31 October 2025 – Fremman Capital (“Fremman”) today announced the acquisition of Stingray Healthcare (“Stingray”), a leading European cancer care platform headquartered in Lausanne, Switzerland, from Jacobs Capital (“Jacobs”). Following the transaction, Fremman will merge Stingray with Amethyst Radiotherapy, acquired in August 2025, to create the largest pan-European cancer care platform, with a presence across multiple European markets and a shared ambition to broaden access to high-quality cancer care. The new group will operate under the name Stingray Healthcare Group.
Founded by Jacobs Capital and Ralph Hefti in 2017, Stingray operates 11 centres across France and Germany—Europe’s two largest radiotherapy markets—and provides radiotherapy, radiosurgery, oncology treatments and services. The company has built a strong reputation for clinical excellence, supported by an innovative doctor partnership model that aligns physicians with the company’s long- term growth and commitment to patient care.
Amethyst, founded in 2010, operates one of the largest independent networks of cancer treatment centres in Europe, with 21 facilities across France, Poland, Romania, the UK, Italy, Portugal, and Austria. The group delivers a comprehensive range of oncology service, primarily radiotherapy.
The combination of Stingray and Amethyst brings together two highly complementary businesses with leading positions in their respective markets. It significantly expands the group’s geographic footprint, strengthens its presence in France, and marks a strategic entry into Germany. By merging under one platform, the combined group will benefit from increased scale, enhanced clinical capabilities, and a stronger foundation to accelerate growth across Europe while continuing to deliver best-in-class care to patients. With about 35,000 radiotherapy treatments delivered annually, and an equipment base of over 60 state-of-the-art linear accelerators, the new group becomes the largest cancer care operator in Europe.
Ralph Hefti, Founding CEO of Stingray, will lead the enlarged group’s management team as CEO. Both businesses will maintain their strong local identities and brands while leveraging shared expertise, infrastructure, and clinical best practices to deliver on their joint vision.
Ralph Hefti said “I would like to thank Jacobs for their invaluable support and partnership in building Stingray into a leading European platform for radiotherapy and oncology services. Now, in our next chapterwithFremman,Iamexcitedtobuildonthesestrongfoundationsandcreateagloballydistinctive platform in cancer care — one that combines outstanding patient outcomes, leading-edge technology, and sustainable affordability for healthcare systems. Bringing together two highly complementary organizations allows us to build a unique team and continue defining excellence in cancer treatment across Europe — and, in time, beyond”.
Stéphane Carré added “While I am handing over the group, becoming part of a larger platform, I feel very proud of the progress that Amethyst has made under my leadership. The hard work of the exceptional team has allowed Amethyst to achieve transformation and reach important milestones”.
Edward Chandler, Founding Partner at Fremman Capital, concluded “We would like to thank Stéphane Carré for his extraordinary contribution and wish him well with his future endeavours. We further look forwardtosupportingtheenlargedgroupwiththeadviceandcapitalneededforitscontinuingEuropean expansion”.
Amethyst Healthcare is one of Europe’s fastest-growing cancer and radiotherapy treatment institutions, operating 21 centres across seven countries. The group combines proven expertise in cancer care with the latest medical technology to design personalised treatments and deliver integrative cancer care. Amethyst strives to offer oncological patients access to the best treatments available across its clinics. Learn more at amethysthealthcare.com
About Stingray
Founded in 2017, Stingray is an alliance of medical professionals, healthcare managers, and entrepreneurs dedicated to supporting the fight against cancer. The company teams up with cancer care professionals in a distinctive partnership model to help secure and develop their established practices, providing financial resources and strategic expertise to deliver the highest quality of care to patients.
Learn more at stingray-healthcare.com
About Fremman
Fremman is a pan-European, mid-market investment firm with offices in London, Madrid, Paris, Munich, Milan, and Luxembourg. Founded in 2020, Fremman partners with successful founders and management teams to transform businesses from local champions to multinational sustainable leaders. The firm’s senior partners have a long history of working together, with over 100 years of combined investment experience.
Learn more at fremman.com