PHYSIOTHERAPY & MSK M&A
M&A advisory services for
physiotherapy business owners
OVERVIEW
Physiotherapy is fast evolving into one of the most dynamic specialties in UK healthcare M&A. Rising private-pay demand, NHS backlog pressures, and growing interest in workplace MSK solutions have created fertile ground for consolidation. Buyers are actively pursuing scalable, contract-driven platforms across outpatient, NHS, and occupational segments.
Key market dynamics include:
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NHS-Funded & FCP Services – First Contact Practitioner (FCP) services embedded in GP surgeries and community MSK contracts are expanding to tackle NHS waiting lists. Consolidators like Connect Health, Ascenti, and Pure Physiotherapy (now part of ExamWorks) are forging sizable footprints via NHS outsourcing.
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Occupational Health Physiotherapy – a growing corporates-facing segment aimed at reducing workplace absence due to MSK issues. Providers like Sano Physiotherapy (backed by Bestport PE) are gaining traction.
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Private Pay & PMI Clinics – consumers are embracing faster access to physiotherapy, creating opportunity for well-branded private and PMI providers like Bodyset and acquisition-focused platforms like Kinetico.
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Investor Strategies – PE and strategics are building multi-channel service platforms spanning NHS, private-pay, and employer markets for scale and resilience.
If you are considering selling your physiotherapy business or seeking private equity investment, the Eclipse team can help you maximise value while ensuring a smooth and confidential process.
As chartered accountants with significant investment banking experience, we differentiate ourselves from generalist advisors by providing a hands-on, end-to-end approach - from preparation and valuation through to negotiation and completion.
Our latest insights into M&A in the physiotherapy sector can be found below.
WHY ECLIPSE?
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The Eclipse team supports physiotherapy business owners in realising the value they have built through successful company sales or by taking on private equity investment
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We have completed transactions across the clinical services sector in areas such as clinical insourcing, physio, ophthalmology, dermatology and audiology, spanning both private and NHS services
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This has helped numerous founders reap the rewards of their hard work through successful exits, providing them with the financial freedom to retire, "de-risk" or plan for whatever comes next
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We are not a high volume firm - this allows us to spend more time producing higher quality, tailored marketing materials and provide a greater level of support throughout the sale process
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Our experience advising on varied and complex deals of up to £100m gives us significant expertise in running smooth and efficient processes, ensuring that value is protected through to completion of the transaction
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Our fees are transparent and directly linked to the valuation achieved
VALUATION
EBITDA multiples generally fall within the 3x to 8x range, depending on scale, contract stability, and revenue mix:
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Single-site clinic (£200k EBITDA): 3–4x, with deferred consideration for founder reliance
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Regional multi-site groups (£500k–£1m EBITDA): 5-6x given diversified revenue sources
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Large multi-channel platforms (£2m+ EBITDA): 7-8x, with scale and contract security pushing toward the top of the range
View our detailed physio valuation guide below:
FAQs
How do buyers value physiotherapy businesses?
They focus on EBITDA, mix of recurring NHS or corporate contracts, clinic scale, and operational independence from founders.
Which buyer types are most active ?
Strategic consolidators, PE-backed clinic platforms, and corporate health providers looking for MSK services.
What drives premium valuations in physiotherapy deals?
Diversified payor mix, contract security, strong referral networks, and a multi-site offering.
INSIGHTS
