Amulet Capital Partners Announces Investment in TFP Fertility Group

GREENWICH, Conn. & OXFORD, England--(BUSINESS WIRE)--Amulet Capital Partners (“Amulet”), a middle-market private equity investment firm focused exclusively on the healthcare sector, today announced the acquisition of TFP Fertility Group, one of the leading fertility care providers in the UK and Northern Europe, from Benefit Street Partners (BSP) – a Franklin Templeton company. Financial terms of the transaction were not disclosed.

TFP operates an integrated network of 10 fertility clinics supported by 21 satellite / referral centres across the UK and Poland, with an established reputation for high clinical standards, compassionate patient‑centred care and scientific leadership. The partnership with Amulet marks the beginning of a new phase of investment and momentum that will enable TFP to drive continued growth while delivering the highest-quality clinical care and an excellent patient experience. The business will continue to operate as usual under the TFP brand with no changes to its clinical leadership or standards of care. The company will continue to be led by CEO Jude Fleming and the current management team.

Amulet is a dedicated, healthcare-focused investment firm with extensive experience building and scaling successful healthcare services and fertility provider businesses. This investment underscores Amulet’s commitment to supporting providers that deliver high-quality, patient-centred care. Together, Amulet and TFP will focus on expanding access, enhancing the patient experience and building on the company’s position as a leading provider across the company’s core markets.

Jude Fleming, Group Chief Executive Officer of TFP, said: “This is a significant milestone for TFP. Amulet brings deep experience in healthcare and a long‑term perspective that aligns closely with our values, clinical ethos and ambitions for the future. We are proud of what our teams have built, and this transaction provides a strong platform to continue investing in our people, our clinics and most importantly, the patients we care for. I would like to thank BSP for their support and partnership, and we look forward to working closely with Amulet to build on the momentum across the business.”

Sam Brinkley, Principal at Amulet Capital Partners, commented: “As long-time, dedicated healthcare investors, supporting businesses and management teams that are expanding access to high-quality care is one of our core investment themes. TFP is a highly respected fertility services platform with strong clinical leadership and an outstanding reputation for patient-centred care.”

Franky Lee, Managing Director at Benefit Street Partners, added: “With the successful investment and repositioning of TFP under our ownership now complete, we wish Amulet and the management team continued success as the business continues to establish itself as one of Europe’s leading fertility care groups."

Jay Rose, President and Co-Founder at Amulet Capital Partners, concluded: “We are excited to partner with Jude and the entire TFP team to support the company’s next phase of growth. Together, we look forward to executing on a shared vision to expand access to high-quality reproductive healthcare across TFP’s markets while continuing to invest in clinical excellence and enhancing the patient experience.”

Amulet was advised by Lincoln International and McDermott Will & Schulte on the transaction. BSP was advised by Rothschild & Co and Linklaters.

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Notes to Editors

About TFP Fertility Group
TFP Fertility Group is a leading provider of fertility and reproductive health services, operating clinics across the UK and in Poland. With more than 35 years of clinical heritage, TFP is known for its personalised, compassionate patient care, strong clinical outcomes, and ongoing investment in research, innovation and quality.

About Amulet Capital Partners
Amulet Capital Partners is a middle-market private equity investment firm based in Greenwich, CT, and Walnut Creek, CA, United States focused exclusively on the healthcare sector. Amulet seeks to achieve long-term capital appreciation through privately negotiated investments in healthcare companies, focusing on those segments it believes have the most attractive long-term fundamentals. Amulet currently manages approximately $2.5 billion of Regulatory Assets Under Management and is investing out of its third fund, which was oversubscribed and closed in July 2024 with approximately $1.2 billion in capital commitments. For additional information, please visit www.amuletcapital.com.

About Benefit Street Partners
Benefit Street Partners (BSP) is an alternative credit pioneer with $92 billion in assets under management (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning direct lending, real estate debt, infrastructure debt, structured credit and liquid loans. For more information, visit bspcredit.com.