The pharmaceutical distribution industry in Benelux plays a crucial role in healthcare by ensuring the efficient flow of medicines from manufacturers to pharmacies and healthcare providers. This sector involves an array of companies including traditional wholesalers, specialty distributors, and logistic service providers, all dedicated to maintaining the integrity and availability of pharmaceutical products. With growing demand for personalized medicine and increased regulatory pressures, the industry is evolving. Companies are adopting advanced logistics solutions and digital technologies to streamline distribution processes. Recent trends indicate a shift towards integration and collaborative partnerships among industry players to enhance service delivery and reach.


The following list features an eclectic group of pharmaceutical distribution investors, with types ranging from private equity to corporate and venture capital firms. Situated across Amsterdam, Luxembourg, and Brussels, these investors vary in size from small entities to large corporations. Founded over several decades, from 1948 to 2021, they have made substantial investments in the healthcare sector. Notably, in 2024 alone, these firms completed between one and 99 deals, reflecting their active engagement and commitment to shaping the pharmaceutical distribution sphere in Benelux.


Top 17 Pharmaceutical Distribution Investors in Benelux


1. Azelis

  • Website: azelis.com
  • Type: Corporate
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 2001
  • Headcount: 1001-5000
  • Number of deals in 2024: 5
  • LinkedIn: azelis

Azelis is a specialty chemical distributor and innovation service provider based in Antwerp, Belgium, founded in 2001. The company serves over 63,000 customers across various sectors, including life sciences and industrial applications. Azelis has been actively expanding its portfolio through strategic acquisitions, such as the acquisition of Ekin Kimya in 2019, which specializes in distributing specialty chemicals for the pharmaceutical sector. This acquisition, along with others like Chemical Solutions Sdn Bhd, which focuses on personal care and cosmetics, demonstrates Azelis' commitment to enhancing its presence in markets that intersect with pharmaceutical distribution. Their recent acquisitions, including Sirius International and Ametech, further illustrate their strategy to strengthen their market position across various sectors, including those relevant to pharmaceuticals.


2. Cvc

  • Website: cvc.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 2005
  • Headcount: 1001-5000
  • Number of deals in 2024: 16
  • LinkedIn: cvc-capital-partners

CVC Capital Partners is a prominent private equity firm based in Luxembourg, founded in 2005. The firm specializes in private equity, credit, secondaries, and infrastructure, managing approximately €193 billion in assets for over 1000 clients, including pension funds and institutional investors. CVC has made notable investments in the pharmaceutical sector, including the acquisition of DOC Generici, a Milan-based generic pharmaceutical company, and a 50% stake in DFE Pharma, a leading global excipients manufacturer for the pharmaceutical industry. Additionally, CVC's acquisition of Cooper and their investment in Universal Health International further illustrate their diverse portfolio, which includes significant interests in healthcare and pharmaceuticals. Their strategic investments aim to deliver sustainable value and growth across various industries, including pharmaceutical distribution.


3. European Investment Bank (EIB)


The European Investment Bank (EIB) is a public entity based in Luxembourg, founded in 1958, that provides a range of financial services including loans, equity investments, guarantees, and advisory services. The EIB focuses on supporting sustainable projects across various sectors, including healthcare and pharmaceuticals. Notably, the EIB has been involved in significant transactions within the pharmaceutical distribution context, such as providing debt financing to Emzor Pharmaceutical Industries, which raised approximately $14 million in July 2022, and Aerogen, which secured around $33.7 million in March 2019. Additionally, the EIB has supported other companies like Bavarian Nordic, which raised over $56 million in post-IPO debt in May 2015. These transactions highlight the EIB's commitment to financing initiatives that promote growth and job creation in the pharmaceutical sector.


4. Triton Partners


Triton Partners is a private equity investment firm based in Luxembourg, founded in 1997. The firm specializes in private equity and credit investments in European mid-market businesses, focusing on sectors such as Business Services, Industrial Tech, and Healthcare. Triton provides operational expertise and capital to help companies unlock their full potential, partnering with management teams to address challenges and drive growth. Notably, Triton has made significant investments in the healthcare sector, including the acquisition of Clinigen Group in December 2021 for approximately $1.58 billion, which is involved in the distribution of pharmaceuticals. Additionally, they acquired Unident AB in June 2018, a leading distributor of dental consumables and equipment in the Nordic market, further demonstrating their engagement in healthcare distribution. These transactions highlight Triton's commitment to investing in companies that play a role in the pharmaceutical and healthcare distribution landscape.


5. Gilde Healthcare


Gilde Healthcare is a venture capital firm based in Utrecht, Netherlands, specializing in healthcare investments. Founded in 1982, the firm manages over €2.6 billion across two fund strategies: Venture & Growth and Private Equity. Gilde Healthcare invests in innovative healthtech and therapeutics companies, as well as profitable lower mid-market healthcare providers in Europe. Notable transactions include the acquisition of KLIFO, a Danish drug development consultancy, aimed at enhancing its service offerings in the pharmaceutical sector, and EUROPIN, a medtech contract manufacturer specializing in customized pen cannulas and lancet needles, which supports the manufacturing side of pharmaceutical distribution. These investments reflect Gilde's commitment to supporting companies that play a role in the healthcare supply chain, including pharmaceutical distribution.


6. Astorg

  • Website: astorg.com
  • Type: Private Equity
  • Headquarters: Luxembourg
  • Founded year: 1998
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: astorg

Astorg is a private equity firm founded in 1998, based in Luxembourg, specializing in investments in global B2B companies. With €22 billion in assets under management, Astorg focuses on creating long-term value through a disciplined investment process and strong partnerships with entrepreneurs. The firm has made notable acquisitions in the healthcare sector, including CordenPharma, a contract drug development and manufacturing company acquired for $2.6 billion, and Nemera, a French drug-delivery systems manufacturer acquired for €1 billion. These investments highlight Astorg's commitment to the pharmaceutical industry, particularly in areas that support pharmaceutical distribution and delivery systems. Additionally, Astorg has also acquired Cerba Research and the Cook Medical - Reproductive Health Portfolio, further emphasizing their focus on healthcare-related investments.


7. Gimv

  • Website: gimv.com
  • Type: Venture Capital
  • Headquarters: Antwerp, Flanders, Belgium
  • Founded year: 1980
  • Headcount: 51-200
  • Number of deals in 2024: 8
  • LinkedIn: gimv

Gimv is a venture capital investment firm based in Antwerp, Flanders, Belgium, founded in 1980. The firm partners with innovative companies across various sectors, including Consumer, Healthcare, Life Sciences, Smart Industries, and Sustainable Cities. Gimv provides investment management and strategic support to help businesses grow sustainably. Their clientele primarily consists of entrepreneurial companies seeking capital and expertise to navigate market challenges. Notably, Gimv has made significant investments in the healthcare sector, including a 20.87% stake in BioConnection, which focuses on biopharmaceuticals, and a capital injection into Multiplicom, a company developing diagnostic tests. These transactions highlight Gimv's commitment to supporting companies that are integral to the pharmaceutical distribution ecosystem.


8. Fagron

  • Website: fagron.com
  • Type: Corporate
  • Headquarters: Rotterdam, South Holland, Netherlands
  • Founded year: 1990
  • Headcount: 1001-5000
  • Number of deals in 2024: 1
  • LinkedIn: fagron

Fagron is a corporate investor based in Rotterdam, South Holland, Netherlands, founded in 1990. The company specializes in personalized medicine and compounding services, providing customized treatment solutions for healthcare professionals and patients. Fagron focuses on effective medication delivery through innovative products such as Pentravan® and SyrSpend®. In recent years, Fagron has made significant acquisitions to enhance its position in the pharmaceutical distribution sector. Notably, they acquired Letco Medical LLC for $34 million in February 2022, a company that plays a crucial role in pharmaceutical distribution. Additionally, they acquired Curaphar B.V., which specializes in patient-friendly pharmaceutical drug administration, further solidifying their commitment to improving medication delivery. In 2025, Fagron also acquired GUINAMA, although the details of this transaction remain undisclosed. These strategic acquisitions highlight Fagron's active role in the pharmaceutical distribution industry, serving a diverse clientele across multiple countries.


9. Mutares Benelux

  • Website: mutares.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2021
  • Headcount: 51-200
  • Number of deals in 2024: 16
  • LinkedIn: mutares-benelux

Mutares Benelux is a private equity firm based in Amsterdam, Netherlands, founded in 2021. It specializes in acquiring and managing companies in transition, providing operational support and consulting services to enhance profitability and growth across various sectors, including automotive, technology, and retail. Notably, Mutares has made significant strides in the pharmaceutical distribution sector with its acquisition of Alcura France from Alliance Healthcare Group France in December 2024. This acquisition highlights Mutares' strategic focus on enhancing its portfolio in the pharmaceutical distribution industry. Additionally, Mutares has been involved in other acquisitions, such as GDL and Drogerie Natura, which, while not directly related to pharmaceuticals, showcase the firm's active investment strategy and operational expertise in managing diverse companies.


10. Eurofins

  • Website: eurofins.com
  • Type: Corporate
  • Headquarters: Luxembourg
  • Founded year: 1987
  • Headcount: 10001+
  • Number of deals in 2024: 8
  • LinkedIn: eurofins

Eurofins Scientific SE is a prominent laboratory testing company based in Luxembourg, founded in 1987. With a workforce exceeding 10,000 employees and a global presence across 62 countries, Eurofins specializes in a wide range of analytical and testing services, particularly in the pharmaceuticals, food, and environmental sectors. The company has made significant strides in the pharmaceutical industry through strategic acquisitions, such as Eurofins CDMO Alphora, which enhances their capabilities in contract development and manufacturing for pharmaceuticals. Additionally, their acquisition of Biomnis S.A. allows them to expand their specialty diagnostics services, further solidifying their role in the pharmaceutical landscape. Eurofins also acquired ERICo, a leading independent laboratory for environmental testing, which complements their pharmaceutical testing services by ensuring compliance and quality assurance across various products.


11. Brabantse Ontwikkelings Maatschappij (BOM)


Brabantse Ontwikkelings Maatschappij (BOM) is a venture capital firm based in Tilburg, North Brabant, Netherlands, founded in 1983. BOM supports startups and scale-ups in the Brabant region by offering various programs aimed at enhancing business growth, including readiness programs for venture capital and innovation in sustainable food and energy sectors. They collaborate with businesses to provide funding, expertise, and networking opportunities. Notably, BOM participated in a recent funding round for Vivolta, which secured €7 million to enhance its proprietary MediSpinTM platform, indicating BOM's engagement in the pharmaceutical sector. Additionally, BOM has been involved in other transactions, such as investments in Equflow, Smart Robotics, and Mega-Inliner, showcasing their diverse investment portfolio while maintaining a foothold in sectors that can intersect with pharmaceutical distribution.


12. Cobepa

  • Website: cobepa.com
  • Type: Private Equity
  • Headquarters: Brussels, Brussels, Belgium
  • Founded year: 1957
  • Headcount: 11-50
  • Number of deals in 2024: 2
  • LinkedIn: cobepa

Cobepa is a private equity investment company based in Brussels, Belgium, founded in 1957. It specializes in providing investment management and strategic support to enhance the growth and sustainability of its partner businesses. Cobepa operates with a permanent capital base, allowing it to invest across various industries, including healthcare and industrial sectors. Notably, Cobepa acquired Staci, a prominent pan-European third-party logistics provider, in July 2017. This acquisition highlights Cobepa's commitment to the logistics side of the healthcare industry, which is integral to pharmaceutical distribution. Additionally, Cobepa has been involved in other transactions, such as investments in Vegro, Zetes, D'Ieteren, and Optelec, showcasing its diverse investment portfolio.


13. dsm-firmenich

  • Website: dsm-firmenich.com
  • Type: Venture Capital
  • Headquarters: Maastricht, Limburg, Netherlands
  • Headcount: 10001+
  • Number of deals in 2024: 3
  • LinkedIn: dsmfirmenich

dsm-firmenich is a for-profit company based in Maastricht, Limburg, Netherlands, operating primarily in the nutrition, health, and beauty sectors. The company offers a diverse range of products, including fragrances, nutritional supplements, and active pharmaceutical ingredients. As a venture capital investor, dsm-firmenich has participated in several relevant transactions, such as leading a funding round for Panaceutics Nutrition, which raised over $5 million to scale production capabilities and fund research and development activities. They also invested in Hyalex Orthopaedics, which raised $17 million in Series A funding, indicating their interest in health-related innovations. Their involvement in these transactions highlights their role in supporting companies that contribute to the pharmaceutical distribution landscape.


14. Noshaq

  • Website: noshaq.be
  • Type: Venture Capital
  • Headquarters: Belgium
  • Founded year: 1985
  • Headcount: 11-50
  • Number of deals in 2024: 11
  • LinkedIn: noshaq-be

Noshaq is a venture capital investment fund based in Belgium, founded in 1985. The firm specializes in providing financial solutions and strategic support to small and medium-sized enterprises (SMEs) in the province of Liege, with a focus on sectors such as biotech and sustainable development. Noshaq aims to foster growth and innovation by actively engaging with its clients and offering tailored financial assistance. Notable transactions include investments in Graftys, a company that raised significant funding in both 2019 and 2022, and Intressa Vascular, a clinical-stage MedTech company that secured €18 million in financing, with Noshaq as part of the investment syndicate. Additionally, they led a Series A financing round for Samabriva, a biotechnology company transitioning into a fully-fledged Contract Development and Manufacturing Organization (CDMO). These transactions highlight Noshaq's commitment to supporting companies that are integral to the healthcare and pharmaceutical sectors.


15. Exor N.V.

  • Website: exor.com
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 2009
  • Headcount: 11-50
  • Number of deals in 2024: 26
  • LinkedIn: exor_2

Exor N.V. is a diversified holding company based in Amsterdam, Netherlands, founded in 2009. It operates across various sectors, including automotive, healthcare, and media, and manages a diverse portfolio of companies such as Ferrari, Stellantis, and Philips. Exor focuses on enhancing value through strategic investments and operational support. Notably, Exor has participated in significant transactions within the healthcare sector, including a seed financing round for CorVent Medical, which raised $4.5 million to develop lifesaving devices for respiratory insufficiency. Additionally, Exor has invested in Philips, which has raised substantial funds through post-IPO equity rounds, indicating a strong presence in the healthcare market. These transactions highlight Exor's commitment to supporting innovation in healthcare, making it a relevant investor in the pharmaceutical distribution industry.


16. NPM Capital

  • Website: npm-capital.com
  • Type: Private Equity
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1948
  • Headcount: 11-50
  • Number of deals in 2024: 1
  • LinkedIn: npm-capital

NPM Capital is a private equity investment firm based in Amsterdam, Netherlands, founded in 1948. The firm specializes in supporting medium-sized and large companies, particularly family-owned enterprises in the Benelux region. NPM Capital provides capital and strategic advisory services to help these businesses achieve growth and sustainability. The firm operates across various sectors, including technology and education, emphasizing long-term partnerships with its portfolio companies. Notably, NPM Capital acquired Medux in 2006, a company involved in healthcare, which includes pharmaceutical distribution. This acquisition highlights NPM Capital's engagement in the healthcare sector, although their other transactions, such as the acquisitions of Harting-Bank and Kramp Groep, do not directly relate to pharmaceutical distribution. Overall, while NPM Capital has a diverse investment portfolio, its involvement in healthcare through Medux suggests a potential interest in pharmaceutical distribution.


17. Holland Capital

  • Website: hollandcapital.nl
  • Type: Venture Capital
  • Headquarters: Amsterdam, North Holland, Netherlands
  • Founded year: 1981
  • Headcount: 11-50
  • Number of deals in 2024: 3
  • LinkedIn: holland-venture

Holland Capital is a venture capital and private equity firm based in Amsterdam, Netherlands, founded in 1981. The firm specializes in providing growth financing and buy-out capital to small and medium-sized enterprises across various sectors, including technology, healthcare, and agrifood. With over 40 years of experience, Holland Capital actively supports its portfolio companies to achieve optimal growth. Notably, they have made significant investments in the healthcare sector, including the acquisition of Lopital, a company recognized for its medical equipment and healthcare solutions, which enhances their presence in the healthcare market. Additionally, their investment in U-Needle, which raised EUR 4.9 million to scale production and expand commercial activities globally, further emphasizes their commitment to healthcare-related ventures. Other transactions include investments in Ventinova and Humeca, which also align with their focus on healthcare solutions.



Pharmaceutical Distribution Insights: Key Investors in Benelux


InvestorHeadquarterSizeFoundedDeals 2024
AzelisAntwerp, Flanders, Belgium1001-500020015
CvcLuxembourg1001-5000200516
European Investment Bank (EIB)Luxembourg1001-5000195899
Triton PartnersLuxembourg201-50019976
Gilde HealthcareUtrecht, Utrecht, Netherlands51-200198212
AstorgLuxembourg51-20019988
GimvAntwerp, Flanders, Belgium51-20019808
FagronRotterdam, South Holland, Netherlands1001-500019901
Mutares BeneluxAmsterdam, North Holland, Netherlands51-200202116
EurofinsLuxembourg10001+19878
Brabantse Ontwikkelings Maatschappij (BOM)Tilburg, North Brabant, Netherlands51-200198310
CobepaBrussels, Brussels, Belgium11-5019572
dsm-firmenichMaastricht, Limburg, Netherlands10001+3
NoshaqBelgium11-50198511
Exor N.V.Amsterdam, North Holland, Netherlands11-50200926
NPM CapitalAmsterdam, North Holland, Netherlands11-5019481
Holland CapitalAmsterdam, North Holland, Netherlands11-5019813


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