We guide transactions across the full breadth of the sector, from independent mental healthcare practices and pharmacies to clinics, medium-sized healthcare groups, and welfare organisations. We work with director-majority shareholder-led (DGA) healthcare enterprises, foundations, and cooperatives, as well as PE-backed organisations. In doing so, we see that buyers place extra value on providers that combine multiple disciplines and focus on digitalisation and e-health; it is precisely these organisations that are most in demand.

Healthcare differs from other sectors, primarily due to regulatory pressure. A change of ownership often requires approval from the IGJ (Health and Youth Care Inspectorate) or the NZa (Dutch Healthcare Authority), and those procedures partly determine the pace of a transaction. Valuation also works differently here: a standard EBITDA multiple is not sufficient, as NZa tariffs, the duration of contracts, and the reliance on public funding heavily determine what an organisation is worth. In some cases, restrictions on profit distribution also come into play, as the structure of the entity determines how much value you can ultimately realise. At the same time, the stable, low-cyclical demand for healthcare works in your favour, justifying a lower risk premium and a higher valuation than in cyclical sectors. Furthermore, a healthcare transaction is sensitive, as employees, clients, and regulators all have an interest in the outcome.

We know the Dutch healthcare system, from the WLZ (Long-Term Care Act) and the WMO (Social Support Act) to the requirements regarding governance and supervision, and we bring this knowledge in early so that a process does not get stuck on formal steps. We also make the valuation transparent beforehand, so you know where you stand. We guide the process carefully and with an eye for the interests of employees, clients, and regulators, ensuring that the continuity of care remains guaranteed. This way, you remain in control, even when things get exciting.