MVZ Consolidation
in DACH's largest wave.
The MVZ consolidation wave 2026-2028 is Germany's largest mid-market healthcare M&A wave. PE investors and strategic buyers scan the market for roll-up targets. Sector multiples vary widely (5-13x EBITDA). We bring sector depth, §34d license and our internal transaction database (Q2 2026 vintage) to every mandate.
Three drivers of the MVZ wave 2026-2028
Succession pressure × PE structuring
65% of MVZ doctors in DACH >55 years, KV-seat inheritance regulatorily limited. PE roll-up models offer liquidity event for owner-doctors. Result: 280-340 MVZ transactions DACH expected in 2026, vs 195 in 2024.
PEPP reform risk
G-BA decisions Q1-Q2 2026 change OPS code valuation. AMNOG procedure changes affect oncology + specialty EBITDA. Naive multiple application without PEPP reform adjustment leads to 12-22% overvaluation.
KV-seat value varies 8-260 k€
Region (metro vs rural), specialty (eye vs general), and personal vs employed seat differentiate value by factor 30x. Carve-out and roll-up strategies impossible without KV-seat valuation depth.
Sector multiples Q2 2026 (internal - semi-annual refresh)
AME transaction DB - 73 MVZ mandates supported since 2020 - cross-check KPMG/PwC/EY healthcare M&A reports
Data as of Q2 2026 - AME transaction DB + KPMG Healthcare M&A Report 2025
MVZ Valuation Calculator
Indicative valuation in 90 seconds
4-phase methodology for MVZ mandates
Diagnosis (2-3 weeks)
Sector classification - EBITDA normalization - KV-seat audit - PEPP risk screen - operational set-up - growth potential.
Valuation (3-4 weeks)
Q-fresh multiples range - DCF cross-check - synergy quantification - PEPP reform adjustment - risk stress test - multi-scenario.
Marketing (sell-side) / target search (buy-side) (8-14 weeks)
Long/short list - teaser - NDA wave - IM - Q&A cycle - bid letter - bidder selection. Buy-side: reverse approach + cold hunting.
Negotiation + closing (6-10 weeks)
Term sheet - LOI - DD coordination - SPA negotiation - KV approval - closing - earn-out structures - integration kickoff.
Relevant tools for MVZ mandates
MVZ Valuation Calculator
Indicative MVZ valuation in 90s with Q2 2026 multiples + KV-seat adjustment
Synergy Calculator
Roll-up synergy quantification - cost/revenue/multiple synergies separated
Cashflow Calculator
MVZ-specific 7-year cash flow with PEPP reform adjustment path
Wealth Fit Check
Post-sale structuring for owner-doctors--§34d family-office connection
Healthcare-Mint × other AME clusters
MVZ mandates cross multiple sector logics. We connect:
Sell-side and buy-side process - multi-sector roll-up - PEPP reform adjustment in DD
Post-sale structuring for owner-doctors--§34d license for family-office connection
MVZ site structuring - owner sale vs site sale - sale-and-lease-back
CSRD obligation for MVZ groups >250 employees - DMA workshop - reporting setup
What role are you?
MVZ strategy varies by stakeholder position:
MVZ Leadership / GM
Operational + strategic consolidation - roll-up vs sell - KV-seat management
Hospital CFO with MVZ subsidiaries
MVZ carve-out - refinancing strategy - group tax optimization
M&A Advisor (referrer)
Co-mandate structures - buy sector depth - KV-seat valuation support
Private Equity / Family Office
Roll-up strategy - sector multiples - DD depth - post-merger integration
Common questions about MVZ mandates
Why AME STRATICON for MVZ M&A?
§34d GewO license
Marlies Machens as licensed insurance + financial investment broker - cross-selling wealth structuring for owner-doctors
73 MVZ mandates since 2020
One of the largest transaction DBs in DACH - sector multiples semi-annual refresh - KV-seat valuation model per district
Bertram + Marlies tandem
Bertram Engelhardt 20+ years healthcare M&A - Marlies Machens sector strategy + §34d - dual lead for mandates
PEPP reform integration
Active monitoring G-BA decisions - OPS code watch - AMNOG procedure updates - valuation adjustment models per sector
Discuss MVZ Sell-Side or Buy-Side
30 minutes with Bertram Engelhardt (M&A lead) or Marlies Machens (sector strategy). Free pre-valuation via MVZ Valuation Calculator.
Discuss MVZ Sell-Side or Buy-Side
Gemeinsam Ihr Portfolio in einem strukturierten Gespräch sondieren.
60 Minuten unter NDA. Wir schauen auf bis zu 3 Assets und nennen Ihnen die strategischen Optionen - kostenfrei und ohne Folgepflicht. Refinanzierungs-tauglich.