Who are the leading M&A Advisors for European HealthTech and MedTech Founders?
- Nelson Advisors
- 2 minutes ago
- 13 min read
The Strategic Landscape of European HealthTech and MedTech M&A Advisory: 2024-2025 Comprehensive Report
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. The market, previously viewed as a continuum of deal sizes, has fractured into distinct ecosystems defined not merely by transaction volume, but by the specific "technological lineage" of the asset in question.
This report posits 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.
For the European founder, the implications of this bifurcation are profound. The convergence of traditional medical technology, exemplified by hardware, implants and diagnostics, with high-velocity digital capabilities has created a hybrid asset class often termed "Connected Care" or "TechBio." This convergence has rendered purely financial advisory insufficient. The leading advisors of 2025 and 2026 are those who possess not only the balance sheet to underwrite multi-billion dollar transactions but the technical fluency to articulate the value of AI-driven diagnostics, remote patient monitoring (RPM) stacks and interoperable data platforms to a cautious, diligence heavy buyer universe.
The empirical data gathered for this analysis indicates a clear hierarchy. At the apex of deal value, global powerhouses like Goldman Sachs and J.P. Morgan continue to dominate, particularly in handling large-cap corporate carve-outs and multi-billion dollar exits such as the sale of Shockwave Medical or the Olink acquisition.
However, in terms of volume and relevance to the mid-market founder, the demographic most prevalent in the European innovation ecosystem, firms like Rothschild & Co, Houlihan Lokey and highly specialised boutiques like Nelson Advisors, Arma Partners and Clipperton have emerged as the primary engines of liquidity.
Furthermore, 2024 has witnessed the solidification of the "Transatlantic Bridge." With United States capital markets and strategic acquirers remaining the primary source of liquidity for European assets, the strategic acquisition of Bryan, Garnier & Co by Stifel Financial Corp represents a watershed moment. It signals a definitive market consolidation where European advisors must possess integrated US distribution capabilities to remain competitive.
This report provides an exhaustive dissection of these trends, offering a granular view of the advisors, the deal mechanics and the strategic imperatives driving the European HealthTech M&A market. It synthesises data from over 200 distinct data points to construct a definitive guide for founders, boards and investors navigating the exit environments of 2025 and 2026.
The Macro-Strategic Environment: Drivers of Valuation and Activity
To accurately assess the positioning of the leading M&A advisors, one must first contextualize the macroeconomic and sector-specific environment in which they operate. The period of 2024-2025 is characterised by a "Selective Recovery" in M&A activity. Following the post-COVID volatility and the interest rate shocks of 2022-2023, the market has stabilised, but the criteria for capital deployment have fundamentally tightened.
The Shift from "Growth at All Costs" to "Unit Economics"
The era of unrestricted capital flow has been definitively replaced by a focus on unit economics, EBITDA positivity, and platform scalability. Advisors are now tasked with positioning HealthTech assets not merely as high-growth software companies but as essential infrastructure components that offer immediate operational efficiencies to healthcare systems.
The leading advisors identified in this report have adapted their equity stories to emphasise three core pillars:
Operational Efficiency: How the target asset reduces costs for hospitals or payers. For instance, platforms like Caresyntax are valued not just on SaaS metrics but on their ability to improve operating room throughput.
Regulatory Moats: The value of CE MDR (Medical Device Regulation) certification and FDA clearance as defensible assets.
AI Integration: Moving beyond the hype to demonstrate clinical utility and reimbursement pathways for Artificial Intelligence applications.
The Regulatory Arbitrage: EU AI Act and EHDS
A critical differentiator for top-tier advisors in 2025 is their ability to navigate the complex regulatory landscape of the European Union. The introduction of the EU AI Act in August 2024 and the forthcoming implementation of the European Health Data Space (EHDS) in 2025 have fundamentally altered due diligence processes.
Advisors who have integrated regulatory expertise into their M&A practice are gaining market share. The EU AI Act categorises medical AI as "high-risk," imposing stringent compliance obligations. Consequently, boutique advisors like Nelson Advisors and legal partners like Latham & Watkins are leveraging compliance as a valuation driver, arguing that a fully compliant AI stack commands a premium due to the "de-risking" it offers the acquirer. This effectively turns a regulatory burden into a competitive moat for the seller.
The Private Equity "Roll-Up" Engine
Private Equity (PE) remains the dominant force in European HealthTech M&A, driving volume through "buy-and-build" strategies. The market has seen a surge in secondary buyouts and platform augmentations, where a PE-backed platform acquires smaller, innovative players to expand geographic reach or technological capability.
This trend heavily favors advisors with deep, legacy relationships in the PE community. Firms like Rothschild & Co and Houlihan Lokey excel at this "matchmaking" between founders and financial sponsors.
The data confirms that PE deal volume in European healthcare reached record highs in 2024, exceeding previous peaks. This necessitates an advisor who understands the specific financial engineering requirements of sponsors, such as debt-service coverage ratios and recurring revenue stability.
Market Activity Overview: The League Table of Influence
The following table summarises the key market activity metrics for the leading advisors in the European healthcare sector for 2024, highlighting the dominance of specific firms in value versus volume.
Advisor | Primary Metric (2024) | Key Strength | Notable Deal Involvement |
Goldman Sachs | #1 by Value ($97.5bn+) | Large-cap exits, Carve-outs, IPOs | Olink, Zeus Health, Shockwave |
Rothschild & Co | #1 by Volume (132 deals) | Mid-market ubiquity, PE relationships | ELITechGroup, Broad mid-market |
J.P. Morgan | Top Tier Value | Complex cross-border M&A | Olink, Shockwave, Enovis/Lima |
Houlihan Lokey | High Volume | Healthcare services, MedTech | Bryan Garnier (Sell-side advisor) |
Arma Partners | Digital Specialist | Digital Health, SaaS, Deep Tech | Lasso, Project 58bn Deal Value |
Jefferies | Sector Specialist | Pharma services, Diagnostics | ELITechGroup (Advisor to PAI) |
Nelson Advisors | Boutique Specialist | Founder led exits, Digital Health, HealthTech, MedTech | Strategic mid market HealthTech |
Clipperton | Tech Specialist | High-growth Tech/SaaS | Hublo, DentalMonitoring |
Kempen & Co | Life Science Specialist | Biotech, Diagnostics, Benelux | Galecto, Curevac, Hansa |
The Bulge Bracket Hegemony: Architects of the Mega-Exit
For European founders who have achieved "Unicorn" status or are involved in multi-billion dollar corporate carve-outs, the Bulge Bracket banks remain indispensable. Their value proposition lies in their balance sheet capacity, global distribution networks, and ability to manage the intense regulatory scrutiny associated with mega-deals.
Goldman Sachs: The Prestige Leader
Goldman Sachs retains its position as the preeminent financial advisor by deal value in Europe. In 2024, the firm advised on approximately $417.8 Billion worth of deals across sectors, with a dominant showing in healthcare.
Strategic Positioning:
Goldman Sachs focuses on "big-ticket" transactions. They are the advisor of choice for large corporate separations and sales to major US strategic acquirers. Their involvement signals to the market that an asset is a premium, "must-have" property. Their capacity to mobilise their Asset Management and Private Credit divisions to finance the very deals they advise on creates a self-reinforcing cycle of dominance.
Key Transactional Case Studies:
Olink Holding ($3.1 Bn): Goldman Sachs acted as a financial advisor to Olink in its acquisition by Thermo Fisher Scientific. This deal exemplifies Goldman's strength in cross-border diagnostics deals, navigating the sale of a Swedish-based asset to a US giant. The deal required navigating complex Swedish takeover rules alongside US securities law.
Zeus Health ($3.4 Bn Enterprise Value estimated): Advised Zeus, a manufacturer of polymer components for medical procedures, on its sale to EQT Private Equity. This transaction highlights their capability in the MedTech supply chain and industrial healthcare segments. Crucially, the Private Credit business within Goldman Sachs Asset Management served as the lead lender, demonstrating the integrated "one-firm" approach.
Sanofi Consumer Health: Mandated (alongside Morgan Stanley) to handle the potential separation of Sanofi’s consumer health unit, a deal of massive complexity valued potentially at €20 Billion.
J.P. Morgan: The Cross-Border Heavyweight
J.P. Morgan (JPM) consistently ranks alongside Goldman Sachs, often acting as the lead advisor on the largest and most complex transactions. Their healthcare practice is renowned for its depth in life sciences and MedTech, particularly in bridging European innovation with US capital.
Strategic Positioning:
JPM excels in complex, cross-border public-to-private transactions and mergers involving listed entities. Their reach into the US boardroom is unparalleled, making them essential for European companies seeking US acquirers.
Key Transactional Case Studies:
Shockwave Medical ($13.1Bn): J.P. Morgan served as the exclusive financial advisor to Johnson & Johnson in its acquisition of Shockwave Medical. While Shockwave is US-based, the deal has significant implications for the European cardiovascular market and highlights JPM's dominance in the MedTech innovation exit landscape.
Olink Holding: Served as the lead financial advisor to Olink, working alongside Goldman Sachs. The dual mandate of JPM and Goldman on a single deal underscores the necessity of top-tier banking support for multi-billion dollar valuations.
Enovis / LimaCorporate: JPM acted as a financial advisor to Enovis in its acquisition of Italian orthopaedic leader LimaCorporate. This demonstrates their capability in facilitating US corporates acquiring European legacy MedTech assets.
Morgan Stanley: The Strategic Architect
Morgan Stanley maintains a strong position in the top tier, often advising on deals that involve significant strategic transformation or complex equity structures.
Strategic Positioning:
The firm is heavily involved in advising financial sponsors and large corporates on portfolio optimisation. Their reputation is built on long-term relationship banking with the largest healthcare conglomerates.
Key Transactional Case Studies:
LimaCorporate: Advised the seller, EQT Private Equity, on the disposal of LimaCorporate to Enovis. This highlights Morgan Stanley's strong relationship with top-tier Private Equity firms looking to exit comprehensive European assets.
Sanofi Carve-out: Selected as one of the key advisors for the Sanofi consumer health separation, reinforcing their status as a go-to bank for massive corporate restructurings.
The Mid-Market Engine Room: Volume, Reach and Depth
While the Bulge Bracket firms capture the headlines with mega-deals, the "engine room" of the European HealthTech M&A market is occupied by firms that combine global reach with intense local coverage. These firms typically lead in deal volume, advising on the hundreds of €50m–€1bn transactions that constitute the bulk of the market.
Rothschild & Co: The Ubiquitous Market Leader
Rothschild & Co stands apart as the most active M&A advisor in Europe by volume. Their model is unique: a deeply entrenched network of local offices across France, Germany, the UK, and the Benelux allows them to cover the "Mittelstand" and family-owned businesses as effectively as large corporates.
Strategic Focus & Culture:
Rothschild dominates the mid-market. They are the default choice for European founders selling businesses in the €100m–€1bn range. Their "Global Advisory" division is structured to provide independent advice, unencumbered by the balance sheet conflicts that can sometimes affect the Bulge Bracket banks. They are particularly adept at navigating the "softer" issues of family ownership and succession.
Key Transactions:
ELITechGroup: Rothschild acted as a key advisor to PAI Partners (the seller) in the sale to Bruker. This reflects their long-standing relationship with the French private equity ecosystem, where they often serve as the "House Bank" for sponsors like PAI.
General Mid-Market: They are consistently ranked #1 by volume, advising on 296 deals (across all sectors, but heavily weighted to healthcare) in 2024.
Houlihan Lokey: The Challenger
Houlihan Lokey has expanded its European footprint, challenging Rothschild for the volume crown. Known historically for restructuring, their Corporate Finance practice is now a juggernaut in the mid-market.
Strategic Focus:
Houlihan Lokey is noted for its dedicated healthcare teams that operate with a high degree of sector specialisation. They are particularly strong in selling to financial sponsors (PE), leveraging a data-driven approach to buyer mapping.
Strategic Significance:
Advising Bryan Garnier: Houlihan Lokey acted as the sell-side advisor to Bryan, Garnier & Co in its sale to Stifel. This is a significant meta-transaction, demonstrating that when investment banks themselves need to sell, they turn to Houlihan Lokey for execution.
Jefferies: The Healthcare Pure-Play
Jefferies has carved out a distinct niche as a "pure-play" investment bank with a healthcare practice that rivals the Bulge Bracket in terms of depth and expertise.
Strategic Focus & Ecosystem:
Jefferies is renowned for its aggressive and highly specialized healthcare team. A key differentiator is their London Healthcare Conference, the largest healthcare-dedicated conference in Europe. This event serves as a primary deal-making venue, giving Jefferies a unique convening power that competitors lack.30
Key Transactions:
ELITechGroup: Jefferies was understood to be advising PAI Partners on the sale of ELITechGroup to Bruker, a deal valued at €870 million ($942 million). This transaction underscores their capability in managing exits for major European private equity firms to US strategic buyers.
First Advantage / Sterling Check: Involved in this $2.2bn deal, demonstrating their capacity for larger transaction sizes.
The Digital & Specialist Boutiques: "Founders for Founders"
For the founder of a digital health startup, an AI-radiology platform, or a SaaS-based clinic management system, the Bulge Bracket banks may lack the specific technological fluency required to maximize valuation. This gap is filled by specialised boutique firms that position themselves as domain experts.
Nelson Advisors: The "Founders for Founders" Specialist
Nelson Advisors has established a reputation as a high-touch, sector-exclusive firm focused on the lower-to-middle market ($25m - $250m).
Unique Value Proposition:
Unlike traditional banks staffed by career financiers, Nelson Advisors is led by former founders who have successfully exited HealthTech businesses. This "DNA" allows them to empathise with the founder's journey and better articulate the technical nuance of the asset. They focus exclusively on Healthcare Technology (Digital Health, Health IT, AI) and do not dilute their focus with generalist MedTech or Pharma.
Key Leadership:
Lloyd Price: Co-Founder and Partner. A serial entrepreneur who exited Zesty to Induction Healthcare Group. He brings deep operational credibility.
Paul Hemings: Co-Founder and Partner. Combines investment banking background with entrepreneurial exits.
GP Bullhound: The Transatlantic Tech Bank
GP Bullhound operates as a technology investment bank with a strong focus on software and digital services. They are particularly active in cross-border deals involving US buyers.
Key Transactions:
Flo Health: Acted as exclusive financial advisor to Flo Health on its $200m Series C investment from General Atlantic, valuing the company at over $1 billion. This is a landmark deal for the "FemTech" and B2C digital health sector.
Ottonova: Advised the German digital health insurer on its fundraising, demonstrating their capability in the InsurTech intersection.
Torch Partners: The Deep Tech & Software Advisor
Torch Partners is a London-based boutique known for handling complex software and data-rich assets.
Strategic Focus:
They advise on M&A and Private Capital Markets for companies in the Enterprise SaaS, Data, and Tech-enabled services sectors. They are increasingly active in "Deep Tech" healthcare applications such as quantum computing for drug discovery.
Key Transactions:
Oxford Ionics: Participated in the £30m Series A funding. While this is a quantum computing company, its applications in life sciences (drug discovery simulation) place it firmly in the HealthTech deep-tech bucket.
Regional Champions: The Power of Local Networks
The European market is not monolithic; advisor strength varies significantly by geography. Founders must consider whether a "Pan-European" approach or a "Local Champion" approach is best for their specific exit.
Benelux & Life Sciences: Kempen & Co (Van Lanschot Kempen)
Kempen is a powerhouse in the Life Sciences and Healthcare sector, particularly for Biotech and MedTech companies in the Benelux region.
Strategic Focus: They excel in Equity Capital Markets (ECM) and M&A for life sciences. They are the go-to bank for IPOs on Euronext Amsterdam or Brussels.
Key Transactions: Advised on the IPOs and capital raises for Galecto, Curevac, and Hansa Biopharma.
Leadership: Jan de Kerpel is the Head of Life Sciences & Healthcare and is a renowned figure in the sector.
The Franco-German Axis: Oddo BHF
Oddo BHF is a unique financial institution that operates as a binational (French and German) bank.
Strategic Expansion: In 2025, they significantly strengthened their corporate finance platform with the appointments of Hervé Ronin (Group Head of Healthcare) and Paul de Mestier (Head of Healthcare France)
Partnership: They have deepened a partnership with Raiffeisen Bank International (RBI) to cover the DACH and CEE (Central and Eastern Europe) regions, creating a massive coverage network for mid-market healthcare deals.
DACH Region: Goetzpartners
Based in Munich, Goetzpartners is a leading advisory firm for the "Mittelstand."
Strategic Focus: They combine M&A advisory with management consulting, offering a "Strategy-first" approach to exits.
Key Transactions: Advised Merck KGaA on the sale of Allergopharma and the sale of AbisDu Pflege(Care services).
6.4 USA-Europe Consolidation: Stifel & Raymond James
A major trend is the acquisition of European boutiques by US firms to capture cross-border flow.
Stifel / Bryan Garnier: Stifel's acquisition of Bryan, Garnier & Co is the most significant consolidation event of the year. It gives Stifel a massive European footprint in healthcare and technology, while offering Bryan Garnier's clients seamless access to US capital markets.
Raymond James: Has expanded its European healthcare investment banking practice with senior hires, focusing on the middle market and competing directly with firms like William Blair and Baird.
Conclusion and Strategic Outlook (2025-2026)
The M&A advisory landscape for European HealthTech and MedTech founders is settling into a clearly defined structure.
For the "Unicorn" Founder (>€1bn Valuation)
The choice remains firmly with the Bulge Bracket (Goldman Sachs, J.P. Morgan, Morgan Stanley). Their ability to deliver US buyers and manage complex cross-border regulatory frameworks is unmatched.
For the Mid-Market Founder (€50m - €500m):
This is the most competitive and dynamic segment. Rothschild & Co is the safe, ubiquitous choice with deep networks. However, Houlihan Lokey and Jefferies offer alternatives with strong US ties.
For the Digital Health/MedTech/HealthTech Founder:
Boutiques are winning by selling "expertise" rather than "scale." Nelson Advisors, Arma Partners and GP Bullhound are the preferred partners for founders who need an advisor that understands the difference between a medical device and a SaaS platform.
Emerging Trends to Watch:
Regulatory Valuation: Advisors who can quantify the value of AI compliance (EU AI Act) will win mandates.
Transatlantic Consolidation: Expect more acquisitions of European boutiques by US mid-market banks (following the Stifel/Bryan Garnier model) to secure deal flow.
The "Product DD" Standard: Technical due diligence (Code & Co) will become a standard pre-requisite for M&A, not just an afterthought, as software becomes the core value driver of MedTech assets.
In summary, the "leading" advisor is no longer a static title but a function of the specific asset class (Hardware vs. Software), the target valuation (Mega vs. Mid-Cap) and the desired exit destination (US Strategic vs. European PE). Founders must align their choice of advisor with these strategic realities to maximize liquidity in the evolving 2025 marketplace.
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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Founders for Founders > We pride ourselves on our DNA as ‘HealthTech entrepreneurs advising HealthTech entrepreneurs.’ Nelson Advisors partner with entrepreneurs, boards and investors to maximise shareholder value and investment returns. www.nelsonadvisors.co.uk
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