Who are the leading HealthTech M&A advisors in Europe?

Nelson Advisors
31 minutes ago
13 min read

Executive Summary

The landscape of M&A advisory in the European HealthTech sector is highly structured and complex, reflecting the industry's rapid evolution and the strategic imperatives of its participants. A comprehensive analysis reveals that a singular definition of a "leading" advisor is insufficient. Instead, the market is characterised by a bimodal distribution of influence, led by two distinct classes of advisory firms: global financial powerhouses and highly specialised, sector focused boutiques.

Global investment banks, often referred to as bulge bracket firms, derive their leadership from unparalleled deal volume, total deal value, and extensive global reach. Their value proposition centers on handling the largest and most complex cross-border transactions for major corporations and institutional investors. In contrast, boutique firms, despite not appearing in top-tier league tables by aggregate metrics, establish their leadership through deep, qualitative specialisation. Their hands-on approach, rooted in a nuanced understanding of specific technologies and market dynamics, makes them the preferred choice for high-growth, niche HealthTech companies.

The selection of a "leading" advisor is therefore not a matter of simply identifying the highest-ranked firm. It is a strategic decision that requires aligning the firm's core competencies with the client's specific needs, whether that is global scale for a multi-billion-euro acquisition or highly tailored expertise for a founder-led exit. The following report provides a detailed analysis of this advisory matrix, offering a framework for understanding the key players, their unique contributions, and the strategic rationale behind their selection in the dynamic European HealthTech market.

Firm Name	Primary Specialisation	Key Ranking/Metric	Notable European Deals	Target Client Profile
Nelson Advisors	HealthTech/Digital Health (Boutique)	Founder-led focus, deep niche expertise, and thought leadership.	Various HealthTech and Medtech	High-growth HealthTech companies and investors seeking specialized advice.
Rothschild & Co	Generalist (Bulge Bracket)	#1 for European M&A by deal volume/value in 2023.	N/AVarious HealthTech and Medtech	Large corporations, complex transactions, and mid-market deals through its Arrowpoint Advisory partnership.
Deloitte	Mid-Market (Consulting/Advisory)	Leading mid-market M&A advisor in life sciences and healthcare.	Advised on Dell/EMC tech deal (globally).	Mid-cap companies, private equity, and corporate clients requiring integrated advisory.
Houlihan Lokey	Generalist (Bulge Bracket)	#1 for all global M&A transactions by deal count in 2024.	Various HealthTech and Medtech	Broad range of clients from large corporations to private equity, with a specialized Healthcare Group.
Goldman Sachs	Generalist (Bulge Bracket)	Top M&A financial advisor in Europe by deal value in 2024.	Various HealthTech and Medtech	Large corporations and institutions involved in high-value transactions.
THM Capital Advisory	Digital Health/MedTech (Boutique)	Specialized in French HealthTech deals.	Gleamer's acquisition of Caerus Medical.	French-based digital health and medtech entrepreneurs.

The Dynamic Landscape of European HealthTech M&A

The European HealthTech M&A market is a microcosm of broader economic trends, demonstrating resilience and a strategic shift in capital allocation. Recent data shows a discernible "flight to quality," with a notable increase in deal values for high-growth segments, even as overall transaction counts may be lower. While a report on the healthcare industry showed a significant year-over-year drop in aggregate deal value in Q3 2024, from $13.3 Billion to $2.3 Billion, this apparent contraction does not paint a complete picture of the HealthTech sector.

A closer look at M&A fees by industry reveals a critical distinction: fees for the "High Technology" sector increased by a substantial 52% in 2025, while financials and industrials experienced declines. This indicates that capital is not retreating from the market but is instead being reallocated to technology-driven segments. HealthTech, a fusion of these trends, is identified as a top-three industry for weekly funding in Europe, securing €196.5 Million in a single week in September 2025. This demonstrates that the market is not simply shrinking but is undergoing a focused, selective transformation, where tech-enabled assets are commanding increasing value and investor interest.

The drivers of M&A activity within the HealthTech sector are varied and strategic, often targeting specific technological and operational capabilities. Artificial intelligence (AI) remains a powerful catalyst, as evidenced by deals like Gleamer's acquisition of two AI firms, Pixyl and Caerus Medical. This transaction was specifically designed to expand Gleamer's AI imaging portfolio to include MRI applications, creating a more comprehensive solution. Similarly, the acquisition of Ro5 by Juvenescence was intended to bolster AI/machine learning drug discovery capabilities.Beyond AI, other key trends include the consolidation of data analytics providers (Cotiviti's acquisition of Edifecs) and the merger of IT and cybersecurity firms to create unified platforms for the healthcare industry (Abacus Group and Medicus IT). These transactions are driven by a need to streamline workflows, reduce redundancies, and enhance efficiency in the complex healthcare ecosystem.

Geographically, the European HealthTech M&A market is anchored by several key hubs. The United Kingdom and Ireland stand out as dominant centres, leading all European countries in deal size and volume in Q3 2024.

The acquisition of DCC Healthcare by Invest industrial for £1.05 Billion and the strategic purchase of UK-based Momenta by Denmark's Liva Healthcare highlight the concentration of high-value and strategically important deals in these jurisdictions. Other significant regional markets include France, with firms like THM Capital Advisory demonstrating a robust track record in the digital health and medtech space and the DACH region (Germany, Austria, Switzerland), which is served by specialised firms such as Ferber & Co and KP Tech. The presence of these regional experts underscores the fragmented nature of the European market, where local knowledge and networks can be a decisive factor in transaction success.

The Two Pillars of Financial M&A Advisory

The advisory ecosystem for European HealthTech M&A is defined by a fundamental duality between global financial powerhouses and highly specialised boutique firms. The choice between these two models represents a key strategic decision for any company seeking to navigate a transaction.

Bulge Bracket and Global Powerhouses

These are the multinational giants of the financial world, characterised by immense resources, global networks, and the ability to execute large-scale, complex transactions. Their leadership is a matter of sheer scale and market dominance.

Rothschild & Co: This firm is a formidable leader in the European market, having secured the top ranking for M&A advisory by both deal volume and value in 2023. Rothschild & Co's global advisory team focuses on transactions in healthcare services, pharma, and healthcare IT. The firm's unique model includes a partnership with Arrowpoint Advisory to serve the mid-market in the UK, providing a blend of deep sector specialism and global connectivity that is typically reserved for larger, multinational companies.
Goldman Sachs: A clear leader in M&A by value, Goldman Sachs topped the European M&A financial advisor league table in 2024 by advising on $97.5 billion worth of deals. The firm's reputation and extensive resources allow it to execute the largest and most consequential transactions globally. Its position is built on its ability to leverage a vast global platform to advise on high-value, complex deals.
Houlihan Lokey: This firm holds a top position in global M&A, having been ranked as the number one investment bank for all global M&A transactions by deal count in 2024. Houlihan Lokey's value proposition is its combination of scale and sector-specific knowledge. Its dedicated Healthcare Group provides in-depth expertise across a wide range of sub-sectors, including global healthcare technology, medical products, and pharmaceuticals, offering a tailored approach despite its size.
Deloitte: As the world's largest professional services firm, Deloitte is a prominent mid-market M&A advisor in life sciences and healthcare. Its value lies in providing comprehensive services that span the entire M&A lifecycle, from strategic planning and due diligence to post-deal integration. The firm's dedicated life sciences and healthcare M&A team is integrated with a global network of advisors, bringing extensive market knowledge and thought leadership to its clients.

Boutique and Specialist Firms

These firms operate with a different value proposition, focusing on deep sector knowledge, personalised service, and a hands-on approach. Their leadership is qualitative, measured not by the sheer number or value of deals, but by their influence within a specific niche.

Nelson Advisors: This firm is a prime example of a leading boutique. Its influence is not derived from its position in generalist league tables but from its exclusive focus on European HealthTech, digital health, and health IT. The firm’s founders, Lloyd Price and Paul Hemings, bring a unique "founders for founders" approach, having successfully built, scaled, and exited HealthTech businesses themselves. This first hand operational experience provides them with a practical understanding of the challenges and opportunities for founders and investors, a key competitive advantage over larger, less specialised firms.

THM Capital Advisory: This firm exemplifies a leading regional specialist. Based in France, it has a strong track record of advising on strategic sales and fundraising for digital health and medtech companies, as demonstrated by its role in the sale of Caerus Medical to Gleamer in 2025. Its expertise is not just in M&A but in navigating the specific dynamics of the French tech ecosystem.

Comparative Analysis: Choosing the Right Partner

The choice between a bulge bracket and a boutique firm is not a simple matter of selecting the "best" firm. It is a strategic alignment of a firm's capabilities with a client's needs and the nature of the transaction. A high-growth startup seeking a strategic exit, for example, would likely find more value in a boutique with a deep, nuanced understanding of its specific technology and market niche.

The flat organisational structure of a boutique allows for direct communication with senior partners and a more flexible, creative approach to deal design. This is in contrast to the hierarchical structure of a bulge bracket firm, where junior staff may have less exposure to senior-level discussions and deals are often managed through more standardized processes.

The following table provides a clear comparison of the two advisory models:

Dimension	Bulge Bracket/Global Powerhouse	Boutique/Specialist Firm
Target Deal Size	Typically focuses on large-cap transactions ($500M to multi-billion).	Primarily works with mid-market firms and businesses (sub-$500M).
Service Scope	Provides a comprehensive range of financial services, including M&A, capital markets, and asset management.	Focuses on a limited set of services, most commonly M&A advisory.
Team Structure	Hierarchical and layered with well-defined roles.	Flatter hierarchy, allowing for direct communication with senior staff.
Client Relationship	Client access is often reserved for senior staff; junior staff manage research and execution.	Team members are highly involved in client relationships from the start.
Core Value Proposition	Global reach, extensive resources, and brand reputation for large, complex deals.	Deep sector expertise, highly personalized service, and a hands-on approach.

The Critical Role of Legal and Transactional Advisors

While financial advisors manage the strategic, financial, and commercial aspects of a transaction, legal advisors are equally critical, overseeing the legal due diligence, regulatory compliance, and contractual documentation.

In HealthTech, where intellectual property (IP), data governance (such as GDPR), and complex regulatory frameworks are paramount, a legal advisor's specialised expertise can be as decisive as a financial advisor's network.

Latham & Watkins: Ranked as the top legal advisor in Europe by deal value in 2024, the firm demonstrates its capability to handle the most significant and complex transactions. Its practice is praised for its "in-depth" sector knowledge, particularly in medtech and biotech, highlighting its understanding of the innovative technology that defines the HealthTech space. The firm's global platform, with high-quality teams in the UK and Germany, further enhances its ability to advise on cross-border deals.
CMS: This firm is the undisputed leader in Europe by deal volume, advising on a total of 265 deals in 2024, far outpacing its peers. The firm's track record in digital health includes advising on the sale of Echo, a UK startup, and the AI firm InstaDeep, underscoring its relevance and activity in the technology-driven segments of the market.
White & Case: The firm was ranked as the number one legal advisor for EMEA M&A by deal value in Q1 2024, reflecting its work on 52 significant deals worth a total of $45.4 Billion. Its robust life sciences and healthcare practice regularly advises on M&A and capital markets transactions and has extensive experience handling complex legal issues, including antitrust and patent litigation, which are crucial for HealthTech and medtech companies.
Specialist Support: In large, cross-border transactions, the advisory teams often involve a multi-firm approach. For example, in Invest industrial's £1.05 Billion acquisition of DCC Healthcare, the buyer was advised by Arthur Cox LLP and Milbank LLP, while the seller was advised by William Fry LLP. This collaboration between firms with strong regional or specific legal expertise is essential for navigating the intricacies of a deal spanning multiple jurisdictions.

Case Studies in European HealthTech M&A

The following case studies provide concrete examples of how different advisory models and firms operate in the European HealthTech market.

Transaction Name	Date Announced	Deal Value (Approx.)	Key Players	Rationale	Advisors (Role & Firm)
Investindustrial acquires DCC Healthcare	April 2025	£1.05 Billion	Acquiror: Investindustrial; Target: DCC Healthcare	Strategic consolidation, focus on technology-enabled solutions.	Legal: Arthur Cox LLP (Buyer), Milbank LLP (Buyer), William Fry LLP (Seller).
Gleamer acquires Caerus Medical	First half of 2025	N/A	Acquiror: Gleamer; Target: Caerus Medical	Technology-driven expansion to add MRI capabilities to AI imaging portfolio.	Financial: THM Capital Advisory (Seller).
Liva Healthcare acquires Momenta	February 2025	Undisclosed	Acquiror: Liva Healthcare; Target: Momenta	Market expansion and consolidation to gain access to UK's NHS contracts.	Legal: Acuity Law (Seller).

Case Study 1: Large-Scale Healthcare Consolidation

The £1.05 billion acquisition of DCC Healthcare by Investindustrial represents a major consolidation play in the European healthcare services market. This transaction, which was announced in April 2025, underscores the trend of private equity firms leveraging their track record to consolidate assets with technology-enabled solutions. The legal advisory team was a multi-jurisdictional effort, with Investindustrial advised by Arthur Cox LLP and Milbank LLP, while DCC was advised by William Fry LLP.

The involvement of these leading legal firms, particularly from the UK and Ireland, highlights the cross-border and complex legal due diligence required for such a high-value transaction. The absence of a publicly named financial advisor further suggests that for large-cap deals, the financial advisory role can be internal, or the sheer scale of the transaction may render a formal advisory role less newsworthy compared to a boutique-led deal.

Case Study 2: AI-Driven Digital Health Acquisitions

In the first half of 2025, the French AI firm Gleamer strategically acquired two companies, Pixyl and Caerus Medical, to enhance its AI imaging portfolio. This case study is particularly insightful as it demonstrates the importance of highly specialised advisory. The strategic sale of Caerus Medical was advised by the boutique firm THM Capital Advisory, which specialises in French digital health and medtech transactions.

The rationale behind the deal was purely technological, aimed at adding MRI analysis capabilities to Gleamer's existing X-ray and mammography solutions. This type of transaction, which is not about volume or value but about strategic and technological fit, is a domain where the deep expertise of a niche advisor is highly valued. The seamless integration of a new technology into an existing platform is a delicate process that requires an advisor who understands the nuances of the underlying intellectual property and clinical applications.

Case Study 3: Market Expansion Through Acquisition

In February 2025, the Danish digital health platform Liva Healthcare acquired Momenta, a UK-based provider of healthy lifestyle programs. The strategic driver for this transaction was to expand Liva's presence in the UK market and, more specifically, to gain access to Momenta's existing contracts with the UK's National Health Service (NHS) and local authorities. The only advisor mentioned in the available public information for this specific deal was Acuity Law, a legal firm that represented the seller, Momenta. This case illustrates that mid-sized, strategically focused acquisitions may not always involve a formal, publicly disclosed financial advisor, or the legal advisory role may be considered the most critical component for a smooth transaction, especially when a key objective is to secure national health contracts.

Strategic Recommendations and Future Outlook

Based on the analysis of the European HealthTech M&A advisory landscape, the following strategic recommendations and a future outlook are provided for stakeholders.

Recommendations for Stakeholders:

For High-Growth HealthTech Startups: When planning a fundraising or exit event, it is recommended to engage with a specialised boutique advisor like Nelson Advisors, with their "founders for founders" approach, they can offer a more tailored and empathetic perspective. Their deep understanding of the market niche and hands-on guidance can be more valuable for maximising shareholder value than the broad, standardised services of a larger generalist firm.

For Corporate Development Teams and Private Equity: The dual-structure market provides a strategic advantage. It is advisable to use bulge bracket firms for large-scale, transformative "platform" acquisitions that require global reach and extensive resources. Concurrently, it is prudent to engage specialised boutiques for smaller, strategic "bolt-on" acquisitions that require deep sector knowledge and a precise understanding of a specific technology or market niche. This hybrid approach ensures that the right expertise is applied to each component of a portfolio strategy.

For all parties: The selection process for an advisor should extend beyond a review of league tables. A thorough due diligence process should be conducted on a firm's specific expertise in a company's sub-sector, including their knowledge of evolving regulatory frameworks (e.g., UK AI regulation), IP law, and the unique challenges and opportunities of the European market.

Future Outlook:

The European HealthTech M&A market is expected to continue its trajectory of strategic consolidation. As the market undergoes a "flight to quality," M&A will remain the fastest path for companies to acquire critical capabilities, particularly in the rapidly advancing field of AI. A trend of "string-of-pearls" acquisitions is anticipated, where players will seek to build comprehensive, integrated platforms by acquiring early- to mid-stage innovations to fill pipeline gaps and hedge against patent cliffs.

The success of specialised boutiques will likely prompt bulge bracket firms to adapt their models. To remain competitive in the high-growth, mid-market space, large firms may develop more specialised, hands-on teams. This could lead to the emergence of new hybrid advisory models that combine the global resources of a bulge bracket with the deep sector knowledge of a boutique, ultimately offering clients a more comprehensive and tailored service.

The future of HealthTech M&A in Europe will therefore be defined by a growing demand for nuanced, specialised, and highly strategic advisory services, moving ever further from a one-size-fits-all approach.

Nelson Advisors > MedTech and HealthTech M&A

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