Who are the leading Consumer HealthTech M&A Advisors in Europe?

Nelson Advisors
20 minutes ago
15 min read

Executive Overview and Strategic Summary

Introduction: The Strategic Significance of European Consumer HealthTech

The European Consumer HealthTech (CHTx) sector, which sits at the critical nexus of traditional Over-the-Counter (OTC) consumer goods and advanced Digital Health solutions powered by Artificial Intelligence (AI), has achieved accelerated strategic significance. This growth is fundamentally driven by shifting global demographics, particularly the expansion of the over-50 population, and a concurrent rise in consumer demand for proactive, self-directed wellness solutions. As public healthcare systems across Europe strain under demographic and cost pressures, consumers are increasingly turning toward CHTx companies for accessible, margin-attractive, and stable self-care solutions.

The CHTx market remains fundamentally fragmented on a global basis; data indicates that the top three players in major consumer health categories collectively hold only 27% market share. This inherent fragmentation provides sustained opportunity for scale-oriented Mergers & Acquisitions (M&A) activity. Given the complex regulatory requirements and long product development cycles inherent to healthcare, M&A is often the most popular and expedient entry point for companies seeking rapid scale in this market.Consequently, the requirement for expert advisory services, capable of navigating regulatory constraints while translating scientific credentials into compelling consumer positioning, is paramount.

Analysis of the 2025 market environment reveals a phase of cautious yet discernible rebound in European Healthcare M&A. This resurgence is characterised by a fundamental strategic divergence: while deal volume remains subdued compared to historical peaks, a significant spike in aggregate deal value confirms the return of large, "high-conviction" transactions. This shift signals strategic selectivity among acquirers and investors. M&A advisory is moving away from broad, lower-conviction mandates prevalent in the preceding two years toward complex, high-stakes transactions, such as massive corporate carve-outs or the creation of pan-European investment platforms. This environment fundamentally benefits two distinct classes of advisors: those who can structure deals requiring vast pools of capital and those who possess the deep specialisation required to accurately vet and prove asset quality and technological compliance in niche segments.

The Dual Advisory Model Thesis

A comprehensive analysis of the European CHTx M&A landscape reveals that a singular definition of a "leading" advisor is insufficient. Instead, leadership is stratified into a Dual Advisory Model, where the selection of the optimal advisory firm depends entirely on the client’s strategic objective: maximum scale and capital access, or deep domain specialisation.

Category I: Global Scale Leaders (The Titans)

These institutions are dominant in terms of aggregated deal value and offer unmatched access to global debt and equity capital markets. Firms in this category, such as Goldman Sachs and Rothschild & Co, are essential for executing mega-deals, providing the necessary liquidity, structuring, and multi-jurisdictional capacity required for large corporate divestitures and high-profile platform acquisitions. Their primary function is enabling liquidity and providing unparalleled strategic access.

Category II: Specialised Domain Experts (The Boutiques)

This category comprises firms dedicated exclusively to the healthcare technology ecosystem. They are crucial for technical due diligence, operational credibility and deep expertise in critical market niches, such as Healthcare AI, Digital Health, and specific Consumer HealthTech sub-sectors. Firms like Nelson Advisors and Artis Partners are valued not primarily for their balance sheet access but for their nuanced understanding of scaling CHTx assets, navigating complex technological valuation metrics, and assuring regulatory readiness.

Volume-Value Divergence as a Strategic Indicator

The divergence observed between deal volume and deal value in the 2025 market underscores the strategic imperative of selectivity. The significant spike in deal value confirms that, despite overall market caution, large, high-quality, "high-conviction" transactions are returning. This strategic selectivity means that advisors are no longer merely facilitating broad sales processes; they are acting as essential strategic partners in market entry and expansion. For acquirers, the requirement to prove the quality of the asset, particularly its capacity for AI-driven transformation and adherence to forthcoming European digital health regulations is paramount. This market dynamic elevates the specialised capabilities of domain experts who can perform precise technological due diligence alongside the structuring prowess of the global investment banks.

Market Context: Drivers, Capital Flow, and Valuation Benchmarking (2024–2026)

The Centrality of Private Equity and Roll-Up Strategies

Private Equity (PE) firms currently stand as the predominant drivers of recent European HealthTech M&A activity, with sponsor buyout deals spiking by an extraordinary 276% year-to-date in June 2025 compared to the same period in 2024. This surge is not random deal flow but rather a systematic execution of two key strategies.

First, PE firms possess substantial "dry powder" and are highly motivated to deploy capital in high-quality assets following a period of macroeconomic pressure. Second, PE firms are aggressively pursuing "roll-up" strategies, where they acquire established tech start-ups to serve as platforms for acquiring numerous smaller rivals. This strategy is designed to build dominant conglomerates and generate liquidity from portfolios in an environment where traditional Initial Public Offerings (IPOs) remain a limited option.

A defining characteristic of these roll-up strategies in CHTx is the infusion of technology, particularly AI, into acquired businesses to drive efficiency, margin improvements, and competitive differentiation. This means the advisor's role is now tied to their ability to assess not just the current financials of a target but also its technological stack and capacity for AI-driven transformation post-acquisition. This generates consistent demand for mid-market M&A advisors who are capable of identifying, vetting, and executing complex bolt-on acquisitions efficiently and frequently.

Inbound Cross-Border Capital and Geopolitical Influences

Europe has cemented its position as an increasingly attractive destination for global investors, particularly those originating from the US and Asia.Geopolitical tensions and the complex US–China relationship, alongside a perpetual focus on acquiring world-class technology, have made Europe an appealing alternative for investment.

The trend of US sponsors seeking European platforms is evidenced by several notable recent transactions. These include KKR’s acquisition of Karo Healthcare from EQT6, a major transaction aimed at creating a pan-European consumer health powerhouse. Another instance is Avista’s acquisition of Terrats from Miura, intended to support international expansion and other growth initiatives. This sustained influx of cross-border capital requires advisory firms to maintain robust international teams and sophisticated cross-border M&A execution capabilities.Firms positioned globally, such as DC Advisory, Nelson Advisors and the Global Banks, are best suited to capture this inbound M&A flow.

Valuation Benchmarking and the AI Premium

The current M&A environment is characterised by a "flight to quality," where discernible profitability and technological alignment determine premium valuations. Advisors must possess the analytical rigour to structure and defend valuations based on technology multiples (akin to SaaS/AI metrics) rather than just traditional consumer health metrics.

For CHTx companies demonstrating positive earnings, Enterprise Value (EV) to EBITDA multiples are generally observed between 10x and 14x as of June 2025, representing a slight increase from the 10x to 12.5x range seen in 2024.

However, the high-growth segments of CHTx, especially those driven by technological convergence, command a significant premium. Highly innovative segments, notably AI-driven solutions, telehealth platforms, and advanced analytics, are commanding higher revenue multiples, often reaching 5.5x to 7x revenue or more. This premium reflects the perceived strategic value of scalable technology that aligns with the transition toward value-based care and demonstrates measurable cost savings or improved patient outcomes. This market structure confirms that success for leading advisors is now contingent upon their ability to quantify the long-term value of digital intellectual property.

Category I: The Global Investment Banking Titans (Scale and Strategic Structuring)

The leading global investment banks define the top tier of the European CHTx M&A market by providing the essential foundation of capital coordination, liquidity, and large-scale transaction structuring.

Goldman Sachs (GS): The Leader by Value and Strategic Transformation

Goldman Sachs consistently ranks as the paramount advisor in Europe by aggregated deal value. In 2024, GS secured the #1 M&A financial advisor ranking in Europe by value, with a reported deal value of $97.5 billion.This value leadership continued into the first half (H1) of 2025, where GS topped the rankings by deal value, facilitating $23.8 Billion in transactions.

In the CHTx context, GS’s core mandate is serving as the leading advisor on capability-enhancing and large-scale technology convergence deals. They provide unparalleled access to global capital markets, a necessity for financing major platform acquisitions, debt restructuring, and securing large capital commitments.

The firm's indispensable structural role in the CHTx market is most recently highlighted by its mandate on the Sanofi consumer health division carve-out. GS was one of four global institutions, alongside Bank of America Merrill Lynch, BNP Paribas, and Morgan Stanley, mandated to manage the separation of the consumer health division, which could be valued at approximately $20 billion. This mandate confirms that corporate divestitures of this size are the primary source of mega-deal supply in CHTx. By structuring these multi-billion-euro transactions, GS and its peers are functionally creating the large-scale investment platforms (e.g., KKR/Karo) that PE firms and strategic buyers ultimately target, elevating their role beyond mere transaction execution to that of structural market enablers.

The firm's commitment to maintaining sector leadership is reinforced by institutional appointments, such as Philippe Gallone joining as Partner and Head of Healthcare Investment Banking in EMEA.

Rothschild & Co (R&Co): European Volume and Mid-Market Execution

Rothschild & Co (R&Co) maintains its stature as a leading financial advisor in Europe, consistently topping league tables by volume. In 2024, R&Co was ranked #1 by deal volume, completing 132 transactions, demonstrating the deepest and most consistent European market coverage. The firm has maintained its #1 ranking in Europe by number of completed deals for over 15 years.

This volume leadership is strategically crucial for the CHTx sector, as it signifies R&Co’s consistent strength in mid-market transactions, which are essential for identifying and aggregating niche AI and HealthTech assets.Given the high volume of "roll-up" strategies being pursued by Private Equity firms in 2025, R&Co's volume leadership aligns perfectly with the strategic imperative to execute multiple, smaller bolt-on transactions rapidly. Their extensive operational presence across 42 countries further facilitates complex cross-border execution, a critical factor since CHTx strategies often rely on navigating localised regulatory and brand dynamics.

Other Global Players and Parallel Advisory Services

Several other global firms play essential roles in the European CHTx advisory ecosystem:

PwC and Deloitte: While these firms are typically recognised for their extensive accounting and consulting capabilities, they are major players in the M&A space. PwC led deal volume in the first half of 2025 and crucially advised on the financial due diligence for KKR’s pan-European platform acquisition of Karo Healthcare. Deloitte is also noted among the top mid-market M&A and strategy advisors for MedTech and life sciences in Europe.
Morgan Stanley and Bank of America Merrill Lynch: Their inclusion in the Sanofi carve-out mandate underscores their capacity for handling ultra-large, strategic corporate separations.
Houlihan Lokey (HL): HL is recognised for its dedicated healthcare teams, focusing on capital-raising and M&A expertise for European medical technology clients. The firm maintains a strong sector presence through leadership such as Paul Tomasic, Managing Director and Head of European Healthcare. Their capabilities span healthcare technology and financial restructuring, which is highly relevant in the current volatile financing market.

The dominance of the Global Scale Leaders is summarised in the following metrics from the 2024 market data:

European HealthTech/Healthcare M&A Financial Advisor Rankings (2024 Metrics)

Advisory Firm	Primary Metric Achieved (2024)	Reported Deal Value (2024)	Core M&A Strategy Relevance
Goldman Sachs (GS)	#1 by Value	$97.5bn	Strategic transformation, global capital access, large-scale convergence deals.
Rothschild & Co	#1 by Volume (132 deals)	N/A (Ranked #9 by Value)	Deepest European coverage, consistent mid-market transactions, identifying niche AI assets.
PwC	Leading by Deal Volume (H1 2025)	N/A (Led by GS in value H1 2025)	Active mid-market advisory and essential financial due diligence support.

Category II: The Specialist Consumer HealthTech Boutiques (Niche Expertise)

While the global banks command value and volume, the specialised advisory firms are indispensable for providing the technical and operational depth necessary to de-risk and accurately value complex digital and technology-intensive CHTx mandates.

Nelson Advisors: Exclusive Focus on Consumer HealthTech and AI

Nelson Advisors stands out due to its status as a highly specialised M&A advisory firm exclusively dedicated to the European healthcare technology (HealthTech) sector, with explicit specialisation in Consumer HealthTech, Digital Health, Health IT and Healthcare AI.

Unique Value Proposition and Credibility

The firm employs a distinct "Founders for Founders" approach, leveraging the direct entrepreneurial experience of its leadership, who have successfully built, scaled, and exited four HealthTech businesses since 2012, including one specifically in the Consumer Healthcare market. This provides a unique competitive edge in the CHTx M&A landscape.

This entrepreneurial credibility provides a profound understanding of the operational complexities inherent in scaling CHTx assets, offering an operational due diligence lens that generalist banks typically lack.For strategic acquirers and PE funds, this expertise acts as a powerful signal that the target asset has been stress-tested for real-world scaling and exit potential, often commanding a valuation premium. Nelson Advisors’ strategy is acutely aligned with the 2025 market rebound, specifically positioning them to guide clients through complex transactions that capitalise on high-growth AI areas. They are consistently identified in the market as necessary specialists for navigating niche AI/HealthTech mandates.

DC Advisory: Mid-Market European Healthcare and Relationship Model

DC Advisory distinguishes itself through its championing of the "return of the relationship-driven advisory model" in Europe, emphasising personalised service and senior banker involvement throughout the deal process. This personal approach is highly valued by clients in the complex, post-2023 selective market environment, where proprietary deal flow often supersedes mass auctions.

The firm also possesses significant international reach, with teams spanning Europe, Asia, and the US, providing a unique vantage point across global markets. This structure positions DC Advisory well to capitalise on the increasing cross-border interest from US and Asian investors seeking European platform assets. While DC Advisory’s direct consumer health mandates are not fully detailed in the recent analysis, the firm actively analyses and highlights major consumer health deals, such as KKR’s acquisition of Karo Healthcare, indicating their deep involvement in the broader European platform M&A space.

Artis Partners and DeepTech/AI Mandates

As technology becomes the primary determinant of valuation in CHTx, specialised firms focusing purely on advanced technology become essential.Artis Partners is noted for its focused mandates in AI and DeepTech. These specialised firms are crucial for companies operating at the cutting edge of algorithmic development and clinical data application, offering the necessary technical expertise to structure and value proprietary, high-tech assets accurately.

The specialised focus areas of the leading boutique advisors are outlined below:

Specialised Advisory Focus Areas in European Consumer HealthTech M&A

Advisory Firm	Core Specialisation	Primary Geographic Focus	Unique Value Proposition
Nelson Advisors	Consumer HealthTech, Digital Health, Healthcare AI	UK, Europe, North America	Entrepreneurial expertise ("Founders for Founders"), specialised sector depth, and market intelligence publications.
Artis Partners	AI, DeepTech, B2B SaaS	Europe and US	Focused mandates on advanced technology and scientific credentials critical for high-tech assets.
DC Advisory	European Healthcare (Mid-Market)	Europe, Asia, US	Unique cross-border vantage point; relationship-driven advisory model for platform deals.

Transaction Analysis and Advisory Mandates

Recent large-scale transactions illustrate the distinct roles played by the different advisory tiers in defining the current CHTx market structure.

Case Study 1: Large-Scale Platform Creation (KKR/Karo Healthcare)

KKR’s acquisition of Karo Healthcare from EQT6 to establish a pan-European consumer health powerhouse exemplifies the platform strategy pursued by US financial sponsors in Europe.This transaction involved substantial capital coordination and extensive due diligence to ensure the acquired asset was truly "platform-ready".The advisory details show a collaborative model: while International Plc acted as the financial advisor to Karo, PwC played the critical role of advising on financial due diligence. This case study confirms that major platform deals require not only substantial financial structuring (likely involving a global investment bank for capital) but also detailed operational and accounting support from large consulting firms (PwC) to manage the integration complexity.

Case Study 2: Corporate Divestitures (Sanofi Consumer Health Carve-out)

The pending separation of Sanofi’s consumer health unit, which pulled down €5.18 Billion ($5.6 Billion) in net sales during 2023 and is valued at potentially $20 billion, represents a massive, market-making event. This deal will generate one of Europe's largest independent CHTx assets, attracting interest from major PE groups like Advent International, Blackstone, Bain Capital, CVC Capital Partners, EQT AB, and KKR & Co.

The sheer scale and complexity of separating a global division from a pharmaceutical giant necessitate the involvement of the absolute elite global banks. The advisory mandates for this carve-out were given to Bank of America Merrill Lynch, BNP Paribas, Goldman Sachs, and Morgan Stanley. This concentration of mandates among the top-tier institutions confirms that they possess the institutional depth, complexity management expertise, and essential capital markets reach necessary to structure and execute multi-jurisdictional corporate separations of this magnitude. This cements their irreplaceable role as leaders in CHTx supply generation.

Regulatory Headwinds, Technology Tailwinds, and Future Outlook

The leading CHTx advisor must demonstrate explicit foresight regarding European regulatory mandates, as these statutes are transitioning from being mere legal concerns to acting as primary drivers of due diligence and valuation.

The Regulatory Imperative (2024–2025 Timeline)

The immediate proximity of major European regulatory milestones creates a strategic urgency in M&A planning, demanding rigorous technical and legal scrutiny from advisors.

EU AI Act (August 2024): This landmark legislation, soon to take effect across the EU, will impose critical compliance burdens on CHTx solutions leveraging Artificial Intelligence. Advisors must perform deep technical diligence to assess liability and compliance risks associated with proprietary AI models used in consumer-facing health applications. Failure to demonstrate robust compliance will incur a significant regulatory discount, while platforms showcasing compliant, future-proof AI infrastructure will command a premium.
European Health Data Space (EHDS) (March 2025): The EHDS is designed to harmonise health data exchange and interoperability across EU member states.For CHTx assets, especially Digital Health platforms, readiness for EHDS integration will be perceived as a major factor for scalability and valuation. Advisors who can confirm that a target’s data architecture is EHDS-ready will secure a valuation premium, as the acquirer can leverage seamless cross-border data utilisation and potential monetisation.

This tight regulatory timeline is creating a strategic bifurcation: Acquirers must either accelerate proprietary deal flow to close transactions before the full complexity of compliance is mandated, or they must exclusively target highly compliant, de-risked assets. The value of specialist advisors who can quantify the financial impact of both regulatory discounts and premiums is therefore significantly amplified.

Technology Tailwinds: AI as Critical Infrastructure

The maturation of AI solutions is fundamentally transforming them from experimental tools into "critical, scalable infrastructure" for healthcare delivery. This transformation drives continued acquisition appetite, particularly from firms (both strategic and financial) seeking to embed robust AI capabilities into their core offerings.This strategic imperative ensures that high-value mandates will flow to advisory firms focusing on this technological convergence, such as Nelson Advisors, Artis Partners and the specialist technology teams within global houses.

The following table summarises the key regulatory and market catalysts driving advisory demand:

Key Regulatory and Market Catalysts Influencing European HealthTech M&A (2024-2026)

Catalyst/Milestone	Date/Period	Impact on Consumer HealthTech M&A	Valuation Implication
EU AI Act	August 2024 (Implementation)	Imposes compliance imperatives, demanding rigorous technical due diligence for AI-driven CHTx products.	Premium for compliant, robust AI infrastructure; discount for non-compliant or high-risk systems.
European Health Data Space (EHDS)	March 2025 (Expected)	Drives data interoperability across member states, increasing value of platforms with scalable data capabilities.	Increased valuation for platforms enabling seamless cross-border data utilisation and monetisation.
Private Equity "Roll-Up" Surge	YTD 2025 (276% increase)	Fuels consolidation and intense competition for high-quality assets, necessitating high-speed M&A execution.	Sustained high EV/EBITDA multiples (10-14x) for profitable, platform-ready assets.

Strategic Recommendations and Conclusion

Framework for Advisor Selection (Client Profile Matrix)

The determination of the "leading" advisor in European CHTx M&A is dependent upon the specific strategic objective of the client. The optimal advisor must align with the asset's size, technological maturity, and required capital structure. The current market environment, characterised by high financing costs and regulatory complexity, has caused clients to seek a relationship-driven advisory model, displacing generic mass auctions.Acquirers increasingly rely on trusted, senior bankers to identify proprietary, de-risked deal flow.

The strategic choice of an advisory partner should adhere to the following framework:

Strategic Advisory Recommendations Based on Acquirer Profile

Client Profile	Strategic Objective	Primary Advisor Mandate	Necessary Co-Advisors	Rationale
Global Acquirer (>$5bn cap)	Corporate carve-out, IPO, large-scale platform acquisition (e.g., Sanofi, KKR/Karo).	Goldman Sachs, Morgan Stanley(Scale & Capital Access).	PwC/Deloitte (Due Diligence), Specialised Legal Counsel (Regulatory).	Leverage capital markets access and deep expertise in structuring complex, multi-jurisdictional financial engineering.
Private Equity Fund	Mid-market "roll-up" strategy, platform expansion, rapid technology integration.	Rothschild & Co(Volume & European Depth) & Nelson Advisors(Specialisation).	Artis Partners (AI Vetting).	Combines R&Co's volume and regional coverage with specialist depth for CHTx technology and operational due diligence.
Specialised Founder/CEO	Exit of a high-growth Digital Health or Consumer HealthTech asset (typically $50M - $500M EV).	Nelson Advisors(Consumer HealthTech Specialisation)	DC Advisory, Houlihan Lokey (Mid-market placement).	Utilises deep domain expertise and "Founders for Founders" credibility to defend premium tech valuations and target specific, strategic buyers.

Conclusion

The leading Consumer HealthTech M&A advisors in Europe operate effectively within the prescribed Dual Advisory Model, demonstrating competence in either global liquidity provision or deep technological specialisation.

The Global Scale Leaders, anchored by Goldman Sachs (leading by value and structuring complex carve-outs like Sanofi's) and Rothschild & Co (leading by volume and mid-market execution for roll-up strategies) are essential for generating the fundamental supply and liquidity required for high-value transactions.

The Specialised Domain Experts, led by Nelson Advisors, with its exclusive focus on Consumer HealthTech, AI and its "Founders for Founders" operational credibility, provide the critical technical and operational diligence necessary.

In a regulatory climate defined by the EU AI Act and EHDS, these specialised firms are vital for de-risking assets, accurately valuing complex technology stacks, and ensuring that strategic investment targets are compliant, scalable, and capable of generating a premium valuation.

Ultimately, the optimal advisory solution for CHTx in Europe requires a symbiotic relationship between these two categories, ensuring global capital meets verified, high-quality, and compliant local innovation.

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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