BC Partners to invest in IGS Gebojagema in partnership with Management and Smile Invest
Rabo Private Equity exits after supporting IGS’s international growth alongside Smile Invest
June 4 2025 – IGS GeboJagema (“IGS”), the leading independent pure-play healthcare manufacturer in the tooling market, announces, together with its current financial partner Smile Invest and management, a new strategic partnership with BC Partners, a leading international investment firm.
As part of the transaction, BC Partners will acquire a majority stake in the business alongside current financial partner Smile Invest and the IGS management team, who will retain a minority shareholding. Rabo Investments, which previously held a minority stake, will fully exit the business.
IGS is headquartered in Eindhoven, the Netherlands, with a growing presence in the United States through its facility in Peachtree City, Georgia. The business designs, manufactures and services complex, high-precision moulds used in the production of critical medical devices, including drug delivery systems, contact lenses, diagnostic equipment and healthcare consumables. With decades of specialised expertise, IGS has built a strong reputation as a global leader, in the supply of mission-critical tooling to the world’s leading healthcare and pharmaceutical companies. IGS is poised to write its next chapter of growth by building on its exceptional market position, expanding its presence in the rapidly growing GLP-1 segment and entering new healthcare end-markets that demand high-precision moulds.
IGS identified BC Partners as its strategic partner of choice that shares its values, long-term vision, and dedication to excellence in healthcare. BC Partners brings extensive experience in backing resilient, high-growth companies, particularly in pharma and specialised manufacturing. BC Partners’ track record through its investments in Aenova, IMA, Synthon, and Pharmathen demonstrate its deep expertise in pharma and healthcare automation and ability to support innovation, internationalisation, and operational scale.
This partnership aims to build on IGS’ strong foundations and accelerate its next phase of growth – through continued investment in organic expansion, targeted M&A opportunities, and entry into adjacent verticals. Just as importantly, it reflects a shared commitment to empowering IGS’ talented team and securing the long-term future of the business.
IGS and its shareholders were advised by Rothschild & Co (M&A adviser).
The transaction is subject to receipt of customary regulatory approvals and workers council feedback.
Herman Rusch – CEO, IGS GeboJagema
“Partnering with BC Partners marks an exciting new chapter for IGS. Their investment is a strong recognition of the expertise, innovation, and commitment that our team has demonstrated in becoming a global leader in precision mould manufacturing for the medical industry. BC Partners brings a deep understanding of the healthcare and specialised manufacturing sectors, and their experience with businesses like Aenova, IMA, Synthon and Pharmathen makes them an ideal partner for our next phase of growth.
We are deeply thankful to Smile Invest for the close collaboration and continued partnership, and to Rabo Private Equity for their support over the past years. Together, we’ve laid a strong foundation for the future. With BC Partners now joining us, we look forward to building on that momentum – expanding our capabilities, entering new healthcare markets, and continuing to support our customers in delivering high-quality medical solutions that make a real difference in patients’ lives.”
Matthew Evans – Managing Director, BC Partners
“We are excited to partner with Smile and the whole team at IGS to keep building the company and invest in new capabilities and avenues for further expansion. None of this would be possible without the impressive foundation that has been built over the years, by the IGS team past and present, and by Smile and Rabo. We look forward to continuing to deepen IGS’ partnership with its existing customers, while also introducing new partners across the globe to the quality and sophistication of IGS.“
Bart Cauberghe – Managing Partner and Ad Notenboom – Partner, Smile Invest
“Supporting the growth journey of IGS over the past years has been a highly rewarding experience. In that time, the company has reinforced its position as a global leader in precision moulds for the medical device industry, expanded its international footprint to the US, and continued to deliver exceptional quality and innovation to its customers . We are pleased to welcome BC Partners as a like-minded investor with a strong track record in healthcare. Together with BC Partners and the IGS management team, we look forward to supporting the next phase of growth and value creation.”
Bas Verlee – Director and Roelant Mantel – Director, Rabo Investments
“It has been a privilege to support IGS over the past years and invest alongside management and Smile Invest. We’re proud to have contributed to their impressive growth journey, and, with BC Partners now joining, we’re confident IGS is in excellent hands for the future.”
IGS GeboJagema (“IGS”) is the global leading, pure-play healthcare, high-precision mould technology provider. As the largest pure-play healthcare manufacturer, leveraging Industry 4.0 technologies, IGS produces high-precision, ultra-low tolerance, multi-cavity injection moulds that enable exact, repeatable, and scalable production of medical devices. IGS serves as a key strategic partner to leading global pharmaceutical and healthcare companies, particularly in the drug delivery and ophthalmology segments, while actively expanding into diagnostics and healthcare consumables. Founded in 1945, IGS is headquartered in Eindhoven, the Netherlands, and has a growing presence in the United States through its facility in Peachtree City, Georgia. The company employs approximately 174 FTEs.
Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with over €500m of assets under management, financed by 40 entrepreneurial families and with a long-term focus on innovative growth companies. Smile Invest focuses on companies active in three investment themes: Advanced technologies, Innovative Healthcare and Environment. Since its inception in 2017, Smile Invest has invested in 19 platform companies in Belgium and the Netherlands. From its offices in Leuven and The Hague, the team supports ambitious entrepreneurs and management teams in realising their growth plans.
Rabo Private Equity (“RPE”) is part of the captive investment arm of Rabobank with a €3.5 billion mandate, dedicated to supporting companies that drive innovation in Food & Agriculture and Energy. As a long-term investor, RPE leverages its global network, expertise, and dedicated teams to create value and accelerate key transitions for a better world. By partnering with visionary teams, RPE aims to build resilient businesses that contribute positively to society and the planet.
BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 128 private equity investments in companies with a total enterprise value of over €170 billion and is currently investing its eleventh private.