Buyer landscape
Likely buyers · Pharma in Spain.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 81 verified exits: 33% to sponsors, 64% to corporates and platforms, 1% via IPO, 1% other routes. Route shift since 2020: sponsors 23% (was 30%), corporates and platforms 67% (was 54%), IPO 8% (was 15%) (sector-wide).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 14 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. ARCHIMED and Institut Mérieux SponsorVery High87
54 platform investments in Healthcare · 1 in Spain · 19 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed IRAB, 2026 · Pharma, Spain
2. ArchiMed SponsorVery High86
56 platform investments in Healthcare · 2 in Spain · 18 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed IRAB, 2026 · Pharma, Spain
3. Archimedes Partners SponsorVery High86
53 platform investments in Healthcare · 1 in Spain · 21 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed IRAB, 2026 · Pharma, Spain
4. ArchiMed and Tethys Invest SponsorVery High86
54 platform investments in Healthcare · 1 in Spain · 18 deals 2024–26
AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M
18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.
Backed IRAB, 2026 · Pharma, Spain
5. Merieux Equity Partners / Vitruvian Partners SponsorVery High84
57 platform investments in Healthcare · 2 in Spain · 6 deals 2024–26
AUM €1.6B · Mérieux Participations 5 · 2026 vintage · deploying · check €7-50M
2 platform investments since the 2026 vintage · early in deployment vs its usual 8 per fund.
Backed CEVA Santé Animale, 2025 · Pharma, France
6. Bpifrance Investissement SponsorVery High80
10 platform investments in Healthcare · 35 deals 2024–26
AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M
Accelerating: 30 deals in the last 2 years vs 4.5/yr before.
Backed Biogaran, 2026 · Pharma, France
7. Miura Partners SponsorVery High80
6 platform investments in Healthcare · 33 in Spain · 8 deals 2024–26
AUM €1.5B · Dent&Co · 2024 vintage · deploying · check €4-30M
7 platform investments since the 2024 vintage · largely deployed vs its usual 5 per fund.
Bought HTBA from LGT Private Debt, 2025 · Pharma, Spain
8. Alantra Private Equity Healthcare Continuation Fund SponsorVery High80
5 platform investments in Healthcare · 16 in Spain · 5 deals 2024–26
AUM €720M · Alantra Private Equity Fund IV · 2023 vintage · deploying
5 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.
Bought Health in Code from Alantra Private Equity, 2026 · HealthTech, Spain
9. Bridgepoint SponsorVery High79
34 platform investments in Healthcare · 7 in Spain · 43 deals 2024–26
AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M
4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.
Bought PharmaZell from Maxburg Capital Partners, 2020 · Pharma, Germany
10. Ardian SponsorVery High78
67 platform investments in Healthcare · 27 in Spain · 51 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
11. EQT SponsorVery High78
50 platform investments in Healthcare · 13 in Spain · 51 deals 2024–26
AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B
53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.
Backed Dechra Pharmaceuticals, 2024 · Pharma, UK
12. Charterhouse Capital Partners SponsorVery High78
11 platform investments in Healthcare · 5 in Spain · 10 deals 2024–26
AUM €7.0B · Charterhouse Capital Partners XI · 2023 vintage · deploying · check €28-210M
10 platform investments since the 2023 vintage · mid-deployment vs its usual 14 per fund.
Backed Labomar, 2023 · Pharma, Italy
13. Ardian Clean Energy Evergreen Fund SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 44 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
14. Ardian Mid Cap Buyout SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
15. Ardian (Clean Energy Evergreen Fund) SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
16. Ardian (ex-AXA Private Equity) SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
17. Ardian / Crédit Agricole Assurances consortium SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
18. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
19. Ardian and Centerbridge Partners SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
20. Ardian and GoldenTree Asset Management SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
21. Ardian and Latour Capital SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
22. Ardian Expansion SponsorVery High77
63 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
23. Ardian Expansion (Fund V) SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
24. Ardian Semiconductor SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
25. Ardian Tikehau EMZ consortium SponsorVery High77
62 platform investments in Healthcare · 22 in Spain · 42 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed Recipharm, 2021 · Pharma, Sweden
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.