NFA Fondsen

What NFA Fondsen does

NFA Fondsen (Nederlands Farmaceutisch Apothekersfonds) is a Dutch specialty fund manager and pharmacy-succession platform founded in 2017 and headquartered in Zeist, Netherlands. NFA acquires community pharmacies at market prices through multiple cooperative fund vehicles (NFA Fund I, II, III, and De Schakel III Coöperatief U.A.), then transfers operational ownership to entrepreneur-pharmacists under a structured co-investment arrangement that typically reaches 100% pharmacist ownership within 5–7 years. In April 2026 the firm added a second 17-year generational-handover model. The platform serves three counterparties simultaneously: retiring pharmacy owners seeking fair-market exits to independent successors, young pharmacists seeking a path to independent ownership without full capital outlay, and private investors/family offices subscribing to the cooperative funds for healthcare-correlated yield.

The operational stack comprises the investment funds (NFA Management B.V., SFDR-regulated as an alternative investment fund manager), ANFA (a wholly-owned administrative services entity providing bookkeeping, VAT filings, debtor/creditor management, and payment proposals for affiliated pharmacies), Beheer bij NFA (property and operational management in partnership with Domica Vastgoedmanagement), and the NFA Ondernemersprogramma (coaching and personal development delivered with DNFS, including MBTI-based training). There is no proprietary technology platform; instead, the value proposition is built on regulatory compliance, deal-structuring expertise (developed through 30+ completed pharmacy transitions), and a curated ecosystem of partner coaches, professional advisors (BDO, Eldermans|Geerts), and the pharmacy association VJA.

Monetization combines recurring fund management fees and carried return on cooperative fund vehicles, transaction/structuring fees on each pharmacy acquisition and exit, and professional services revenue from ANFA. Distribution is purely direct and relationship-driven across the Netherlands, with no digital self-serve channels. On 30 September 2025, NFA was acquired by Mosadex — a major Dutch pharmaceutical wholesale and services group with ~1,800 employees and ~€1.7 billion historical revenue — bringing the platform access to greater distribution, capital, and credibility, while preserving the NFA team and member-service commitments during phased integration.

Name

NFA Fondsen

Legal name

NFA Management B.V.

Website

https://nfafondsen.nl

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

NFA Fondsen is a Dutch specialty fund manager, founded in 2017, that acquires community pharmacies through cooperative investment funds and transfers them to entrepreneur-pharmacists on a 5–7 year (or 17-year generational) co-ownership path, while serving retiring pharmacy owners, young pharmacists, and private investors, now owned by Mosadex.

Ownership category

akta.pro rank

Headquarters

HQ city

Zeist

HQ country

Netherlands

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others, Infrastructure

Revenue model

1. Fund Management Fees: NFA charges management fees and generates returns for investors through its structured investment funds (NFA Fund I, NFA Fund II, NFA Fund III, De Schakel III). Investors (private individuals, family offices) commit capital to the fund, which is used to acquire pharmacies. The fund provides financing alongside the entrepreneur-pharmacist and generates yield through the pharmacy's operational performance and eventual exit when the pharmacist repurchases NFA's stake after 5-7 years.
2. Pharmacy Acquisition and Transaction Services: NFA earns transaction fees and structuring fees in connection with the purchase and sale of pharmacies. NFA acquires pharmacies at market price and facilitates the onboarding of entrepreneur-pharmacists who invest and operate the pharmacy. The co-investment model creates alignment between investor returns and pharmacy performance.
3. ANFA Administrative Services: ANFA (administrative entity within NFA) provides full administrative services for pharmacies affiliated with NFA, including bookkeeping, VAT filings, debtor/creditor management, and payment proposals. This represents a professional services revenue stream within the NFA ecosystem.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

NFA Fondsen operates a series of cooperative investment funds (NFA Fund I, II, III and De Schakel III Coöperatief U.A., managed by NFA Management B.V.) that acquire Dutch community pharmacies at market-conforming prices and match them with entrepreneur-pharmacists. The entrepreneur-pharmacist receives full operational responsibility from day one, supported by NFA's coaching network, and can purchase NFA's stake after 5-7 years (with a new 17-year generational handover model launched in 2026). Ancillary paid services include ANFA (full administrative/bookkeeping services) and Beheer bij NFA (property management via Domica Vastgoedmanagement).

Product overview

NFA Fondsen operates as a pharmaceutical investment fund platform supporting entrepreneurship in Dutch community pharmacy. The core offering consists of NFA Fund III, which enables investors to fund pharmacy acquisitions while matching them with entrepreneur-pharmacists. Support services include ANFA for pharmacy accounting/administration, Beheer bij NFA for property management, and the NFA Ondernemersprogramma for entrepreneurship coaching. The platform facilitates pharmacy acquisitions for young pharmacists and supports sellers through the transition, with a standard 5-7 year model and a newer 17-year generational transfer model introduced in 2026.

Differentiator

Problem solved

Functional benefit

Products and services

• NFA Fund III (Coöperatief U.A.) Primary investment fund through which NFA Fondsen enables private investors and family offices to commit capital for Dutch community pharmacy acquisitions; NFA purchases pharmacies, matches them with entrepreneur-pharmacists, and investors receive management fees, returns and quarterly/annual reporting on the diversified portfolio.
• Pharmacy Sale Services End-to-end sale-advisory service for pharmacy owners: market valuation, transaction structuring, matching with qualified young pharmacist buyers (NFA selects and coaches), and execution at market-conforming prices with options for lump-sum or phased payment.
• Pharmacy Acquisition Services Support service for entrepreneur-pharmacists acquiring pharmacies: sourcing matched opportunities, structuring financing through NFA funds plus bank financing, and providing coaching throughout the 5-7 year (or new 17-year) transition period until full ownership.
• ANFA (Administrative Services) Full administrative and financial administration service for NFA-affiliated pharmacies: bank-booking processing, invoicing, monthly revenue entries, payroll entries, VAT filings, debtor/creditor management, and payment proposals. Delivered by NFA's wholly-owned subsidiary ANFA.
• Beheer bij NFA (Property Management Support) Real estate and property management support service for pharmacies in the NFA portfolio, delivered in partnership with Domica Vastgoedmanagement for property-related matters.
• NFA Ondernemersprogramma Structured entrepreneurship development program for pharmacist-entrepreneurs, delivered with partner DNFS, covering pharmacy operations, business management, and personal development including MBTI assessments, coaching and leadership/communication training.

Quantifiable outcome

• Apotheek Kerkdriel fully transferred to entrepreneur-pharmacist Nina Winters within 3.5 years (faster than standard 5-7 year model)
• +4 more outcomes

Named customers12 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered core and minor.

• MosadexcoreStrategic or Co-development Partner · 30 September 2025Mosadex, a major Dutch pharmaceutical full-service provider (~1,800 employees, ~€1.7 billion historical revenue), acquired NFA Fondsen effective 30 September 2025. Marcel Dost (NFA founder) stated the acquisition ensures NFA's continuity while strengthening Mosadex's position in the pharmacy acquisition market. Edith Schippers (CEO Mosadex) stated: 'We believe in the care strength of independent community pharmacies in the neighborhood.' The integration will be phased, preserving existing NFA service levels and personal attention to members.
• VJA (Vereniging Jonge Apothekers)coreStrategic or Co-development Partner · 30 November 2022VJA and NFA signed a formal partnership agreement under which all VJA members are informed about NFA's co-ownership model enabling young pharmacists to become full owners of their own pharmacy within 5-7 years. VJA and NFA committed to organizing recurring activities for all involved parties. Both organizations share the belief that local healthcare in the hands of local providers offers the best environment for innovation and customized care.
• DNFS (De Nederlandse Farmaceutische Support)coreImplementation/ SI/ Consulting PartnerDNFS provides coaching and personal development programs for NFA's entrepreneur-pharmacists. DNFS delivers the NFA Ondernemersprogramma, which includes both content training (pharmacy operations, business management) and personal development (using MBTI and similar psychometrics). Anouk de Vetter (team manager at DNFS) leads coaching sessions. DNFS also acts as a referral partner, introducing prospective pharmacist entrepreneurs to NFA.
• Domica VastgoedmanagementminorOthersDomica Vastgoedmanagement handles real estate and property management questions for NFA Fondsen. Contact: [email protected], 088-0402525. This is an operational support service for NFA's property-related needs.
• SAVE (Regionale Apothekerscoöperatie Salland-Vechtstreek)minorStrategic or Co-development PartnerSAVE is a regional pharmacy cooperative in Salland-Vechtstreek that partnered with NFA to ensure internal pharmacy succession stays within the cooperative. SAVE and NFA co-invested in apotheek Dalfsen (transferred to Simon Latumalea and Robert-Jan Buining). The cooperation model demonstrates how NFA can partner with regional cooperatives to facilitate member succession using NFA's financial and operational expertise.

Scale indicators7 records

Recent moves8 records

Expansion highlights5 records

Others

• NPM Capital: Dutch private investment firm with historical healthcare exposure and a long-term, family-business orientation; comparable to NFA as a Dutch lower-mid-market investor with a healthcare and succession-orientation that pursues similar entrepreneur-led platforms.
• MAIN Capital Partners: Dutch private equity firm with a dedicated healthcare and software investment focus; comparable to NFA at the fund-management level as a Dutch lower-mid-market PE investor that could plausibly enter the pharmacy succession space or compete for investor capital.

Emerging players

• DocMorris: European online pharmacy platform serving the Netherlands and other markets; comparable to NFA as an emerging alternative channel for pharmaceutical dispensing that competes for the same patient/prescription volumes underpinning NFA's portfolio pharmacy economics.
• STADA Group: European-focused pharmaceutical company with a growing consumer health and generics portfolio that competes for pharmacy relationships; comparable to NFA as an emerging European player building pharmacy-adjacent services and product distribution.
• Shop Apotheke Europe: European online pharmacy focused on OTC and consumer healthcare; comparable to NFA only at the periphery as another non-traditional pharmacy distribution model that pressures margins of NFA's community pharmacy portfolio.

Broad incumbents

• McKesson Europe (Celesio): European pharmaceutical distribution and pharmacy services arm of McKesson, operating across multiple EU countries; comparable to NFA as a continental-scale pharma wholesale and pharmacy services player targeting community pharmacy economics.
• BENU Apotheek (Brocacef): Largest community pharmacy chain in the Netherlands (part of Brocacef / Phoenix Group); comparable to NFA because it is the dominant acquirer of independent Dutch pharmacies and shapes the competitive landscape for succession transactions NFA intermediates.
• Mosadex: Dutch pharmaceutical wholesale and full-service cooperative (~1,800 employees, ~€1.7B historical revenue) that acquired NFA in September 2025; comparable as a Dutch pharma services platform supporting independent community pharmacies through wholesale, software, and now succession/market-shaping services.
• Service Apotheek: Dutch pharmacy formula/cooperation with a national footprint of affiliated community pharmacies; comparable to NFA because it provides operating, administrative, and procurement support to independent pharmacies — operating-support functions that complement (and partially substitute for) NFA's central services.
• Phoenix Group: European pharmaceutical distribution and pharmacy retail group that owns Brocacef (BENU Apotheek) in the Netherlands; comparable to NFA's parent at a higher level as a vertically integrated pharma services and pharmacy retail platform across Europe.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/nederlands-farmaceutisch-apothekersfonds
• Facebookfacebook.com/profile.php

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NFA Fondsen