PK Consumer Health Expands European VMS Footprint with HealthAid Acquisition — Avista Healthcare Partners, L.P.

Event summary

PK Consumer Health acquires HealthAid Limited and HealthAid America Inc., a leading UK-based VMS supplier to independent pharmacies.
The deal marks PK's second add-on acquisition since Avista Healthcare Partners and Damier Group invested in November 2025.
HealthAid operates in over 50 countries with long-standing distributor relationships, enhancing PK’s European retail-first VMS strategy.
PK aims to reach EUR 200m in revenue with double-digit organic growth, targeting EUR 100m EBITDA.

The big picture

PK Consumer Health is rapidly consolidating the European VMS market, leveraging private equity backing from Avista and Damier Group. The acquisition of HealthAid strengthens its retail-first strategy, but success will depend on seamless integration and sustained organic growth. With over EUR 200m in revenue and double-digit growth, PK is positioning itself as a key player in the fragmented VMS space.

What we're watching

Integration Challenges: How PK will integrate HealthAid’s operations and distributor networks into its existing platform.
M&A Strategy: Whether PK can sustain its aggressive European acquisition pace to meet its EUR 100m EBITDA ambition.
Market Positioning: The impact of HealthAid’s addition on PK’s ability to compete against larger VMS players in Europe.