April 2023: Healthcare M&A Snapshot

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

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

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

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

A major milestone for Scan.com as it raises $12m to fund continued expansion
Scan.com 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

Sub-sector	Target	Acquirer / Investor	Exiting PE
Clinical Services	4Ways Healthcare	Evidia (EQT)	ECI
Dental	New Cross Dental Care	Clyde Munro (Synova)	N/A
Dental	3 Shropshire-based clinics	Todays Dental (Lonsdale)	N/A
Digital Health	Truepill's UK operations	Phlo (Thairm Bio)	N/A
Dom Care	Allcare Community Care Services	Optimo (Oxygen EP)	N/A
Medical Products	Hulbert Imaging	Medray (Erisbeg)	N/A
Modular	Darwin Group	Portakabin	Kartesia (debt and equity)
Pharma Services	Concept Life Sciences	Limerston Capital	N/A
Specialist Care	8 homes from Jeesal Residential Care	Liaise (Intriva)	N/A

Target	Description	Lead Investor	Investment
Nolea Health	Mental health recruitment platform	Frontline Ventures	£1m
Perci Health	Online platform offering supportive care for those with cancer	Octopus Ventures	£3.4m
Pharmacierge	Develops e-prescription delivery apps for private clinicians	Clinicians and angel investors	£2.4m
Scan.com	Connects patients and referrers with imaging centres via a single platform	Aviva Ventures YZR Capital Oxford Capital Triple Point	$12m
TympaHealth	Handheld hardware built around iPhone and Android devices to run hearing tests	Octopus Ventures	$23m