The Thermometer: M&A Update in the healthcare sector – week of March 2, 2026
So far this year, 102 deals have been announced in the healthcare sector across Europe, 18 of them in Spain (8 in February), below the 2025 average. A slowdown? It does not seem so, as the sector’s structural challenges and investor appetite remain fully intact.
The 8 February transactions in Spain:
- Alantra is backing Health in Code Group, a leading genetic diagnostics platform, through a €155 million continuation fund, bringing in Merieux Equity Partners to support the next phase of growth.
- ABE Capital Partners and Columbus Venture Partners have acquired a stake in Sermes CRO to accelerate its international expansion and strengthen its clinical research capabilities.
- Devicare, a urology specialist, has completed its first cross-border acquisition with the purchase of IP-6 International, a U.S. manufacturer of nutritional supplements. This gives it market access and an entry into nutraceuticals, where an increasing number of pharma companies are taking positions.
- Vithas has added a new specialty care center in Madrid, reinforcing its commitment to multi-specialty outpatient care.
- Clínica EGOS is accelerating its expansion in aesthetic and hair health, integrating a center in Granada and merging its haircare division with Centro de Cirugía Capilar Internacional.
- Artá Capital has taken control of Dental Company, one of the country’s largest dental networks, previously owned by the founder of Smartbox Group.
- Miranza has integrated its three clinics in Seville under a single brand, strengthening its regional leadership in eye surgery.
Dutch multinational Ace & Tate has strengthened its presence in Spain through the integration of PJ.LOBSTER™, a digitally native designer eyewear chain, rescuing from insolvency proceedings a business with a strong brand and customer base.
Quick reads on M&A activity to date:
~50% of transactions led by financial investors.
+50% domestic deals.
Hospitals and clinics are leading activity, followed by the consolidation of specialized center networks and pharmaceutical companies, which this month have made moves toward the OTC segment.
Yes, transaction volume is lower, but what matters is not how many deals there are, but what they reveal about where the sector is heading…
