September saw 26 PE-backed acquisitions across Europe, representing an 4% decrease year-over-year with 1 acquisitions less in September 2025 than 2024.
Number of announced PE-backed acquisitions over the past 12 months*
- Number of PE-backed Acquisitions
Roll-Up Market Insights
After a slow August, the number of PE-backed acquisitions is back above the year-over-year average.
With 10 acquisitions, the UK was the country with the most PE-backed activity, followed by Spain.
Nextclima Group and One Click Lca were the most active acquirers with two acquisitions each.
Software, Consulting and Health Care were the most mentioned acquired industries.
This month’s case study: Bionexo – Automatization of Health Care
Founded in 2000 in São Paulo, Brazil, Bionexo develops and operates digital
solutions for hospital supply chains.
Backed by Prisma Capital and Bain Capital, Bionexo has pursued an active buy-and-build strategy, announcing 5 acquisitions since 2022.
- Bionexo's Acquisitions
Its latest move came in September 2025, with the acquisition of Overmind (founded in 2022 in London, UK). Overmind predicts fallout caused by infrastructure code changes.
This acquisition enables Bionexo to deepen automation in eligibility and authorization processes and enhance reimbursement certainty and cash predictability.
PE interest in Health Care reflects the potential of the sector
Bionexo’s most recent PE-backed acquisition demonstrates demonstrates the company’s consistent growth ambitions in Latin American healthcare IT, particularly in scaling automation for eligibility and authorization workflows across hospitals and payers.
Case study:
Bain Capital’s investment in Bionexo reflects the significant potential that PE investors see in healthcare procurement and revenue-cycle automation, driven by mission-critical workflows, resilient recurring revenues, and compelling opportunities:
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In 2000, Bionexo was founded in São Paulo as a digital B2B marketplace for healthcare, to digitize procurement and enable hospitals to run more efficient.
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Since 2020, Bionexo has completed five acquisitions, unlocking cross-selling opportunities and further strengthen digitization and automation.
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In September 2025, Bionexo acquired Overmind (UK), a company that predicts fallout caused by infrastructure code changes.
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The deal enables Bionexo to deepen automation in eligibility and authorization processes and enhance reimbursement certainty and cash predictability.
PE investors view Health Care as attractive due to:
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Growth opportunities in healthcare procurement and revenue-cycle automation.
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Scale and diversification potential through consolidation across fragmented providers and health-IT.
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Network and data effects spanning providers, payers, and suppliers.
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Resilient recurring revenues from mission-critical workflows and regulatory tailwinds.
*All data from CrunchBase, as of October 24, 2025.
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