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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.

20+

Years MedTech Commercial Leadership

€500M+

Cumulative P&L Scope Across Leadership Roles

30+

European Markets Worked Across or Supported

100+

Transactions Supported

8.2x-8.8x

EBITDA Exit Multiples

95%

Customer Retention Through M&A Transitions

Board Member, Multiple MedTech Companies
20+ Years MedTech Leadership
DACH, Nordics, Benelux, UK
SSE MBA, Computer Engineering

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

MolnlyckeStrykerBDMediq

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

01

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

02

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

03

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

04

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

05

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

06

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.

01

Market Attractiveness

Is the market growing or consolidating? What is the actual TAM, and who controls channel access?

↓
02

Commercial Reality

Does the revenue actually work at the customer level? What are real pricing dynamics, customer concentration, and competitive threats?

↓
03

Growth Potential

Where is the hidden value? Pricing lift, geographic expansion, product portfolio optimization, or channel transformation.

↓
04

Execution Risk

What could break post-acquisition? Regulatory shifts, distributor churn, pricing compression, or sales force effectiveness.

↓
05

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.

N

Our Methodology

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The BHAG Compass

Five phases that cover the full lifecycle of MedTech commercial growth, from finding targets to leading organizations.

Phase 1

Find

Target screening, market mapping, competitive intelligence

Phase 2

Evaluate

Commercial DD, vendor DD, AI & digital DD, regulatory assessment

Phase 3

Enter

Market entry strategy, geographic expansion, channel architecture

Phase 4

Grow

Value creation, Buy & Build, exit readiness, portfolio optimization

Phase 5

Lead

Interim executive, advisory board, expert network

Shahram Khorsand, Founder & Managing Director of BHAG Consulting

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)

Read full bio →

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.

I

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.

C

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.

V

VP Commercial

Surgical Device Company

Sectors We Cover

Focused expertise across MedTech verticals.

01

Surgical Instruments & Consumables

02

Wound Care & Advanced Therapies

03

Orthopedics & Implants

04

Diagnostics & IVD

05

Digital Health & SaMD

06

Medical Distribution & Channel

07

Patient Monitoring & IoT

08

Dental & Ophthalmology

Insights

Perspectives on MedTech commercial strategy, M&A, and market dynamics.

Market Entry

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 →
Regulatory

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 →
M&A

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