Houlihan Lokey Advises Adelis Equity Partners on the Sale of Europa Biosite

Houlihan Lokey is pleased to announce that Europa Biosite, a portfolio company of Adelis Equity Partners (Adelis), has agreed to be acquired by EQT Healthcare Growth (EQT). The transaction was signed on 28 June 2025, pending regulatory approvals and other customary closing conditions.

Europa Biosite is a specialist distributor of life science research reagents. Carrying a portfolio of more than 10 million SKUs, it supports thousands of researchers across Europe and North America in reaching their research objectives. The company has 180 employees covering 17 countries, the majority of whom are scientifically trained and therefore able to provide expert technical support to customers. Under Adelis’ ownership, the company has completed five acquisitions—creating a truly pan-European commercial footprint and adding further innovative products to the portfolio.

Adelis Equity Partners is a growth partner for well-positioned companies in the Nordics and DACH region. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle market, making 47 platform investments and more than 270 add-on acquisitions. Adelis today manages approximately €4.25 billion in capital.

Following the acquisition by Adelis in 2021, Europa Biosite has executed a successful international buy-and-build strategy, acquiring five companies in four years. By doing so, the company has established a position as a leading specialist distributor in its field—offering innovative products to thousands of life science researchers across the continent. In parallel, significant investments have been made into digital tools and marketing that enable a differentiated supplier value proposition and fuel new supplier acquisition and organic growth.

“We are very proud of the part we have played in building a unique European business that supports researchers in reaching their goals—ultimately helping understand and cure disease. On behalf of Adelis, we would like to thank management and all employees, as well as our minority partners and board colleagues, for their strong efforts these past years,” said Rasmus Molander, Co-Managing Partner, and Lene Stern, Partner, at Adelis.

EQT Healthcare Growth seeks to scale healthcare companies by building commercial muscle and expanding reach, building on EQT’s three-decade track record in the healthcare sector. Europa Biosite will draw on this experience to expand its own brand offering in biospecimens, continue its acquisition strategy to strengthen local market presence and expand to new geographies, and invest in new digital infrastructure. The company is also set to benefit from EQT’s track record in specialised distribution, including Azelis, Beijer Ref, and OEM International, as well as EQT’s industrial advisor network, with veteran EQT advisor Kate Swann set to join Europa Biosite’s board.

Houlihan Lokey served as the exclusive sellside advisor to the shareholders of Europa Biosite throughout the transaction.

RELATED: Healthcare, Distribution, Mergers & Acquisitions