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 |