Healthcare Specialist SHS Capital acquires majority stake in CAM Bioceramics to support and accelerate its future growth


  • CAM Bioceramics B.V., based in Leiden, the Netherlands, is a leading global manufacturer of innovative calcium phosphate solutions for Medtech and LifeScience applications

  • Together with ING Corporate Investments and several Co-Investors, the German specialist healthcare investor acquires a majority stake in the company, while current owners remain significant shareholders
  • This investment is the third transaction for the newly launched SHS VI fund and one of the largest investments in SHS’ history

Tübingen / Leiden / Amsterdam 07.07.2023

The German healthcare specialist SHS Capital, together with ING Corporate Investments and other Co-Investors, is investing in CAM Bioceramics, a contract development and manufacturing organisation (CDMO) for innovative orthobiological calcium phosphate solutions.

CAM Bioceramics was founded in 1985 as a spin-off from University Leiden Biomaterials Research Group and since than focused on developing orthobiological calcium phosphates (CaPs) materials in the field of medical technology and life sciences. Applications are amongst others orthobiological HA coating powder for orthopaedic, dental and spinal implants, bone graft substitutes, excipients and (CaPs) particles for injectable dermal fillers. As one of the leading companies in its field, CAM offers the unique combination of outstanding product and scientific know-how at the interface between chemistry, biology and material sciences combined with large scale production capacities to ensure constant supply and quality whilst remaining agile to provide continuous customer satisfaction.

SHS invested in the company together with ING Corporate Investments (a 100% subsidiary of the renowned Dutch ING Bank) as well as several Co-Investors. The existing owners rolled-over a significant stake in the company and will stay relevant shareholders of CAM Bioceramics securing the company`s Vision (“to be the trusted partner for innovative calcium phosphate solutions and services worldwide”), Mission and core values. Accordingly, the Management Team of the Company will also remain fully intact. The aim of the new partnership is to further strengthen the base of the company and to accelerate the human and monetary investments to further customer satisfaction beyond where it is today. Amongst others, CAM can now benefit from the many years of experience as well as the extensive network of SHS in the Healthcare sector what is expected to lead to additional collaboration and partnership opportunities, with existing and new customers.

“We are delighted to have SHS and ING Corporate Investments on board, hence enabling CAM Bioceramics to serve our customers even better and to grow even faster. The existing Shareholders and the Management Team have consciously looked for the best partners to secure continuity and get access to additional and complementary business development opportunities. The partnership with SHS and ING is a validation of our strategy and capabilities and will fuel the company’s growth even further. The Management Team will remain fully intact and will continue to provide the best Customer Satisfaction possible to remain or to become your trusted partner for innovative calcium phosphate solutions and services worldwide,” explains CAM Shareholder and CEO Caspar J Hogeboom.

Corstiaan Withagen, Managing Director of ING Corporate Investments, said: “CAM is a clear innovative market leader in the calcium phosphates healthcare niche delivering industry-leading quality at an unparalleled scale aiming and realizing the highest Customer Satisfaction possible. We are honoured to be part of CAM’s exciting journey and to team up with the German specialist healthcare investor SHS and are looking forward to work closely with CAM’s Management Team and SHS.”

“SHS is very happy to be part of this exciting partnership and we look forward to continue working together with CAM and its Management Team and employees as well as with the existing Shareholders, ING and our Co-Investors. Based on the strong existing customer base and the outstanding capabilities of CAM, we are convinced that we can help to create additional collaboration opportunities and thus support the company in its further growth. The investment in CAM is already the third investment from our newly launched sixth fund generation and another opportunity to be involved in the establishment and further development of a European healthcare champion,” says SHS Managing Partner Manfred Ulmer-Weber.


About CAM Bioceramics B.V.

CAM Bioceramics B.V. was the first company in 1980’s to provide innovative HA plasma-sprayed coatings on orthopedic implants. Since then, our pioneering work has led to the worldwide adoption of plasma- sprayed hydroxyapatite coatings. HA Coating was the first step in the formation of the fully-fledged organization CAM Bioceramics is today. As a dedicated contract development and manufacturing organization, CAM Bioceramics has set up robust processes to develop or co-develop and manufacture an extensive portfolio of orthobiologic calcium phosphates. CAM Bioceramics is able to research, develop, engineer and manufacture orthobiologic calcium phosphate powders, granules, blocks and excipients for drug delivery. CAM Bioceramics delivers these components to the industry leaders in the orthopedic, dental and aesthetic sectors. Our entire team at CAM Bioceramics is committed to meeting and exceeding customers’ expectations. Our class-7 cleanrooms enable our experienced staff of engineering, production, and quality assurance & control specialists to produce to robust ISO 13485:2016 and ANVISA standards while maintaining a competitive pricing strategy. Our offices and in-house production facilities are located in Leiden Bio Science Park, a leading life sciences cluster. Situated close to Amsterdam Schiphol Airport and other major European and global logistics hubs, we provide a highly reliable service to customers all over the world.

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About ING Corporate Investments participaties B.V.:

ING Corporate Investments, a 100% subsidiary of ING Bank N.V., offers tailored risk bearing capital solutions beyond traditional bank financing ranging from subordinated debt to ordinary equity. ING Corporate Investments supports companies in achieving strategic ambitions, by providing growth capital and access to the ING global institution and its local expertise. ING Corporate Investments has invested over €1.5 billion in the past 10 years.

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About SHS Gesellschaft für Beteiligungsmanagement mbH:

SHS Capital is a private equity provider founded in 1993 that invests in healthcare companies in Europe. The focus of the investments is on expansion financing, shareholder changes and succession situations. “Building European Healthcare Champions” is the investment philosophy according to which SHS finances and develops portfolio companies. The German investor takes both minority and majority stakes. The national and international investors in SHS funds include pension funds, funds of funds, foundations, family offices, strategic investors, entrepreneurs and the SHS management team. The equity or equity-like investment of the AIF is up to € 40 million. Volumes in excess of this can be realised with a network of co-investors. In its investment decisions, SHS attaches great importance to the consideration of ESG aspects and has therefore committed itself to the guidelines of the UN PRI. SHS is currently investing from its sixth fund, which was launched in 2022 and has a volume of ca. € 250 million.

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Press contact:

Sarah Stelzer

SHS Gesellschaft für Beteiligungsmanagement mbH

Bismarckstraße 12

72072 Tübingen