5 questions with Mark Mattern: M&A, growth, and the economics of simplifying healthcare

We sat down with Mark Mattern , Chief Financial Officer of Mediq, to discuss how the company creates long‑term value in a highly fragmented healthcare market — and how its financial model supports more affordable, sustainable healthcare across Europe. 

Mediq has grown significantly through M&A. What’s the strategy behind your acquisition approach?

We’re highly selective. Our M&A strategy isn’t about scale for scale’s sake — it’s about strengthening our platform in areas where we can genuinely add value for customers, suppliers and healthcare systems.

The European medical supply market is highly fragmented, with a long tail of local and regional operators alongside a small number of scaled players. Many of these local businesses have strong customer relationships, but they often lack the scale to invest in areas like digital infrastructure, logistics optimisation or broader sourcing capabilities. That’s where Mediq can play a role.

When we acquire a business, we’re not just adding revenue. We’re integrating their customer relationships into our platform, giving customers access to a broader assortment, digital ordering tools and a more resilient supply chain. At the same time, we can run operations more efficiently by leveraging shared infrastructure in logistics, IT, sourcing and back-office functions.

What makes an acquisition attractive in Mediq’s model?

For us, value creation comes from how well a business fits into our existing platform.

We focus primarily on opportunities in our current markets, categories and channels — areas where we already have strong infrastructure and deep customer understanding. That allows us to integrate businesses effectively and improve performance over time.

Value is created through several levers working together: improved procurement conditions through scale, more efficient operations by integrating into our logistics and digital backbone, and a broader, more competitive product mix. Importantly, this isn’t about cost cutting for its own sake. It’s about removing inefficiencies in the supply chain so we can deliver better outcomes for customers and patients.

M&A is one growth lever. What are the others?

M&A is an important accelerator, but it’s only one part of the story. Our core business continues to offer significant growth opportunities.

One driver is deeper customer relationships. Healthcare providers are increasingly looking to simplify procurement by working with fewer, more capable partners. When customers consolidate more of their spend with Mediq, we can serve them more efficiently without adding proportional complexity.

Another key lever is Own Brand. Besides our strong portfolio of established OEM brand products, our Own Brand portfolio offers clinically equivalent, cost-effective alternatives that help customers manage affordability pressures without compromising quality. As customers gain confidence in these products, they often expand their use across categories, which benefits both their cost base and the sustainability of the healthcare system.

Digital adoption is the third lever. Tools like digital ordering, integrated invoicing and stock visibility reduce administrative burden and improve reliability. The more embedded these tools become in day-to-day operations, the stronger and more resilient the customer relationship becomes.

How do you balance growth investment with profitability?

We don’t see growth and profitability as a trade-off. Our model is designed so that efficiency gains and margin improvements can be reinvested back into the platform.

When we operate more efficiently — through better sourcing, logistics or product mix — we reinvest in capabilities like supply resilience, digital tools and portfolio development. Those investments make us more competitive, which strengthens customer relationships and supports further growth.

That said, discipline is essential. Every investment has to meet clear return criteria. We’re focused on building a business that compounds over time, where reinvestment consistently strengthens both our financial performance and our value proposition. This applies to resources and capex as well as M&A investments.

What does this financial model mean for the healthcare systems you serve?

Ultimately, it’s about sustainability. Healthcare systems across Europe are under pressure to deliver high-quality care with limited resources. They need partners who can invest for the long term — in supply reliability, affordability and operational efficiency.

Our profitability is not created at the expense of customers. It comes from growth, portfolio management, and eliminating inefficiencies in the supply chain — inefficiencies that would otherwise show up as higher costs, complexity or supply disruptions for healthcare providers.

When Mediq grows, customers benefit from simpler procurement, more reliable supply and better value. When we improve efficiency, we reinvest in capabilities that make us a stronger partner. And when we make acquisitions, we’re strengthening infrastructure that supports healthcare delivery over the long term.

In that sense, our financial performance and our mission are aligned: simplifying healthcare creates value for patients, customers, suppliers, healthcare systems and our investors.