April 2022: Healthcare M&A Snapshot



April was another active month for M&A within the UK healthcare market, with specialist care, occupational health and physio all remaining attractive segments.


View our summary of the deals within the UK healthcare sector in April below:



Notable Sector Deals


Tristone's acquisition of Beyond Limits

  • Tristone’s impressive buy & build strategy has continued with the acquisition of specialist care provider Beyond Limits

  • Offering a differentiated proposition from other corporate acquirers, Tristone’s model of allowing acquired companies to maintain autonomy whilst drawing on a central pool of resource and expertise is proving successful

  • The model is proving to be particularly attractive to smaller business owners looking to remain in the business and benefit from future growth

  • The Tristone “community of businesses” has now expanded rapidly through the acquisition of numerous specialist care providers including ProCare Wales, Sportfit Support Services, Seaside Care Homes and Premier Care Management

Acquisition of TP Health by Marlowe

  • Another significant acquisition within occupational health for Marlowe as they continue their aggressive acquisition strategy

  • Employing c.240 staff, TP Health brings further scale to Marlowe’s operations following the acquisition of Optima Health earlier this year

  • With an estimated market size of £1bn and strong annual growth rates of 13%, the UK occupational heath market has attractive dynamics

  • Given that 60% of UK providers have fewer than 50 employees, the market remains highly fragmented and will no doubt continue to be consolidated by players such as Marlowe, with the use of technology playing a key role in the realisation of synergies

Ascenti’s acquisition of Six Physio

  • The acquisition of Six Physio, a group of nine private physio clinics in London, will bolster Ascenti’s presence in the region and its private patient offering

  • Acquired by Bd Capital in 2021, Ascenti now has over 300 sites nationwide and has seen a 300% rise in its MSK services over the last 12 months

  • Private equity interest in the physio sector has grown in recent years with larger operators such as Ascenti, Connect Health, Vita Health and Sano Physiotherapy all receiving investment

  • M&A will continue to play a part in the growth strategies of these operators as they look to enhance geographical presence and expand service offerings

GripAble’s $11m Series A funding round

  • With a variety of deals across rehabilitation services in recent times, GripAble’s $11m Series A shows the importance of technology in the sector

  • The unique medical device is used for physical rehabilitation by patients who suffer from a range of neurological and orthopaedic conditions

  • Linked to an app, the handheld device utilises gamification as a way of increasing patient engagement in what can otherwise be a highly laborious physical therapy process

  • The investment led by Parkwalk and IP Group will allow the business to fast-track its expansion, with a particular focus on European and US markets


Healthcare Market Activity


Private Equity Activity

Sub-sector

Target

Acquirer/Investor

Exiting PE

Pharma Services

Clinigen

Triton Partners

N/A

Opticians

The Spectacle Company

Duncan & Todd

(LDC)

N/A

Pharma Services

Panthera Biopartners

BGF

Gresham House Ventures

N/A

Physio

Six Physio

Ascenti

(Bd Capital)

N/A

Comms

Meridian HealthComms

Bioscript

(Sovereign)

N/A

Occupational Health

Soma Health

Doctors Clinic Group (Oakfield)

N/A


Venture Capital Activity

Target

Description

Lead Investor

Investment

GripAble

Digital rehab for neurological and MSK conditions

IP Group

Parkwalk

$11m

Adapttech

Smart technologies for the prosthetics market

Mercia

ACF Investors

£2.25m

PillSorted

Personalised medication home delivery service

Pear VC

Hoxton Ventures

$6m

Call Hires

Software which allows care providers to hire on-demand staff more efficiently

West Hill Capital

£2m

52 North Health

Medical device that uses AI to determine the risk of neutropenic sepsis

Cambridge Enterprise

£1m