Who are the leading boutique M&A investment bankers advising European Digital Health, HealthTech and MedTech Founders?

Nelson Advisors
42 minutes ago
15 min read

Executive Summary: Strategic Advisory Landscape: European Digital Health, HealthTech, MedTech M&A

The European healthcare technology landscape is undergoing a profound structural transformation, characterised by a bifurcation of asset classes, a shift in valuation paradigms and an increasing reliance on specialised advisory services. As the market transitions from the liquidity fuelled exuberance of previous cycles to a "flight to quality" environment in 2024 and 2025, the role of the investment banker has evolved from a facilitator of transactions to a strategic architect of corporate destiny.

This report provides analysis of the leading boutique M&A investment bankers advising European Digital Health, HealthTech, and MedTech founders. It challenges the traditional "league table" hierarchy, positing that for high-growth, innovation led companies, specialised sector expertise and deep industrial connectivity often outweigh the balance sheet capabilities of global bulge bracket firms. The analysis distinguishes between the "Industrial MedTech" and "Digital Health" advisory tracks, identifying the key individuals and firms that dominate these distinct yet converging ecosystems.

The findings suggest that a new class of "super-boutiques", firms like Nelson Advisors, Clipperton and Arma Partners, has emerged to bridge the gap between venture capital exits and private equity roll-ups, offering a level of technological fluency that traditional generalist banks struggle to match.

Furthermore, the consolidation of advisory firms themselves, exemplified by Stifel's acquisition of Bryan Garnier and Houlihan Lokey's expansion, signals a maturation of the European middle market.

The Strategic Context of European HealthTech M&A (2024–2025)

Market Bifurcation: Industrial MedTech v Digital Health

The architecture of Mergers and Acquisitions (M&A) advisory within the European HealthTech and MedTech sectors has undergone a radical structural transformation throughout the fiscal periods of 2024 and 2025. Founders and boards must now recognise that the selection of an M&A advisor is no longer a function of prestige alone, but of strategic alignment with one of two diverging paradigms: the "Industrial MedTech" track and the "Digital Health" track.

The Industrial MedTech Track: This segment remains rooted in hardware, regulatory pathways (MDR/IVDR) and reimbursement strategies. It is characterised by slower, capital-intensive R&D cycles and exits to large strategic conglomerates (eg. Stryker, Boston Scientific). Advisors here must possess deep clinical understanding, global supply chain insights, and the ability to navigate complex regulatory environments such as the CE Mark process and FDA approvals.
The Digital Health Track: This segment operates on SaaS metrics, recurring revenue models (ARR), and data monetisation strategies. It includes Health IT, AI-driven diagnostics, and patient engagement platforms. Exits here are increasingly driven by Private Equity (PE) technology funds and hybrid strategic buyers looking for software capabilities.

The "Flight to Quality" and Valuation Realism

The 2024-2025 period is defined by a "flight to quality" and a rigorous emphasis on clinical utility over theoretical potential. Following the correction of valuation cycles, acquirers are prioritising "concentrated value," driven by the imperative to acquire advanced AI capabilities that can deliver immediate operational efficiencies.

The divergence between deal volume and deal value underscores this trend. While overall deal volumes have experienced pressure, assets with proven technology, particularly in AI and digital infrastructure, continue to command premium valuations. This environment favours advisors who can articulate complex technological value propositions rather than simply managing a competitive auction process.

The Rise of Distressed M&A and Consolidation

A significant but under-reported trend is the rise of distressed M&A. High interest rates and tighter venture funding have exposed weaker players, leading to a surge in "take-private" transactions and distressed asset sales.

It is estimated that 25% to 35% of M&A deals in the UK involve companies selling for less than the total capital invested into them. This "triage" market requires bankers skilled in restructuring, rapid accelerated M&A, and complex carve-outs.

The Advisory Spectrum: Categorisation of Firms

To understand the competitive landscape, one must categorise the advisory firms based on their operational model, deal size focus and sector depth. The following table provides a strategic segmentation of the advisory landscape.

Comparative Analysis of Advisory Categories

Category	Typical Deal Size	Primary Value Proposition	Key Firms
The Titans (Bulge Bracket)	>$1 Billion	Global balance sheet, IPO execution, cross-border scale.	Goldman Sachs, J.P. Morgan, Morgan Stanley, Bank of America.
The Mid-Market Global Connectors	$100M - $1B	Transatlantic reach, institutional depth, high deal volume.	Jefferies, Houlihan Lokey, Lincoln International, Stifel.
The Specialist Boutiques	$10M - $500M	Niche expertise (e.g., Digital Health, Biotech), founder-centric.	Nelson Advisors, Clipperton, WG Partners, Mavie Technologies.
The Digital Economy Powerhouses	$100M - $1B+	Tech-first approach applied to healthcare, software metrics focus.	Arma Partners, GP Bullhound.⁴

Leading Specialist Boutiques: The "Founders for Founders" & Tech Experts

For European founders of Digital Health and innovative MedTech companies, specialist boutiques often offer a more tailored high-touch service than the bulge bracket banks. These firms are typically led by former entrepreneurs or career specialists who understand the nuances of code, clinical data, and regulatory hurdles.

Nelson Advisors: The Entrepreneurial Architects

Nelson Advisors has carved out a unique position as a "Founders for Founders" advisory firm. Unlike traditional investment banks staffed by career financiers, Nelson Advisors is led by individuals who have built, scaled and exited their own HealthTech ventures. This operational DNA allows them to bridge the gap between technical founders and financial buyers.

Core Specialisations: Digital Health, HealthTech, Healthcare AI, Medical Device Cybersecurity.

Geography: UK, Europe, North America.

Deal Size: Lower Mid-Market ($10M - $250M).

Key Leadership

Lloyd Price (Co-Founder & Partner): A central figure in the UK and European digital health scene. Price brings over 25 years of experience, having founded and exited multiple ventures, including Zesty (acquired by Induction Healthcare). His background spans consumer internet (Yahoo, Kelkoo) and deep HealthTech, giving him a rare ability to translate consumer engagement metrics into healthcare valuations. He serves as a Health Executive in Residence at UCL Global Business School for Health, further cementing his academic and strategic influence. Price is frequently cited as an expert on the "AI Premium" and the intersection of consumer technology and clinical pathways.
Paul Hemings (Co-Founder & Partner): Hemings brings extensive corporate finance experience, including $50+ billion in M&A and equity transactions across global markets. His background includes co-founding Neutrally, a venture focusing on chronic lifestyle disease, which complements the firm's focus on metabolic health and longevity. His expertise is pivotal in structuring complex deals involving cross-border entities.

Strategic Differentiation & Market Insights

Sub-Sector Granularity: Nelson Advisors goes beyond generic "healthcare" labels, specialising in highly specific high-growth verticals like Healthcare Cybersecurity, Healthcare AI, and Medical Device Cybersecurity. This is critical in a market where generalist investors often struggle to underwrite technical risks associated with data privacy and algorithmic liability.
The "Dual Advisory" Thesis: The firm posits that modern HealthTech M&A requires a hybrid approac, understanding both the clinical pathway and the software stack. Their "Founders for Founders" model is designed to guide early-stage companies through the "Series A crunch" and towards strategic exits to larger platforms.
Valuation Methodology (Nov 2025): Nelson Advisors is a primary source of data on valuation multiples. As of November 2025, they report a significant widening in the spread between "average" and "premium" assets.
- Premium AI & Data Assets: Companies with proprietary algorithms (e.g., drug discovery, imaging AI) are commanding revenue multiples of 6.0x – 8.0x+.
- Value-Based Care Tech: Platforms enabling risk-bearing models trade at 5.5x – 7.0x Revenue.
- Standard HealthTech SaaS: Growing digital health SaaS companies trade at 4.0x – 6.0x Revenue.
- Distressed Assets: Unprofitable startups with high burn rates are seeing significant valuation compression, trading at 3.0x – 4.0x Revenue or lower.

Clipperton: The Tech-Centric Research Powerhouse

Clipperton has established itself as a premier advisor for the European technology ecosystem, with a rapidly growing practice in HealthTech. The firm views Digital Health primarily through the lens of technology, applying SaaS metrics (CAC, LTV, Churn) to healthcare businesses.

Core Specialisation: SaaS, HR Tech in Healthcare, Growth Financing, Digital Health.

Geography: Pan-European (France, DACH, UK).

Deal Size: Growth Capital to Mid-Market M&A.4

Key Leadership

Nicolas von Bülow (Co-Founder & Managing Partner): A veteran of the European tech advisory scene, von Bülow has overseen over 200 transactions since co-founding the firm in 2003. His focus on Software and Deep Tech allows him to advise HealthTech companies where the value driver is proprietary code or AI algorithms rather than traditional medical devices. He is a frequent commentator on the intersection of private equity and tech innovation.
Antoine Ganancia (Managing Partner): Ganancia leads the HealthTech practice, driving the firm's research initiatives and managing complex cross-border transactions. His team is responsible for the influential European Health Tech Monitor reports.
Dr. Nikolas Westphal (Partner, Head of Germany): Westphal is responsible for the firm's acceleration in the DACH region, advising on landmark deals involving German and Swiss companies.

Strategic Differentiation & Recent Transactions

Research-Led Advisory: Clipperton distinguishes itself with high-quality proprietary research. Their European Health Tech Monitor Q1 2024 analysed valuation benchmarks and funding trends, providing clients with data-driven arguments for valuation premiums. This research capability allows them to frame narratives around "digital sovereignty" and "AI integration" that resonate with strategic buyers.
The "Dual Advisory" Capability: Clipperton pairs healthcare specialists with technology bankers to cover the Digital Health spectrum. This is essential for VC exits where the value driver is proprietary code or data architecture rather than traditional EBITDA metrics.
Notable Transactions:
- Hublo (France): Clipperton acted as sole financial advisor to Hublo, a leading provider of digital HR solutions for healthcare, on its investment by Five Arrows (Rothschild & Co's investment arm).This deal highlights Clipperton's ability to position healthcare workforce management as a high-growth SaaS vertical.
- myClubs (Austria/Switzerland): Clipperton advised myClubs on its sale to Urban Sports Club, creating a pan-European leader in corporate fitness and health.
- Smartlook (Czech Republic): Advised on the sale to Cisco, demonstrating their reach into Deep Tech and analytics.

Arma Partners: The Digital Economy Heavyweight

Arma Partners operates at the upper end of the boutique spectrum, often competing directly with bulge bracket firms for billion-dollar mandates. In 2023, Arma was acquired by Mediobanca to create a digital economy franchise, yet it retains its independent boutique culture and leadership.

Core Specialisation: Digital Health SaaS, Private Equity Exits, Large-Cap Tech.

Geography: Global (London, Munich, New York).

Deal Size: Mid-to-Large Cap ($100M - $1B+).4

Key Leadership

Paul-Noël Guély (Founder & Managing Partner): Guély is a titan of the European tech advisory landscape. He has steered the firm to advise on over $10 billion in cumulative deal value in record years^. His strategic vision focuses on the "Digital Economy," encompassing everything from FinTech to HealthTech. He emphasises that healthcare is just one vertical where "big data" and digital transformation are creating substantial value.
Daniel Fugmann: A key contact for Digital Health deals, focusing on PE exits and software assets.

Strategic Differentiation & Deal Track Record (2025)

Scale and Reach: Arma is capable of executing massive cross-border transactions that require significant leverage finance and regulatory structuring. They focus on "high-conviction" transactions, large, complex deals such as corporate carve-outs or pan-European platform creations.
The "Platform" Strategy: Arma excels at advising on "roll-up" strategies where PE firms acquire a platform asset to consolidate a fragmented market.
Recent 2025 Transactions
- Totalmobile (November 2025): Arma advised Totalmobile, a field service management software provider for healthcare and public sectors, on its sale to Five Arrows and DBAG. Totalmobile's technology helps over 500,000 mobile workers, and the deal facilitates international expansion.
- Solvinity (November 2025): Advised Solvinity, a managed cloud service provider with deep public sector/healthcare expertise, on its sale to Kyndryl. This deal underscores Arma's strength in the "Cloud/Security" intersection within healthcare.
- 3Cloud (November 2025): Advised 3Cloud (Azure services) on its sale to Cognizant, highlighting the demand for cloud-native platforms that can deploy AI at scale.
- FundApps (July 2025): Advised on the investment from FTV Capital. While FinTech-focused, the compliance monitoring technology has parallel applications in highly regulated health environments.

WG Partners: The Life Sciences Capital Markets Specialists

WG Partners is distinct from the pure M&A boutiques in its heavy focus on capital markets (ECM) and corporate advisory for listed life sciences companies. They are the go-to advisors for UK biotech firms navigating the complexities of the London Stock Exchange (LSE) and AIM.

Core Specialisation: Life Sciences, Biotech, Public Markets (AIM/LSE), Capital Raising.

Geography: UK focus with global reach.

Deal Size: Small to Mid-Cap Public and Private.

Key Leadership

Nigel Barnes: A seasoned life sciences banker with deep relationships in the UK institutional investor base.
Claes Spång: Specializes in capital raising and corporate advisory, helping biotech firms structure their equity stories for public markets.

Strategic Differentiation & Recent Activity

Capital Raising Dominance: WG Partners is prolific in secondary fundraises and private placements, which are the lifeblood of pre-revenue biotech companies.
Recent Transactions (2024-2025)
- Rezolute (April 2025): Acted as Financial Advisor for a $96.9 million transaction.
- Imricor (March 2025): Financial Advisor for a A$70 million raise. Imricor specialises in MRI-guided ablation products, a niche medtech segment.
- Scancell (December 2024): Advised on an £11.3 million secondary fundraise.
- ViroCell Biologics (December 2024): Managed a private placement for this cell and gene therapy manufacturer.
- Oxford BioDynamics (January 2025): Managed a £7 million secondary fundraise.
Public-to-Private & Dual Tracks: WG Partners plays a critical role in "dual-track" processes where a company might consider an IPO versus a trade sale. Their work with companies like Redx Pharma and Oxford BioMedica highlights their entrenchment in the UK life sciences ecosystem.

The Mid-Market Global Connectors

This category includes firms that have grown through acquisition or aggressive expansion to offer global reach while maintaining a mid-market focus. They are essential for deals requiring transatlantic connectivity (selling European assets to US buyers).

Houlihan Lokey: The Consolidator

Houlihan Lokey has aggressively expanded its European healthcare footprint, notably through the acquisition of GCA Altium, which significantly bolstered its technology and healthcare coverage.

Core Specialization: Mid-Market M&A, Capital Raising, Healthcare Services, MedTech.

Geography: Global, with strong European growth (UK, DACH).

Key Leadership

Paul Tomasic (Managing Director & Head of European Healthcare): Based in London, Tomasic is a thought leader on European healthcare M&A. He emphasises the shift towards "concentrated value" and the "flight to quality," advising clients to focus on profitability and clinical utility. He actively comments on the "take-private" trend, noting that public markets have undervalued European healthtech assets relative to private valuations.
Andrew Murray-Lyon: Director based in London, supporting the expansion of the practice.²⁸

Strategic Differentiation

Sector Depth: Houlihan Lokey avoids generalist labels, maintaining dedicated teams for specific sub-sectors like "Payor-Focused IT," "Provider-Focused Technology," and "Wellness- and Disease-Specific Technology". This granularity allows them to speak the language of specialised buyers.
Market Insights: Tomasic identifies a "structural transformation" in 2024-2025 where acquirers are prioritizing assets with "proven technology" in AI and digital infrastructure over those with merely theoretical potential.

4.2. Stifel (incorporating Bryan Garnier): The Transatlantic Platform

Stifel's acquisition of Bryan Garnier & Co in 2023 was a landmark consolidation in the European advisory market, combining Stifel's US distribution power with Bryan Garnier's deep European technology and healthcare relationships.

Core Specialisation: Growth Tech, Healthcare, Cross-Border M&A, ECM.

Geography: Global, with deep roots in France and Germany via acquisitions.

Key Leadership

Olivier Garnier: Co-Founder of Bryan Garnier, now Chairman of Stifel Europe. He retains a focus on client engagement and growing the pan-European platform.
Healthcare Team: The legacy Bryan Garnier team brought 20+ investment bankers and equity research analysts specialized in European healthcare.

Strategic Differentiation

Full-Service Offering: Post-acquisition, the firm offers a comprehensive suite including M&A, equity capital markets (IPOs), and debt private placements. This "one-stop-shop" is attractive for growth-stage companies planning a US IPO or exit.
European Roots, US Reach: The firm bridges the gap for European companies like Galapagos and BioArctic seeking US capital or buyers. The combination has led to participation in over 500 European technology and healthcare transactions since 2020.

Clearwater International: The Mid-Market Executor

Clearwater is a powerhouse for mid-sized deals, particularly those involving private equity. They were named "Corporate Financier of the Year" at the 2024 HealthInvestor Awards.

Core Specialisation: Mid-Market Deal Execution, Private Equity exits.

Geography: Pan-European.

Deal Size: Avg €60M - €100M.

Key Leadership

David Weavers (Partner & Head of Healthcare): A key figure in the UK mid-market, Weavers has led the team to complete record deal volumes.
Mark Taylor (UK CEO): Supports the broader strategic direction of the healthcare practice.

Strategic Differentiation

Volume Execution: Clearwater excels at process management for mid-market assets. In the qualifying period for their recent award, they completed 18 international deals totaling €1.6bn, with 10 of those deals completed by the UK team.
Private Equity Connectivity: They are deeply embedded in the PE community, making them an ideal advisor for secondary buyouts or bolt-on acquisitions.

Valuation Dynamics and Market Trends (2025)

The advisory landscape is inextricably linked to the underlying valuation environment. Advisors are currently navigating a market defined by strict valuation bifurcation and regulatory complexity.

The AI Premium vs. The Profitability Discount

According to Nelson Advisors' November 2025 analysis, the spread between "average" and "premium" assets has widened significantly, creating a two-speed market.

HealthTech Valuation Multiples (November 2025)

Asset Class	Valuation Metric	Range	Strategic Driver
Premium AI & Data	EV / Revenue	6.0x – 8.0x+	Proprietary algorithms, clean data sets, "must-have" infrastructure.
Value-Based Care Tech	EV / Revenue	5.5x – 7.0x	Platforms enabling risk-bearing models and cost reduction.
Hybrid Telehealth	EV / Revenue	5.0x – 7.0x	Mature platforms with both virtual and in-person capabilities.
Standard HealthTech SaaS	EV / Revenue	4.0x – 6.0x	Growing digital health SaaS with average retention/margins.
Profitable HealthTech	EV / EBITDA	10x – 14x	Established firms with >20% EBITDA margins ("Rule of 40").
Unprofitable/Early Stage	EV / Revenue	3.0x – 4.0x	Startups with high burn rates or unclear ROI; severe compression.

This data indicates that advisors must position their clients either as "must-have" AI infrastructure to capture revenue multiples or as disciplined "Rule of 40" companies to capture robust EBITDA multiples. Companies "stuck in the middle", burning cash with generic tech, face severe valuation compression.

Regulatory Headwinds: The AI Act and GDPR

The European regulatory environment is a double-edged sword currently driving strategic M&A activity.

The AI Act Delay: In November 2025, the European Commission proposed delaying the enforcement of "high-risk" AI rules for medical devices to avoid a "dual regulatory burden" with the MDR (Medical Device Regulation). While this offers a reprieve, it creates uncertainty for product roadmaps. Advisors are helping clients navigate this period by focusing on "technical alignment" value propositions.
GDPR Reform ("Data Unlock"): New proposals to classify "training AI models" as a "legitimate interest" under GDPR could unlock real-world data (RWD) for HealthTech startups. This significantly increases the strategic value of companies holding large, longitudinal patient datasets, making them attractive targets for Pharma and Big Tech.

The Return of the "Mega-Deal" and Roll-Ups

2025 has seen the return of large "high-conviction" transactions. Private Equity firms are executing "roll-up" strategies, acquiring established tech start-ups to build dominant conglomerates.Advisors like Arma Partners and Houlihan Lokey are particularly active here, structuring complex platform deals.

Conclusions and Future Outlook

The landscape of M&A advisory for European Digital Health and MedTech founders is no longer a monolith of generalist banking. It has evolved into a highly specialised ecosystem where the choice of advisor acts as a signal of the company's strategic intent.

For the "Unicorn" Track: Founders targeting multi-billion dollar exits or IPOs are still best served by the Titans (Goldman Sachs, J.P. Morgan) for their global distribution, but increasingly often with a specialist boutique like Arma Partners or Jefferies acting as co-advisor to provide sector narrative depth.
For the "Tech Exit" (SaaS/AI): Clipperton and Nelson Advisors dominate the narrative for companies where the value lies in code, data and recurring revenue. Their ability to translate healthcare metrics into tech valuations is their primary competitive advantage.

Nelson Advisors' specific focus on "Founders for Founders" resonates with early-stage entrepreneurs facing the Series A or Series B crunch.

For the "Clinical" Exit: Van Lanschot Kempen and WG Partners remain the standard-bearers for life sciences and biotech, where understanding the science is prerequisite to understanding the value. Their dominance in capital markets (secondary raises, dual tracks) makes them indispensable for listed UK and Benelux biotechs.
For Cross-Border Complexity: Mavie Technologies (Asia) and the merged Stifel/Bryan Garnier entity (US) offer critical infrastructure for companies looking to bridge continental divides.

Outlook for 2025-2026

The market is expected to see continued consolidation among advisors themselves. We can anticipate further acquisition of specialist boutiques by mid-market aggregators seeking to bolster their AI and Digital Health credentials. The era of the generalist healthcare banker is ending; the era of the sub-sector specialist has arrived.

Furthermore, as the "AI Premium" becomes the primary driver of M&A value (commanding 8x+ revenue multiples), advisors will increasingly need to employ data scientists and technical experts alongside bankers to effectively due diligence and market their clients.

Nelson Advisors > MedTech and HealthTech M&A

Nelson Advisors specialise in mergers, acquisitions and partnerships for Digital Health, HealthTech, Health IT, Consumer HealthTech, Healthcare Cybersecurity, Healthcare AI companies based in the UK, Europe and North America. www.nelsonadvisors.co.uk

Nelson Advisors regularly publish Healthcare Technology thought leadership articles covering market insights, trends, analysis & predictions @ https://www.healthcare.digital

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