- Buenavista has acquired 71% of the company’s share capital through its funds Buenavista Buyout Innvierte III España and BV Healthcare Growth Innvierte I. The transaction combines the purchase of existing shares with a capital increase, which will provide funding for the group’s expansion
- Founded by Dr Ghassan Elgeadi Saleh, a leading figure in minimally invasive and endoscopic spinal surgery, Tiryaq reports annual revenues of €13 million and performs over 5,000 surgical procedures each year
- The transaction further strengthens Buenavista’s track record in the healthcare sector, where it has supported projects such as Eugin, now the second largest fertility group in Spain
Madrid, October 15th. Buenavista Equity Partners (“Buenavista”), a private equity group specialising in the Spanish low/mid-market segment, has closed an agreement to acquire a 71.2% stake in Tiryaq Medical Group (“Tiryaq”), a Madrid-based healthcare company specialising in trauma care, minimally invasive surgery, cell therapy, spinal disorders and sports rehabilitation. The investment is being made through the Buenavista Buyout Innvierte III España and BV Healthcare Growth Innvierte I funds.
Tiryaq was founded and is led by Ghassan Elgeadi Saleh, MD, an orthopaedic surgeon who is a pioneer in minimally invasive techniques, endoscopic spinal surgery and stem cell therapy. Dr Elgeadi will remain at the helm of the group.
The group operates two owned clinics in Madrid and manages trauma units in more than ten leading hospitals and private medical centres across Madrid, Barcelona and Málaga. This model enables Tiryaq to cover the entire care pathway, from consultations and emergency care to surgery and rehabilitation. In 2025, the group handled over 230,000 patient contacts, including consultations, emergency cases and surgical procedures. Tiryaq generates annual revenues of €13 million and carries out over 5,000 surgical procedures each year.
A strategy for both organic and inorganic growth
Buenavista will provide capital, operational expertise and execution capabilities to drive Tiryaq’s growth. The expansion plan includes extending the care network, bringing in new specialists and services, and expanding into other regions of Spain, both organically and through complementary acquisitions in what remains a highly fragmented market.
As stated by Jorge Juliani Aznar, Partner at Buenavista Equity Partners: “Tiryaq embodies exactly what we’re pursuing in a company: a first-class medical team led by an internationally recognised expert, a distinctive clinical offering in trauma and regenerative medicine, and demonstrates solid, sustainable growth. Our experience in the healthcare sector enables us to support Dr Elgeadi in the next phase of his journey: expanding his model to reach more patients and building a leading group in Spain.”
Dr Ghassan Elgeadi Saleh, founder of Tiryaq Medical Group, commented: “Buenavista’s involvement will allow us to continue investing in technology and talent, and to bring our care model to more patients and new cities, while maintaining the clinical excellence that has defined us from the beginning.”
Buenavista’s track record in the healthcare sector
Healthcare is one of Buenavista’s core strategic sectors. In 2023, the firm acquired the European and Latin American operations of Eugin, an assisted reproduction company which, following the addition of Instituto Bernabeu, has become the second largest fertility group in Spain, with 45 clinics across nine countries and combined revenue of over €145 million. In addition, in 2020 Buenavista established Evidenze, a service platform for the healthcare industry centred around Dynamic Science, which specialises in clinical research and medical training.
The transaction comes in the context of continued growth in Spain’s private healthcare sector. According to the 2026 Private Healthcare Sector Observatory by the IDIS Foundation, private healthcare expenditure reached over €37 billion, accounting for 26.8% of total healthcare spending, and the number of insured individuals rose to 12.8 million. Private healthcare providers now perform around 42% of all surgical procedures in Spain.
Driving growth and consolidation in the sector
Buenavista Buyout Innvierte III España invests in majority stakes in Spanish companies with significant growth potential, opportunities for international expansion, and the capacity to lead consolidation within their sectors through a buy-and-build strategy. Tiryaq is the fund’s third investment. BV Healthcare Growth Innvierte I is Buenavista’s dedicated vehicle for investing in growth-stage healthcare companies.
Transaction advisors
Buenavista: Forvis Mazars (financial due diligence, ESG), Baker McKenzie (legal and employment), EY (tax), and AON (insurance).
Tiryaq: You are Capital (financial), Montero Aramburu & GVA (legal) and Grupo Aliaga (tax).
About Tiryaq Medical Group
Tiryaq Medical Group, founded by Dr Ghassan Elgeadi Saleh, is a Madrid-based healthcare group specialising in trauma care, minimally invasive surgery, spinal disorders, cell therapy and sports rehabilitation.
About Buenavista Equity Partners (www.buenavistaequity.com)
Buenavista Equity Partners is an independent investment management firm founded in 1996, operating in the mid-market segment. It currently manages €1.3 billion through a range of private equity, infrastructure and venture capital vehicles.
