Who are the leading Healthcare IT and Healthcare AI M&A bankers advising Venture Capital funds in Europe?

Lloyd Price
9 hours ago
18 min read

Executive Summary

The European Healthcare Information Technology (HCIT) and Artificial Intelligence (AI) mergers and acquisitions landscape is currently navigating a period of profound structural transformation. Following the exuberant valuation cycles of 2020-2021 and the subsequent correction, the 2024-2025 period is defined by a "flight to quality" and a rigorous emphasis on clinical utility over theoretical potential.

For Venture Capital (VC) funds operating across the continent, the selection of a financial advisor has transitioned from a commoditised service to a critical strategic partnership. The role of the investment banker in this environment is no longer merely to broker transactions but to act as an architect of convergence, bridging the increasingly porous divide between traditional life sciences, large-cap technology, and private equity capital.

This report offers an exhaustive, expert-level analysis of the leading investment bankers and advisory firms currently shaping the exit environment for VC-backed healthcare assets in Europe. It categorises advisors into distinct strategic tiers: the Global Bulge Bracket, responsible for large-cap transformations and cross-border listings; the Elite Independents, who dominate volume and mid-market complexity; the Transatlantic Specialists, facilitating the critical flow of capital between the US and Europe; and the Specialised Boutiques, who provide the granular technical expertise required for AI and digital health assets.

Furthermore, this analysis integrates a detailed examination of the "talent migration" currently reshaping these firms, a leading indicator of where institutions believe the next wave of deal flow will originate. It also incorporates data from major industry awards, including the HealthInvestor and LaingBuisson awards, to validate market reputation against league table data.

Macroeconomic Context: The European Healthcare Exit Landscape (2024-2025)

To understand the relative strengths of the advisory firms analysed in this report, one must first contextualise the environment in which they operate. The European M&A market in 2024 demonstrated significant resilience, particularly in the healthcare sector, which has acted as a defensive bastion against broader economic volatility. While global deal volumes experienced pressure, the "flight to quality" in Europe has meant that assets with proven technology, particularly in AI and digital infrastructure, continue to command premium valuations.

The Shift from Volume to Value

The defining characteristic of the current cycle is the shift from volume-based opportunism to value-based strategic consolidation. In previous cycles, high-growth assets with negative unit economics could easily find buyers or public market exits. In 2024 and 2025, acquirers, whether strategic corporates or financial sponsors, are prioritising "concentrated value." This is driven almost exclusively by the imperative to acquire advanced AI capabilities that can deliver immediate operational efficiencies or clinical breakthroughs.

The "Convergence" Thesis

The traditional silos of "Healthcare" (providers, payers, pharma) and "Technology" (software, data, AI) have collapsed. This phenomenon, known as convergence, necessitates a dual-advisory model. Investment banks can no longer rely solely on healthcare bankers who understand reimbursement codes but lack fluency in SaaS metrics; conversely, technology bankers cannot manage a healthcare exit without understanding regulatory moats.

The most successful firms in this report are those that have successfully integrated their TMT (Technology, Media, and Telecom) and Healthcare practice groups to mirror the hybrid nature of the assets they advise.

The Rise of Private Equity and "Take-Privates"

A significant trend influencing the advisory landscape is the surge in "take-private" transactions. Public markets in 2023 and 2024 wilted under interest rate pressures, leaving many high-quality European healthtech companies undervalued relative to their private counterparts. This has sparked a wave of acquisitions by Private Equity firms looking to arbitrage this valuation gap. Advisors with strong leverage finance teams and deep relationships with sponsors like EQT, KKR and Apax are gaining market share.

The Global Bulge Bracket: Architects of Large Cap Transformation

For European Venture Capital funds holding assets with enterprise values exceeding $1 Billion, or those requiring complex cross-border structuring (particularly into US public markets), the global bulge bracket banks remain the preeminent choice. Their dominance is defined by balance sheet capacity, global distribution networks and the ability to execute "convergence" deals where technology assets are sold to large-cap life sciences acquirers.

Goldman Sachs: The Strategic Sovereign

Goldman Sachs continues to occupy the apex of the advisory pyramid, particularly regarding deal value. In 2024, the firm reportedly achieved the top ranking by value, handling approximately $97.5 Billion in deal volume, underscoring its dominance in large-scale strategic transformations. The firm’s strategy in Europe has been reinforced by a deliberate recruitment of practitioners with deep clinical and scientific backgrounds, bridging the gap between financial engineering and medical reality.

Philippe Gallone serves as a pivotal figure within this ecosystem. Recently joining Goldman Sachs as Partner and Head of Healthcare Investment Banking in EMEA, Gallone represents the archetypal modern healthcare banker. Based in London, his background includes a medical degree from the University of Lausanne, providing him with the scientific literacy necessary to navigate the complex bio-technical diligence required in HCIT and AI transactions. His dual competency allows Goldman Sachs to effectively communicate the clinical value proposition of AI-driven assets to potential strategic acquirers in the pharmaceutical sector.

The firm’s operational model relies on a "dual advisory" capability, often pairing 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. Goldman Sachs' involvement in high-profile transactions, such as acting as the financial advisor to Zeus Health in its acquisition by EQT (a deal expected to close in 2024), demonstrates its capacity to manage complex sponsor-backed exits for industry-leading assets.

Furthermore, the firm's prestige remains a significant competitive moat. By consistently ranking as the "most prestigious banking company" and attracting top-tier junior talent, Goldman Sachs ensures that the execution teams supporting senior bankers are capable of handling the rigorous modeling required for multi-billion dollar exits.

J.P. Morgan: The Convener of Capital

J.P. Morgan remains a central pillar of the European healthcare exit environment, leveraging its massive commercial banking relationships and its premier status as the host of the industry's most significant annual conference. The bank’s European healthcare franchise is co-led by James Mitford and Juha Anjala, who oversee a team that has been increasingly active in the convergence of mid-cap investment banking and high-growth technology.

Nicholas Riddle leads the biotech coverage, while John Pissanos is the Managing Director specifically focused on Life Science Tools, Medtech and Digital Health clients in EMEA. Pissanos’s role is particularly relevant for VC funds, as he covers the specific sub-sectors where HCIT and AI companies typically reside. His track record includes high-profile IPOs and equity private placements, such as the capital raise for KRY, a leading European digital health provider. This indicates J.P. Morgan's robust capability not just in M&A, but in preparing European "unicorns" for public market debuts, a critical exit route for late-stage VCs.

Louis Prades, an Executive Director within the team, supports this coverage with over a decade of experience in cross-border transactions. Additionally, David Ke, Managing Director of US Equity Capital Markets (ECM), plays a vital role for European clients seeking US listings, leveraging strong networks with institutional investors to deliver best-in-class capital raising solutions. The firm’s recent research and advisory focus have highlighted a "Mid-Cap Investment Banking" resurgence, specifically targeting the scaling of purpose-driven tech companies, which aligns with the investment thesis of many European impact and health-tech funds.

Morgan Stanley: The Institutional Powerhouse

Morgan Stanley’s presence in the European healthcare M&A market is characterized by deep institutional relationships and a strong legacy of execution. The firm’s leadership structure has seen significant evolution, reflecting the intense competition for top-tier talent. Obaid Mufti has been appointed to co-head the EMEA Healthcare Investment Banking division, a move designed to fortify the bank's coverage of large-cap pharma services and technology clients.

The firm’s strength lies in its rigorous approach to valuation and its ability to execute complex "carve-out" and spin-off transactions. Michele Colocci, a veteran of the industry who previously served as Chairman of M&A and Global Co-Head of Healthcare at Morgan Stanley, recently departed to join Lazard as Vice-Chairman.This movement of senior personnel underscores the shifting dynamics of the market, yet Morgan Stanley retains a deep bench. Veronika Dubajova, focusing on Medical Technology, provides critical insights into the recovery of procedure volumes and the integration of digital tools into medtech hardware, a key area for AI adoption.

The bank's prestige and rigorous training programs ensure that its execution capabilities remain top-tier, consistently ranking among the most respected financial institutions globally.

Bank of America: The Global Integrator

Bank of America (BofA) maintains a formidable presence in the European healthcare market, driven by its global integration and massive balance sheet. Adrian Mee leads the Global Healthcare Investment Banking practice, bringing over 35 years of experience to the role. His leadership ensures that BofA remains a key player in large-cap cross-border M&A, capable of connecting European assets with US and Asian acquirers.

The firm is also at the forefront of adopting AI internally, with tools like "AskGPS" transforming its global payments solutions. This internal technological sophistication translates into better advisory for HCIT clients, as the bankers themselves are users of advanced digital tools. However, the firm has faced talent attrition, most notably with the departure of Kieran Whitty, a Managing Director in EMEA Healthcare, to Barclays.This suggests a competitive realignment in the market, with rival firms aggressively targeting BofA's senior talent pool.

Barclays: The Aggressive Challenger

Barclays is currently executing an aggressive expansion strategy in its European healthcare franchise, signalling its intent to capture a larger share of the sponsor-backed exit market. The appointment of Kieran Whitty as Co-Head of Healthcare EMEA is a significant coup. Whitty joins Sid Chhibbar, the existing Co-Head, to form a leadership duo with deep experience in healthcare services and medtech.

Whitty’s track record includes advising PureHealth on its acquisition of Hellenic Healthcare Group and Nordic Capital on its exit from Sunrise Medical. These transactions highlight his strength in working with financial sponsors, a critical capability for VCs looking to exit to Private Equity. Under the global leadership of Richard Landgarten, Barclays is positioning itself as a "UK-centred leader" with comprehensive capabilities across the EMEA region.

Jefferies: The Market Maker

Jefferies has successfully carved out a unique position that bridges the gap between the bulge bracket and the specialist boutiques. Under the leadership of Tommy Erdei, Joint Global Head and European Head of Healthcare Investment Banking, Jefferies has established itself as the "J.P. Morgan of Europe" through its annual London Healthcare Conference.

Erdei’s team is exceptionally active in the mid-to-large cap space, often advising on transactions that involve complex private equity structures. The firm’s ability to mobilise hundreds of healthcare companies and investors at its London event, hosting over 700 companies and 3,600 attendees, gives its bankers unrivalled access to real-time market sentiment and deal origination. Real Leclerc is another key senior figure within the franchise, contributing to a team noted for its aggressive deal-making culture.

Jefferies acted as the sole financial advisor to Novartis in its acquisition of Fougera Pharmaceuticals, demonstrating its ability to win mandates from top-tier strategics over traditional house banks like Goldman Sachs. This "pure-play" focus on investment banking allows Jefferies to be more agile and client-centric than some of its larger, universal banking competitors.

The Global Bulge Bracket – Key Leadership and Capabilities

Bank	Key Leadership (EMEA)	Primary Focus Areas & Strategic Strengths	Relevance to VC Exits
Goldman Sachs	Philippe Gallone (Head of Healthcare EMEA)	Strategic Transformation, Large-Cap M&A ($1B+), Convergence Deals.	Highest Deal Value. Critical for massive exits, IPOs, and selling complex AI assets to Pharma.
J.P. Morgan	James Mitford, Juha Anjala, John Pissanos	Life Science Tools, Digital Health, Biotech, US ECM.	Capital Markets Leader. Essential for IPOs and listings; deep expertise in digital health tools.
Morgan Stanley	Obaid Mufti (Co-Head EMEA)	Pharma Services, MedTech, Carve-outs.	Institutional Depth. Strong for complex corporate structuring and selling to large strategics.
Jefferies	Tommy Erdei (Global Joint Head)	Mid-Market to Large-Cap, Sponsor Exits, Conferences.	Volume & Connectivity. Host of Europe's premier healthcare conference; high volume of PE deals.
Barclays	Kieran Whitty, Sid Chhibbar (Co-Heads EMEA)	Healthcare Services, MedTech, Sponsor Coverage.	Aggressive Expansion. Strong relationships with financial sponsors (PE) for secondary buyouts.
Bank of America	Adrian Mee (Global Head)	Global M&A, Cross-Border Transactions.	Global Scale. Excellent for connecting European assets with US/Asian buyers.

The Elite Independents: Mid-Market Mastery and Volume Leadership

For many European Venture Capital funds, the most likely exit route is a trade sale to a strategic acquirer or a secondary buyout to a larger Private Equity fund. In this segment, typically ranging from $100 Million to $1 Billion in enterprise value, independent advisory firms often outperform the bulge bracket in terms of attention, industry depth, and execution volume.

Rothschild & Co: The Volume Leader

Rothschild & Co consistently ranks as the leader by deal volume in the European healthcare sector.¹ The firm’s decentralised model, with strong local presence across major European capitals (Paris, London, Frankfurt), allows it to identify and execute mid-market deals that larger, US-centric banks might overlook.

The healthcare team is anchored by veteran partners such as Dominic Hollamby (Chairman of Healthcare) and Julian Hudson. Thibault Poirier serves as a Managing Director focused on Healthcare Services and Technologies, bringing experience from Goldman Sachs and a specific focus on the intersection of tech and care delivery. The firm’s ability to navigate the nuances of European national healthcare systems makes it an invaluable partner for VCs selling assets with heavy regulatory footprints or B2G (Business-to-Government) revenue models.

A prime example of their ecosystem's strength is the investment in Hublo (a digital HR solution for healthcare) by Five Arrows, the merchant banking arm of Rothschild & Co. While Clipperton advised Hublo, the transaction highlights Rothschild's deep involvement in the sector as both an advisor and an investor.

Lazard: Intellectual Capital and Restructuring

Lazard distinguishes itself through intellectual rigor and a focus on complex, high-stakes advisory. The firm has recently bolstered its European healthcare capabilities significantly. The hiring of Will Thompson, formerly Head of European Healthcare at Barclays, as a Managing Director, and the recruitment of Michele Colocci from Morgan Stanley as Vice-Chairman, represent a massive injection of seniority and relationship capital.

Thompson has a track record of closing over 100 M&A transactions, specialising in healthcare services.Matthew Schorr, based in New York but with significant experience in London leading European digital health coverage, ensures connectivity between European innovation and US capital. Lazard is particularly well-suited for VCs navigating distressed situations or complex restructuring needs within their portfolios, as evidenced by the movement of senior bankers who thrive on "game-changing" advisory roles.

Houlihan Lokey: The Mid-Market Engine

Houlihan Lokey has aggressively expanded its European footprint, positioning itself as a dominant force in the mid-market. Paul Tomasic serves as the Managing Director and Head of European Healthcare, based in London. Under his leadership, the team has grown to become one of the largest dedicated healthcare groups in the region, comprising over 20 professionals.

The firm recently strengthened its DACH (Germany, Austria, Switzerland) coverage with the hiring of Rainer Hepberger from William Blair. This is strategic for VCs, as the DACH region is a hub for MedTech and increasingly digital health innovation (eg. DiGA applications). Houlihan Lokey’s reputation for providing superior service in capital raising and M&A makes them a frequent choice for Series B/C companies looking for growth capital or exit options.

Clearwater International: The Award-Winning Mid-Market Advisor

Clearwater International has emerged as a significant player in the European mid-market, recently winning "Corporate Financier of the Year" at the HealthInvestor Awards 2024. Led by David Weavers (Partner and Head of Healthcare) and Mark Taylor (UK CEO), the firm completed 18 international deals totalling €1.6 Billion in the qualifying period, with an average deal size of over €60 Million.

This deal size is the "sweet spot" for many early-to-mid stage VC exits. Their ability to execute cross-border transactions within Europe (eg., UK to DACH) makes them a highly relevant choice for funds with pan-European portfolios.

The Transatlantic Specialists: Bridging the Atlantic

A critical requirement for many European VCs is the ability to sell assets to US acquirers, who often pay higher multiples than their European counterparts. Several firms have built their entire value proposition around this "transatlantic" bridge.

William Blair: The Cross-Border Connector

William Blair operates with a highly integrated model that seamlessly connects European sellers with US buyers. Matthew Batterbury is the Managing Director specifically focused on Healthcare IT in London, making him a primary contact for VCs in this vertical.

The firm’s broader healthcare team includes Jason Arnold and Gareth Down. William Blair has cultivated a strong reputation in "PharmaTech" and "Payer/Provider IT," sectors seeing high activity as US strategic acquirers look for European assets to enhance their global platforms. Their expertise covers analytics, machine learning, and patient engagement solutions.

Stifel (and Bryan, Garnier & Co): The Growth Technology Powerhouse

In a significant consolidation of the market, Stifel Financial Corp. completed the acquisition of Bryan, Garnier & Co in 2024/2025. This merger combines Stifel’s US mid-market strength with Bryan Garnier’s deep roots in European growth technology and healthcare.

Olivier Garnier, co-founder of Bryan Garnier, now serves as Chairman of Stifel Europe. Prior to the acquisition, Bryan Garnier was a leading independent investment bank for European healthcare and technology, having led over 500 transactions in these sectors since 2020. The combined entity is uniquely positioned to offer "transatlantic" advisory, offering clients access to Stifel's "IRIS" research platform and deep capital markets capabilities. This merger creates a formidable competitor for William Blair and Jefferies in the growth equity and mid-market M&A space.

Raymond James: expanding the European Footprint

Raymond James has been aggressively expanding its European Healthcare Investment Banking practice. The firm recently hired Dierk Beyer in Frankfurt and Tobias Levedag in Munich as Managing Directors, adding to a team led by Allan Bertie (Head of European Investment Banking) and David Stubbs in London.

This expansion into Germany is particularly relevant given the country's importance in the MedTech and Digital Health landscape. Raymond James employs a sector-focused model that encourages collaboration across borders, ensuring that European clients benefit from the firm's extensive US healthcare network.

Lincoln International: The Global Mid-Market Connector

Lincoln International is another key player with a strong European presence. Matthew Lee serves as Managing Director, Head of UK & Co-Head of Healthcare Europe, alongside Dirk-Oliver Löffler, who leads the practice from Frankfurt.

Lincoln specialises in "human healthcare services" and animal health, but also has a growing footprint in Healthcare IT and provider services. The firm’s collaborative culture and global reach allow it to connect clients with opportunities that might otherwise be missed. Matthew Lee’s background includes time at KPMG and Rothschild, providing him with a diverse advisory toolkit.

Transatlantic and Mid Market Specialists

Firm	Key Leadership	Specialisation	Strategic Advantage
William Blair	Matthew Batterbury (HCIT), Gareth Down	PharmaTech, Payer/Provider IT	Strong connectivity to US strategic buyers.
Stifel (Bryan Garnier)	Olivier Garnier (Chairman Europe)	Growth Tech, Healthcare	Combined US/EU platform; deep growth equity roots.
Houlihan Lokey	Paul Tomasic, Rainer Hepberger	Mid-Market M&A, Capital Raising	"Superior Service" reputation; strong DACH presence.
Raymond James	Allan Bertie, Dierk Beyer, Tobias Levedag	MedTech, Healthcare Services	Expanding German footprint; strong US collaboration.
Lincoln International	Matthew Lee, Dirk-Oliver Löffler	Healthcare Services, Provider IT	Strong UK/DACH axis; award-winning execution.
Clearwater Int.	David Weavers, Mark Taylor	Mid-Market Deal Execution	High volume of mid-sized deals (€60m avg).

The Digital Economy Architects: Tech-First Specialists

As the definition of "Healthcare" increasingly encompasses SaaS, AI, and data analytics, traditional TMT banking teams have become major players in Healthcare IT exits. These firms approach deals with a technology valuation mindset (ARR multiples) rather than a traditional healthcare services mindset (EBITDA multiples).

Arma Partners: The Digital Economy Specialists

Arma Partners is arguably the leading independent advisor for the digital economy in Europe. While a generalist TMT shop, their Digital Health practice is sophisticated and extensive. Paul-Noël Guély, the Managing Partner, oversees a firm that has executed over $133 Billion in aggregate value.

Key partners in the Digital Health space include Daniel Fugmann and Varun Sunderraman.

Arma Partners is particularly relevant for VCs holding "HealthTech" assets that are fundamentally software companies selling into the healthcare vertical. Their track record includes notable deals such as the sale of Zellis to Apax and Civica to Blackstone, transactions that highlight their ability to sell software assets to large-cap Private Equity.

Clipperton: The European Tech Specialist

Clipperton, headquartered in Paris with a pan-European reach, focuses heavily on high-growth technology. Nicolas von Bülow and Thibaut Revel are Managing Partners who have led numerous transactions in the SaaS and Digital Health spaces.

Clipperton recently acted as the sole financial advisor to Hublo on its investment from Five Arrows. This transaction exemplifies the firm's sweet spot: advising high-growth, tech enabled healthcare companies on securing growth capital or strategic exits from top-tier financial sponsors. Their focus on "future-facing" industries makes them an ideal partner for AI-driven startups.

GP Bullhound: The Unicorn Hunters

GP Bullhound, led by Manish Madhvani, focuses on "Titans of Tech." Their approach is highly research-driven, often publishing reports on AI and SaaS trends. While broader in scope, their advisory work on deals like the sale of Ottonova (digital health insurance) demonstrates their capability in the consumer-facing healthtech sector. They are ideal for VCs with B2C digital health assets or high-growth platforms looking for "unicorn" valuations.

Nelson Advisors: The HealthTech Pure-Play

Nelson Advisors stands out as a firm exclusively dedicated to the Healthcare Technology sector. Co-founded by Lloyd Price and Paul Hemings, the firm differentiates itself through the operational background of its leadership. Lloyd Price, a former entrepreneur who founded and exited Zesty (acquired by Induction Healthcare), brings a "founder-centric" perspective that resonates with VC-backed management teams.

The firm specialises in the lower-to-mid market (typically $25M - $250M EV), a critical range for many VC exits. Their expertise spans Healthcare AI, Digital Health, and Corporate Divestitures. They employ a "Build, Buy, Partner, Sell" framework, advising clients not just on the transaction, but on the strategic roadmap leading up to it. For VCs looking to exit niche AI assets or specialised health IT platforms, Nelson Advisors offers deep subject matter expertise that generalist firms may lack.

WG Partners: The Life Sciences Specialists

WG Partners offers a boutique approach focused heavily on the Life Sciences sector. Led by Nigel Barnes and Claes Spång, the firm has completed over £8.4 Billion in transactions. Their team combines deep City experience with scientific backgrounds, Nigel Barnes holds a Ph.D. in Pharmacology and previously worked at AstraZeneca and Glaxo.

WG Partners is particularly strong in capital raising and corporate advisory for small-to-mid cap life science companies. Their 100% partner-owned model ensures objective advice, and their specific focus makes them highly relevant for VCs with biotech or deep-tech healthcare assets.

Healthcare Technology and Boutique Specialists

Firm	Key Contacts	Specialisation	Typical Deal Profile
Arma Partners	Paul-Noël Guély, Daniel Fugmann	Digital Health SaaS, PE Exits	Mid-to-Large Cap Tech ($100M+)
Clipperton	Nicolas von Bülow, Thibaut Revel	SaaS, HR Tech, Growth Financing	Growth Capital, Mid-Market M&A
Nelson Advisors	Lloyd Price, Paul Hemings	HealthTech, AI, Founder-Led	Lower Mid-Market ($25M - $250M)
GP Bullhound	Manish Madhvani	Consumer HealthTech, AI	High-Growth / "Unicorn" tracks
WG Partners	Nigel Barnes, Claes Spång	Life Sciences, Biotech	Capital Raising, Corporate Advisory

Transaction Case Studies: The Ecosystem in Action

Analysing specific recent transactions reveals the complex interplay between financial advisors, legal counsel and internal corporate development teams.

Case Study 1: EQT Acquires Zeus Health

The Deal: EQT Private Equity acquired Zeus Company Inc., a leading provider of advanced polymer components for medical devices.

The Advisors:

Goldman Sachs acted as the financial advisor to Zeus (the seller).
Piper Sandler acted as the financial advisor to EQT (the buyer).
Analysis: This deal illustrates the dominance of the bulge bracket (Goldman) in representing high-value assets, while specialised firms like Piper Sandler (strong in MedTech) advise the aggressive financial sponsors. It underscores the "Take-Private" and PE consolidation trend.

Case Study 2: BioNTech Acquires InstaDeep

The Deal: BioNTech acquired InstaDeep, a UK-based AI company, for approximately £362 million to bolster its AI-driven drug discovery capabilities.

The Advisors:

CMS advised the founders and other investors of InstaDeep.
UUBO acted as Nigerian counsel to BioNTech.
Analysis: Interestingly, public announcements for this deal highlight legal advisors (CMS) and internal strategic teams rather than a primary investment bank for the seller. This suggests that for certain high-tech, founder-led exits, the deal may be driven directly by strategic corporate development teams (BioNTech's internal team) or that the legal complexity (IP, data privacy) took precedence over financial auctioneering. It highlights the need for VCs to have strong legal counsel alongside financial advisors.

Case Study 3: Doctolib Acquires Aaron.ai

The Deal: Doctolib, the European digital health unicorn, acquired Aaron.ai, a Berlin-based healthtech startup.

The Advisors:

Eight Advisory supported Doctolib with financial and commercial due diligence.
Bird & Bird provided legal advice to Doctolib.
Analysis: This transaction demonstrates the "Buy and Build" strategy of European unicorns. Doctolib, having raised massive capital, is now an acquirer. Advisors like Eight Advisory play a critical role in the buy-side due diligence for these tech-enabled acquirers.

Case Study 4: Babylon Health Asset Sale

The Deal: The distressed sale of Babylon Health's assets (UK operations, IPA business).

The Advisors:

Alvarez & Marshal managed the sale process for the UK operations, likely as part of the administration/receivership.
Analysis: This cautionary tale highlights the necessity of restructuring specialists. When high-flying VC assets face liquidity crises, the advisor set shifts from growth specialists (like GP Bullhound) to restructuring experts (like Alvarez & Marsal or Lazard).

Strategic Outlook and Recommendations

As European Venture Capital funds look to 2025, the advisory landscape offers a diverse array of partners tailored to specific exit needs.

The Impact of Regulation

The implementation of the EU AI Act and the European Health Data Space (EHDS) is creating a new layer of friction and value. Buyers are increasingly risk-averse regarding data privacy and AI compliance.

Recommendation: VCs must select advisors who understand this regulatory landscape. Firms like Rothschild & Co and Nelson Advisors, with their deep European focus and specialised sector knowledge, are well-positioned to navigate these non-financial due diligence hurdles.

The Rise of the "Mid-Market"

With the IPO window still selective, the mid-market trade sale remains the primary exit route.

Recommendation: For assets valued between $50M and $500M, independent firms like Houlihan Lokey, William Blair, and Clearwater International often provide better outcomes than the bulge bracket, as they can dedicate senior attention to the deal and have aggressive sales cultures suited for this size range.

Conclusion

For "Unicorn" Exits (>$1B): Goldman Sachs and J.P. Morgan remain the gold standard.

For Private Equity Exits: Jefferies and Barclays offer the best sponsor connectivity.

For Tech-Heavy/AI Exits: Nelson Advisors, Arma Partners and Clipperton provide the necessary translation

between code and capital.

For Distressed/Restructuring: Lazard and Alvarez & Marshal are the essential partners.

The European healthcare M&A market has matured. It is no longer just about finding a buyer; it is about crafting a narrative of clinical value, navigating complex regulations, and executing cross-border arbitrage.

The advisors profiled in this report represent the elite architects of these transactions.

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

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