Operator-Led. PE-Focused.
Helping MedTech Investors Separate Revenue Reality from Revenue Assumptions
We tell you where your revenue assumptions break, and where hidden upside exists. 20+ years running commercial operations. We evaluate commercial reality, not PowerPoint. Embedded advisory for acquisitions, market entry, and value creation across EMEA.
€500M+ P&L managed • 30+ European markets • 8.2x-8.8x exit multiples
By the Numbers
Real outcomes from the founder's 20+ years of direct operating experience in MedTech across EMEA.
Years MedTech Commercial Leadership
Cumulative P&L Scope Across Leadership Roles
European Markets Worked Across or Supported
Transactions Supported
EBITDA Exit Multiples
Customer Retention Through M&A Transitions
EUR210M
Largest Single P&L Led
27%
Revenue Growth Delivered (Nordics & Benelux, 2023-2025)
19%
Market Share Expansion (Post-Merger)
EUR130M
Largest Acquisition Commercially Integrated
Active across DACH, Nordics, Benelux, and UK
Company names reflect the founder's prior executive leadership roles, not client relationships.
Why BHAG
We're different from Big 3 consulting firms and generalist advisors. Here's why MedTech companies and PE funds choose BHAG.
Hands-On Leadership
Founder with 20+ years managing P&Ls, leading acquisition integrations, and scaling commercial teams across Europe. We don't sit on the sidelines. When you work with BHAG, you work with someone who's actually done the work, not a junior associate.
No Hidden Agendas
We're not here to sell you services you don't need. If something won't move the needle, we tell you. Our success is measured by your success. That's how the incentives line up.
PE-Backed Perspective
We understand deal value creation because we've lived it. Our founder has sat on both sides of M&A. We know what PE investors look for, how to identify margin opportunities, and what separates a good acquisition from a great one.
MedTech Only
We're not generalist advisors. 20+ years in MedTech means no learning curve on healthcare dynamics, reimbursement, or distribution. We bring specialized partners when needed, but we're always the ones who know your industry.
Embedded Advisory
We don't drop off a report and disappear. During critical phases, we work alongside your team. You get real execution support from people who've actually done the work.
Proven Track Record
EUR 64M+ in value identified and captured. Exits with 8.2x-8.8x EBITDA multiples. 95% customer retention through M&A transitions. These aren't theoretical. They're real results from our founder's direct experience.
The BHAG Commercial Value Framework
How we evaluate whether a deal creates value or destroys it.
Market Attractiveness
Is the market growing or consolidating? What is the actual TAM, and who controls channel access?
Commercial Reality
Does the revenue actually work at the customer level? What are real pricing dynamics, customer concentration, and competitive threats?
Growth Potential
Where is the hidden value? Pricing lift, geographic expansion, product portfolio optimization, or channel transformation.
Execution Risk
What could break post-acquisition? Regulatory shifts, distributor churn, pricing compression, or sales force effectiveness.
Value Creation Roadmap
What needs to happen to move the multiple? Specific initiatives, timelines, and accountability for commercial outcomes.
This framework is proprietary to BHAG. It's how we move beyond financial audits and PowerPoint assumptions to evaluate the commercial reality that determines deal success or failure.
What We Do
Specialized advisory for medical device companies, PE/VC investors, and healthcare innovators.
Commercial Strategy & Go-to-Market Advisory
Market entry and growth strategies built on operator experience, not just analysis.
FindAcquisition Target Screening
Build a tight target pipeline. Spend less time chasing bad fits.
EvaluateM&A Commercial Due Diligence
Understand whether the deal actually creates value post-acquisition.
EvaluateVendor Due Diligence
Get ahead of buyer scrutiny. Control the narrative on your commercial strengths.
GrowBuy & Build Strategy
Commercial integration of bolt-ons. Overlapping products and channels destroy value fast.
GrowExit Readiness & Value Creation
Start preparing 12-18 months before exit. Find and fix weaknesses before buyers do.
Our Methodology
The BHAG Compass
Five phases that cover the full lifecycle of MedTech commercial growth, from finding targets to leading organizations.
Find
Target screening, market mapping, competitive intelligence
Evaluate
Commercial DD, vendor DD, AI & digital DD, regulatory assessment
Enter
Market entry strategy, geographic expansion, channel architecture
Grow
Value creation, Buy & Build, exit readiness, portfolio optimization
Lead
Interim executive, advisory board, expert network

About the Founder
Shahram Khorsand
Founder & Managing Director
20+ years of MedTech commercial leadership across EMEA. Executive MBA from the Stockholm School of Economics. Board member of Swedish Medtech. Helping medical device companies and investors scale across Europe.
Education
Executive MBA, Stockholm School of Economics (2012-2014)
BSc Computer Science, University of Karlstad (1993-1996)
Board positions
Board member, Swedish Medtech (2025 - 2026)
Board member & M&A advisor, London (2024)
Selected Transactions & Engagements
Anonymized examples across MedTech verticals, from BHAG engagements and the founder's prior executive roles.
Nordic Market Entry for Surgical Device Company
27% revenue growth
Surgical
Commercial Due Diligence for PE Fund
EUR 15M upside identified
Wound Care
Interim Country Manager, MedTech Distributor
EUR 130M+ integration led
Distribution
EMEA Launch Strategy for IoT Medical Device
3-market launch plan
Digital Health
Post-Merger Commercial Integration
19% market share expansion
Multi-segment
What Clients Say
Shahram brought exactly the operator perspective we needed during our MedTech CDD. He asked the questions our strategy consultants missed, because he had actually run these types of businesses himself.
Investment Director
Nordic PE Fund
We brought BHAG in as interim country manager during a tough integration. Shahram stabilized the team, kept our key accounts, and left behind a stronger organization than he found. You do not see that often in interim roles.
CEO
European MedTech Distributor
The market entry strategy BHAG delivered for our Nordic expansion was practical and specific. No generic frameworks. Actionable plans built on real knowledge of how Nordic healthcare procurement works.
VP Commercial
Surgical Device Company
Sectors We Cover
Focused expertise across MedTech verticals.
Surgical Instruments & Consumables
Wound Care & Advanced Therapies
Orthopedics & Implants
Diagnostics & IVD
Digital Health & SaMD
Medical Distribution & Channel
Patient Monitoring & IoT
Dental & Ophthalmology
Insights
Perspectives on MedTech commercial strategy, M&A, and market dynamics.
5 Mistakes MedTech Companies Make Entering the Nordic Market
The Nordics look deceptively simple. Similar languages, high GDP, universal healthcare. But the commercial reality is more complex than most MedTech companies expect.
Read article →MDR is Reshaping European MedTech Distribution. Here is How.
The European Medical Device Regulation is not just a compliance exercise. It is fundamentally changing which products reach the market and through which channels.
Read article →Why Your MedTech PE Deal Needs Commercial Due Diligence
Financial models tell you what happened. Commercial due diligence tells you whether it will continue. For MedTech acquisitions, the difference is material.
Read article →Ready to scale your MedTech business across EMEA?
Whether you need a go-to-market strategy, commercial due diligence, or interim leadership, we are here to help.
Get in Touch