Columna Capital has acquired a majority stake in Evidenze Group, a Spain‑based full‑service CRO, from Buenavista Equity Partners. The UK‑based pan‑European lower mid‑market investor is partnering with Evidenze co‑founders Pedro Hernández and Albert Gallart, who retain a significant minority interest. Sources familiar with the deal indicate an enterprise value above €100m.
The investment aligns with Columna’s strategy of backing founder‑led companies positioned for pan‑European expansion in resilient, high‑growth sectors. The European CRO market -estimated at €8bn and growing around 5% annually – is benefiting from strong underlying drivers. As Columna partner Michael Tose put it, “This sector presents clear long‑term tailwinds that will allow it to develop in the next five years, including growing pharma outsourcing, biotech expansion, and increasing demand for data and digital capabilities.”
Evidenze was formed in 2020 through the integration of four pharma‑services businesses with Buenavista’s support. It now operates as a single diversified platform across Spain, Germany, Italy and Portugal, with three core business lines: Clinical Research Services (68% of revenue), Scientific Services (27%), and Digital Health (5%). The company generated €40m in net revenue in 2025, serves more than 270 clients, and employs around 400 professionals. Since formation, it has completed six acquisitions and built a partner network across 11 additional European markets.
“We back businesses with the potential to become European leaders, and Evidenze has all the ingredients for that,” said Tose.
Columna plans to accelerate Evidenze’s growth through both organic expansion and further M&A, leveraging the management team’s strong integration track record. Managing director Jaime Bachs Lobo described the deal as “a significant milestone for Columna in Spain and a reinforcement of our healthcare franchise in the region.”
Tose added that “Evidenze’s differentiated competitive positioning, strong client focus, deep technological and data capabilities – as well as strong organic growth, profitability and proven M&A capabilities – put the company on track to become the pharma services leader in Europe.”
Buenavista’s Enrique Centelles expressed pride in the firm’s work with Evidenze over the years and believes the company is well positioned for its next phase of growth, noting that “Evidenze has become a benchmark in the pharmaceutical sector… We are confident that, in this new phase alongside Columna, the company will continue its successful trajectory.”
Financial terms were not disclosed. Columna was advised by Pérez‑Llorca, Marlborough Partners, Deloitte, Candesic, Dr Rainel Sánchez de la Rosa, Dechert and PwC, with debt financing from Capza. Evidenze and its shareholders were advised by Evercore, KPMG, LEK and DLA.
