The pharmaceutical distribution industry in the DACH region is vital for ensuring that drugs and medical products reach healthcare providers efficiently and reliably. Companies involved range from large corporations offering comprehensive delivery services to specialized firms focusing on niche markets. They manage complex logistics for numerous pharmaceutical products, including drills for regulatory compliance and temperature-sensitive storage. With advancements in technology and evolving healthcare regulatory standards, the sector is increasingly looking towards digital solutions for inventory and supply chain management. Furthermore, sustainability practices are becoming a priority, pushing firms toward more eco-friendly operations.


This article highlights prominent investors in pharmaceutical distribution across the DACH region, including corporate giants and venture capital firms. Ranging in size from small equity outfits to multinational corporations, these investors, founded between 1834 and 2001, are reshaping the industry. In 2024, they collectively made significant strides, with deal counts varying considerably—including multiple high-profile transactions by companies like Brenntag and HBM Healthcare Investments.


Top 13 Pharmaceutical Distribution Investors in DACH


1. Brenntag

  • Website: brenntag.com
  • Type: Corporate
  • Headquarters: Essen, North Rhine-Westphalia, Germany
  • Founded year: 1874
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: brenntag

Brenntag SE, founded in 1874 and headquartered in Essen, North Rhine-Westphalia, Germany, is a leading chemical distributor that connects chemical manufacturers with users across various industries. With a workforce of over 10,000 employees, Brenntag serves approximately 195,000 customers globally, providing a wide range of specialty and industrial chemicals along with value-added services. In 2024, Brenntag made a notable acquisition of PharmaSpecial, enhancing its capabilities in the pharmaceutical distribution sector. This follows their previous acquisitions, such as Fred Holmberg & Co in 2014 and Y.S. Ashkenazi Agencies in 2022, which further demonstrate their commitment to expanding their reach in specialty chemicals, including those used in pharmaceuticals. These strategic moves highlight Brenntag's role as a key player in the pharmaceutical distribution landscape, making them a relevant investor in this field.


2. Dhl

  • Website: dhl.com
  • Type: Corporate
  • Headquarters: Bonn, North Rhine-Westphalia, Germany
  • Founded year: 1969
  • Headcount: 10001+
  • Number of deals in 2024: 1
  • LinkedIn: dhl

DHL is a global logistics company founded in 1969, headquartered in Bonn, North Rhine-Westphalia, Germany. With over 10,000 employees, DHL specializes in comprehensive transportation and delivery services, including courier services, air and ocean freight, and supply chain management. In recent years, DHL has made strategic acquisitions to strengthen its position in the pharmaceutical logistics sector. Notably, in 2011, DHL Supply Chain acquired Eurodifarm, a specialist in pharmaceutical logistics in Italy, to enhance its presence in the industry. In 2017, DHL announced the acquisition of Polar Transportes, a Brazilian road carrier focused on temperature-controlled transportation for the Life Sciences and Healthcare industry, further expanding its capabilities in temperature-sensitive logistics. These transactions demonstrate DHL's commitment to providing tailored logistics solutions for the pharmaceutical sector, making it a significant player in pharmaceutical distribution.


3. PHOENIX group - Integrated Healthcare Provider


PHOENIX group - Integrated Healthcare Provider, founded in 1994 and based in Mannheim, Germany, is a leading company in the pharmaceutical industry, specializing in pharmaceutical wholesale and pharmacy retail. With over 3,300 pharmacies under its operation, PHOENIX supplies medicines to independent pharmacies and medical institutions across Europe, ensuring reliable healthcare logistics and services. The company has been actively expanding its footprint in the pharmaceutical distribution sector through significant acquisitions, including the wholesale pharmacy distribution business of the McKesson Group in France, which was authorized by the French Competition Authority in September 2022. This acquisition is noted as one of the largest and most complex transactions in the wholesale distribution of healthcare products in France. Additionally, in October 2022, PHOENIX completed its largest acquisition in history by acquiring several subsidiaries from McKesson Europe, enhancing its operations in multiple countries including Belgium, France, and Slovenia. Furthermore, the acquisition of Romanian pharmaceutical wholesaler Farmexim S.A. and the Help Net Farma S.A. pharmacy chain in 2018 allowed PHOENIX to enter the Romanian market, further solidifying its role as an integrated healthcare provider. These strategic moves highlight PHOENIX's commitment to strengthening its position in the pharmaceutical distribution landscape.


4. HBM Healthcare Investments AG


HBM Healthcare Investments AG is a venture capital firm based in Zug, Switzerland, founded in 2001. The firm specializes in the healthcare sector, managing a diversified portfolio that includes investments in human medicine, biotechnology, medical technology, and diagnostics. In 2021, HBM participated in significant funding rounds for Swixx Biopharma, a company that plays a role in pharmaceutical distribution, co-investing alongside other firms to support its growth. They also supported Nuance Pharma in its Series D financing round, which raised US$181 million for ongoing research and development. These transactions highlight HBM's active role in the pharmaceutical distribution landscape, making them a notable investor in this sector.


5. SHS Capital


SHS Capital, officially known as SHS Gesellschaft für Beteiligungsmanagement mbH, is a private equity firm based in Germany, founded in 1993. The firm specializes in healthcare investments, providing capital and strategic support to fast-growing healthcare companies. Their investment strategy is aimed at enhancing the operations of their clients in the healthcare sector. Notable transactions include the acquisition of Medigroba, which likely plays a role in the pharmaceutical distribution chain, and TNI Medical, which also operates within the healthcare space. In 2023, SHS Capital acquired a majority stake in CAM Bioceramics, a company focused on orthobiological solutions, further demonstrating their commitment to investing in healthcare-related businesses. Through these transactions, SHS Capital has established itself as a significant player in the healthcare investment landscape, with potential implications for pharmaceutical distribution.


6. b2venture

  • Website: b2venture.vc
  • Type: Venture Capital
  • Headquarters: St. Gallen, St. Gallen, Switzerland
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 15
  • LinkedIn: btovpartners

b2venture is a venture capital firm based in St. Gallen, Switzerland, founded in 2000. They specialize in early-stage investments in innovative startups across various sectors, providing financial backing and support to entrepreneurs. Notably, b2venture has participated in significant transactions such as Vamstar, a provider of an AI-enabled procurement platform for medical supplies and pharmaceuticals, which raised $9.5M in Series A funding to enhance its platform for better procurement processes. Additionally, they have invested in Demecan, a vertically-integrated cannabis company in Germany, which highlights their engagement in the pharmaceutical sector. Their collaboration with a community of angel investors further strengthens their investment strategy, making them a key player in the European venture capital landscape.


7. Dksh

  • Website: dksh.com
  • Type: Corporate
  • Headquarters: Zurich, Zurich, Switzerland
  • Founded year: 1865
  • Headcount: 10001+
  • Number of deals in 2024: 2
  • LinkedIn: dksh

DKSH is a market expansion services company founded in 1865, headquartered in Zurich, Switzerland. It specializes in supporting businesses in their growth through comprehensive services in sourcing, marketing, sales, distribution, and after-sales support. The company serves multinational and Fortune 500 clients across various industries, including healthcare and consumer goods, operating in multiple markets across Asia Pacific, Europe, and North America. Notably, DKSH has made significant strides in the pharmaceutical distribution sector, exemplified by its acquisition of the Swiss Refarmed Group in June 2022, which bolstered its capabilities in Active Pharmaceutical Ingredients (APIs) and positioned it as a leading Life Sciences distributor. Additionally, DKSH is set to enhance its Scientific Instrumentation business through the acquisition of Bio-Strategy Limited, the largest independent distributor of scientific instruments in Australia and New Zealand, further demonstrating its commitment to the healthcare and pharmaceutical sectors.


8. HV Capital

  • Website: hvcapital.com
  • Type: Venture Capital
  • Headquarters: Flensburg, Schleswig-Holstein, Germany
  • Founded year: 2000
  • Headcount: 11-50
  • Number of deals in 2024: 28
  • LinkedIn: hvventures

HV Capital is a venture capital firm based in Flensburg, Schleswig-Holstein, Germany, founded in 2000. With over €2.8 billion under management, HV Capital specializes in investing in digital companies and supporting entrepreneurs from seed stage to exit. The firm has been active in various sectors, including healthcare, as evidenced by their investments in Qualifyze, a compliance company that raised significant funding rounds to enhance supply chain compliance in healthcare. Notably, HV Capital participated in Qualifyze's Series A and Series B funding rounds, as well as a growth round aimed at accelerating its mission in the healthcare sector. This involvement highlights HV Capital's commitment to supporting innovations that can impact pharmaceutical distribution and healthcare compliance.


9. Partners Group

  • Website: partnersgroup.com
  • Type: Private Equity
  • Headquarters: Baar, Zug, Switzerland
  • Founded year: 1996
  • Headcount: 1001-5000
  • Number of deals in 2024: 19
  • LinkedIn: partners-group

Partners Group Holding AG is an investment management firm based in Baar, Zug, Switzerland, specializing in private equity, private infrastructure, private real estate, and private debt. Founded in 1996, the firm manages over USD 149 billion in assets and offers a range of investment solutions to institutional investors, private banks, and individual investors. Notably, Partners Group has made significant strides in the pharmaceutical sector, including the acquisition of PCI Pharma Services, a global pharmaceutical services provider, which reported sales exceeding $475 million in 2015 and employs over 2,800 people across the US and Europe. This acquisition highlights their commitment to investing in companies that play a crucial role in pharmaceutical distribution and services. Additionally, their involvement in Universal Marine Medical Supply International further emphasizes their interest in the medical supply and distribution space.


10. Reference Capital

  • Website: referencecap.com
  • Type: Venture Capital
  • Headquarters: Geneva, Geneva, Switzerland
  • Founded year: 2019
  • Headcount: 11-50
  • LinkedIn: referencecap

Reference Capital is an investment management firm based in Geneva, Switzerland, founded in 2019. The firm specializes in managing private investment portfolios and providing advisory services with a focus on disruptive technologies. They cater to a diverse clientele, including institutional investors and private clients, helping them access exclusive investment opportunities and build impactful portfolios. Notably, Reference Capital has been involved in several transactions within the pharmaceutical sector, including multiple funding rounds for Paion, a company that develops drugs for anesthesia and critical care, and Neocutis, which focuses on skincare products derived from human cells. These investments highlight their engagement in the pharmaceutical industry, despite their broader focus on disruptive technologies.


11. Novartis

  • Website: novartis.com
  • Type: Corporate
  • Headquarters: Basel, Basel, Switzerland
  • Founded year: 1996
  • Headcount: 10001+
  • Number of deals in 2024: 7
  • LinkedIn: novartis

Novartis AG, based in Basel, Switzerland, is a leading pharmaceutical company founded in 1996. The company focuses on developing and manufacturing innovative medicines to address serious diseases across various therapeutic areas. Novartis emphasizes research and development to improve patient outcomes and has made significant investments in the pharmaceutical sector. Notably, in 2005, Novartis acquired Hexal for $8.3 billion, enhancing its portfolio in generic pharmaceuticals and strengthening its distribution capabilities. Additionally, Novartis has participated in various funding rounds for companies like Credence MedSystems, which raised $39.9 million in 2021, and Kuros Biosciences, which raised $32 million in Series B funding in 2000. These transactions reflect Novartis's active role in the pharmaceutical landscape, including aspects of distribution.


12. Sulzer

  • Website: sulzer.com
  • Type: Corporate
  • Headquarters: Winterthur, Zurich, Switzerland
  • Founded year: 1834
  • Headcount: 10001+
  • LinkedIn: sulzer

Sulzer Ltd. is an industrial engineering and manufacturing company based in Winterthur, Zurich, Switzerland, founded in 1834. The company specializes in fluid engineering solutions and provides a wide range of products and services, including pumps, compressors, and aeration systems, primarily serving sectors such as water treatment, oil and gas, and power generation. In recent years, Sulzer has made significant strides in the healthcare sector through strategic acquisitions. Notably, in August 2020, Sulzer acquired Haselmeier for $118 million, a Swiss-German company known for its precision injection molding for drug delivery devices, enhancing Sulzer's healthcare portfolio. Additionally, in September 2018, Sulzer completed the acquisition of Medmix for 1.5 billion Swiss francs, further solidifying its capabilities in healthcare. These transactions reflect Sulzer's focus on innovation and sustainability, aiming to improve operational efficiency in healthcare applications.


13. Hannover Finanz

  • Website: hannoverfinanz.de
  • Type: Private Equity
  • Headquarters: Hanover, Lower Saxony, Germany
  • Founded year: 1979
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: hannoverfinanz

Hannover Finanz is a private equity firm based in Hanover, Lower Saxony, Germany, founded in 1979. The firm specializes in providing equity capital to medium-sized family businesses in Germany, Austria, and Switzerland, focusing on sustainable growth through strategic investments and consulting services. Hannover Finanz has been involved in several notable transactions, including the acquisition of OQEMA in 2014, which is a significant player in the chemical and pharmaceutical distribution industry. Additionally, they acquired Frey & Winkler (F&W), a medical engineering company, in 2015, further demonstrating their engagement in sectors related to healthcare and pharmaceuticals. Their investment strategy emphasizes helping businesses navigate challenges related to succession, growth, and restructuring, which can be particularly beneficial for companies in the pharmaceutical distribution space.



Pharmaceutical Distribution Insights: Key Investors in DACH


InvestorHeadquarterSizeFoundedDeals 2024
BrenntagEssen, North Rhine-Westphalia, Germany10001+18748
DhlBonn, North Rhine-Westphalia, Germany10001+19691
PHOENIX group - Integrated Healthcare ProviderMannheim, Baden-Württemberg, Germany10001+19940
HBM Healthcare Investments AGZug, Zug, Switzerland1001-500020018
SHS CapitalGermany11-5019932
b2ventureSt. Gallen, St. Gallen, Switzerland11-50200015
DkshZurich, Zurich, Switzerland10001+18652
HV CapitalFlensburg, Schleswig-Holstein, Germany11-50200028
Partners GroupBaar, Zug, Switzerland1001-5000199619
Reference CapitalGeneva, Geneva, Switzerland11-5020190
NovartisBasel, Basel, Switzerland10001+19967
SulzerWinterthur, Zurich, Switzerland10001+18340
Hannover FinanzHanover, Lower Saxony, Germany11-5019792


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