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April 2023: Healthcare M&A Snapshot

Healthcare M&A Review April 2023

View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in April 2023 below.

Notable sector deals: April 2023

Acquisition of 4Ways Healthcare by Evidia

  • A positive exit for ECI from teleradiology provider, 4Ways Healthcare, generating a 2.7x return following its investment in 2018

  • Evidia, backed by EQT Infrastructure, is a provider of radiology and radiotherapy services in Germany, Sweden and Norway

  • 4Ways has continued to show strong growth rates of over 20% per annum throughout ECI’s investment period and the deal will extend Evidia’s existing teleradiology capabilities, providing an entry point into the UK

  • The deal marks an active month within the UK teleradiology sector, with 4Ways’ key competitor, Medica, set to be taken private by IK Partners in a £269m transaction that is due to complete in late Q2

Phlo’s acquisition of Truepill’s UK operations

  • A significant deal for digital pharmacy, Phlo, with the acquisition of the UK operations of Truepill

  • Following Truepill’s decision to focus solely on its US operations, a competitive process commenced in Autumn 2022

  • The deal follows Phlo’s £10m Series A fundraise announced earlier this year

  • The acquisition will enable Phlo to expand the geographic footprint of its operations, with plans to launch same day on demand medication delivery in Manchester, alongside its existing services in Birmingham and London

  • Phlo will also inherit Truepill’s NHS patient base, as it looks to bolster its end to end digital pharmacy service to patients across England

Portakabin’s acquisition of Darwin Group

  • A highly strategic deal for Portakabin, acquiring healthcare modular buildings specialist Darwin Group

  • Darwin Group, headquartered in Telford, employs c.200 staff and generated turnover of c.£80m in 2022

  • The combined business will offer healthcare providers both temporary and permanent building solutions to cover clinical and non-clinical requirements

  • The deal follows positive messaging from the government around the use of modular facilities to ease infrastructure constraints across the NHS

  • These facilities provide flexible and cost effective solutions which can either be deployed on acute sites or within the community’s $12m Series A fundraise

  • A major milestone for as it raises $12m to fund continued expansion

  • connects patients and referrers with imaging centres via a single platform, streamlining access to medical scans such as MRI and CT

  • The business was founded by clinicians who experienced inefficiencies in booking diagnostics for their patients and set about creating an automated alternative

  • The round was co-led by Aviva Ventures, YZR Capital, Oxford Capital, Triple Point Ventures and Simplyhealth Ventures

  • The funds will be used to facilitate expansion in the US market and new product development to serve the UK insurance market

Healthcare market activity: April 2023

Private Equity Activity



Acquirer / Investor

Exiting PE

Clinical Services

4Ways Healthcare





New Cross Dental Care

Clyde Munro




3 Shropshire-based clinics

Todays Dental



Digital Health

Truepill's UK operations


(Thairm Bio)


Dom Care

Allcare Community Care Services


(Oxygen EP)


Medical Products

Hulbert Imaging





Darwin Group



(debt and equity)

Pharma Services

Concept Life Sciences

Limerston Capital


Specialist Care

8 homes from Jeesal Residential Care




Venture Capital Activity



Lead Investor


Nolea Health

Mental health recruitment platform

Frontline Ventures


Perci Health

Online platform offering supportive care for those with cancer

Octopus Ventures



Develops e-prescription delivery apps for private clinicians

Clinicians and angel investors


Connects patients and referrers with imaging centres via a single platform

Aviva Ventures

YZR Capital

Oxford Capital

Triple Point



Handheld hardware built around iPhone and Android devices to run hearing tests

Octopus Ventures


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