Germany. Nati­on­wide, the group—including its subsi­diary Arco Verrech­nungs­Sys­teme GmbH—now serves more than 2,000 medi­cal prac­ti­ces and faci­li­ties. With its compre­hen­sive port­fo­lio of services—including GOÄ consul­ting, billing review and prepa­ra­tion, facto­ring, and claims management—Medas enables doctors and medi­cal staff to focus on pati­ent care. Medas stands out for its excep­tio­nal service quality, in-depth exper­tise in hand­ling even the most complex billing cases, and speed driven by effi­ci­ent, digi­ti­zed processes. 

The market for RCM in the health­care sector is expe­ri­en­cing struc­tu­ral growth and remains highly frag­men­ted. Medas offers health­care provi­ders the key solu­tion to major chal­lenges in this area: the incre­asing shortage of skil­led person­nel in medi­cal prac­ti­ces, the growing need for digi­ta­liza­tion and AI-supported proces­ses, and confi­dence in navi­ga­ting regu­la­tory chan­ges to billing catalogs. 

“With Medas, we are expan­ding our health­care port­fo­lio to include an estab­lished market leader in a niche market that is chal­len­ging from a regu­la­tory stand­point but extre­mely attrac­tive. The combi­na­tion of a custo­mer base that has grown over deca­des, deep exper­tise in the GOÄ, and a clear path to digi­ta­liza­tion aligns perfectly with our invest­ment philo­so­phy. We look forward to working toge­ther,” says André Seidel, Part­ner at NORD Holding.

“Medas impres­sed us with its successful combi­na­tion of consul­ting exper­tise, highly auto­ma­ted proces­ses, and strong custo­mer loyalty. The market for complex medi­cal billing is expe­ri­en­cing struc­tu­ral growth and remains highly fragmented—ideal condi­ti­ons for an active buy-and-build stra­tegy,” adds David Wöss­ner, Prin­ci­pal at NORD Holding.

Vale­rie Zylka, Mana­ging Direc­tor of Medas, comm­ents: “In recent years, we have laid the foun­da­tion for a new phase of growth through consis­tent invest­ments in our digi­tal infra­struc­ture and the group’s first acqui­si­tion. With NORD Holding as our part­ner, we now intend to conti­nue this jour­ney and signi­fi­cantly expand our range of services—both orga­ni­cally and inorganically—in the best inte­rests of our customers.” 

The tran­sac­tion was mana­ged by the NORD Holding Health­care team in the first half of 2026 and unders­cores the firm’s deep sector exper­tise in the health­care indus­try. NORD Holding acqui­red the Medas Group from Liberta Part­ners. On behalf of NORD Holding, the tran­sac­tion was mana­ged by André Seidel, David Wöss­ner, Tim Haase, and Moritz Hagen­meyer. The closing of the tran­sac­tion is subject to regu­la­tory approval. 

About the Medas Group

The Medas Group has specia­li­zed in private medi­cal billing for over 45 years and serves more than 2,000 medi­cal prac­ti­ces and faci­li­ties nati­on­wide. It opera­tes through the compa­nies Medas Facto­ring GmbH and Arco Verrech­nungs­Sys­teme GmbH and combi­nes a high level of profes­sio­nal quality and in-depth GOÄ exper­tise with service-orien­­ted support, perso­nal cont­acts, and a compre­hen­sive range of digi­tal services. — www.medas.de

About NORD Holding

With a history span­ning more than 50 years and assets under manage­ment of €4.0 billion, NORD Holding is one of Germany’s leading private equity and asset manage­ment firms. Its focus is on the busi­ness areas of direct invest­ments and fund invest­ments. The direct invest­ment busi­ness focu­ses on struc­tu­ring and finan­cing corpo­rate succes­sion models, acqui­ring parts of corpo­rate groups or subsi­dia­ries, and provi­ding expan­sion finan­cing for medium-sized companies. 

The company curr­ently holds stakes in more than 16 compa­nies in Germany and other German-spea­king count­ries. The Fund Invest­ments divi­sion targets the small- and mid-cap segment of SME-focu­­sed private equity funds in Europe. The focus here is on primary, secon­dary, and co-inves­t­­ments. NORD Holding places a strong empha­sis on buyout mana­gers that are new to the market and opera­tio­nal invest­ment stra­te­gies, and also regu­larly acts as an anchor inves­tor. — www.nordholding.de

About Liberta Partners 

Liberta Part­ners is a private equity firm based in Munich that acqui­res and deve­lops mid-sized compa­nies in the DACH region. Its focus is on succes­sion plan­ning and corpo­rate spin-offs. With a clear buy-and-build approach and its own corpo­rate deve­lo­p­ment team, Liberta Part­ners supports its port­fo­lio compa­nies in achie­ving sustainable growth and opera­tio­nal deve­lo­p­ment. — www.libert-partners.com