MHA supports Initiate Consultancy in securing investment for next phase of growth
December 23rd 2025
A specialist UK consultancy that works with clients across the global pharmaceutical, medical device and diagnostic sectors has secured new equity investment to facilitate a management buyout and support its next phase of expansion.
Initiate Consultancy (Initiate) has secured investment from Queen’s Park Equity (QPE) that will empower the leadership team to deepen global market access capabilities, scale service delivery and pursue complementary acquisitions.
Initiate, which has offices in Northampton, London, and Zug in Switzerland, is a global leader in Market Access and Health Economics and Outcomes Research (HEOR) consultancy services. Its services include HTA strategy and submissions, cost-effectiveness and budget-impact modelling, evidence synthesis, payer research, and value communication – delivering data-driven access solutions across more than 50 countries, with a strong focus on oncology and rare diseases.
MHA’s Corporate Finance team acted as lead adviser to Initiate’s shareholders. The investment from QPE represents the culmination of a process which garnered competing interest from potential partners in the UK, US, and Europe.
Andrew Mumford, CEO of Initiate, commented: “Partnering with QPE represents a pivotal moment for Initiate. Their deep sector expertise and operational support will enable us to further elevate our service offering and continue to expand our global footprint. Together, we are well positioned to deliver even more impactful access solutions for our clients.”
He continued: “When we made the decision to seek investment, we approached the team at MHA, and their deep understanding and knowledge of our sector immediately stood out. From the very beginning, James and his team provided exceptional support and guidance, helping us navigate what can be a complex and challenging process with clarity and confidence.
“The MHA team took the time to understand our goals as founders and worked closely with us to ensure we were fully informed at every stage, enabling us to make the right decisions along the way. Their proactive approach, responsiveness, and ability to anticipate potential challenges gave us complete reassurance throughout the journey.
“We genuinely felt that MHA were not just advisors but trusted partners who had our best interests at heart. Thanks to their expertise and commitment, we achieved an outcome that positions our business strongly for the future. We would highly recommend James and the MHA team to any business considering investment or strategic change – they are outstanding.”
"Initiate leverages deep expertise in global payer regimes to help pharma and biotech clients demonstrate effectiveness and deliver groundbreaking therapies to patients who need them most. This partnership empowers Initiate’s exceptional leadership team to uphold its people-first culture while advancing its ambition to broaden service offerings and accelerate global expansion"
Mark Crowley, Investing at QPE, added: “Initiate Consultancy exemplifies everything we seek in an entrepreneur-led company: deep domain expertise, a clear value-creation strategy, and a client-first mindset. We firmly believe that as the demand for robust market access and evidence services grows, Initiate is well-positioned to become a market leader. We are excited to support Andrew and the team on their next phase of accelerated growth.”
The QPE investment, which represents the first from QPE’s £305m Fund II raised earlier in 2025, will be used to help Initiate extend its global reach and broaden its service offering while preserving its autonomy, values, and commitment to quality. Growth will be both organic and through making carefully selected acquisitions.
Founded in 2019 to simplify access and demonstrate value across multiple geographies, Initiate has delivered over 130 HTA submissions, achieving a 98 per cent success rate and supporting 80 plus global clients.
The shareholders of Initiate were advised by Freeths LLP (legal) and MHA (corporate finance and tax advisory).
