April 2024: 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 2024 below.

Notable Sector Deals: April 2024

A strategic deal for Person Centred Software (PCS), with the acquisition of Redcrier, one of the largest UK care industry training providers
Redcrier develops accredited training programs for care organisations throughout the UK
The deal will see PCS expand its ‘Connected Care’ platform to include training solutions, and will benefit customers of both PCS and Redcrier, with a more comprehensive range of services to enhance the quality of care provision
Cow Corner-backed PCS has been acquisitive in the previous two quarters, with the recent additions of ResHub and DepenSys to their portfolio

Another bolt-on deal for Wren House-backed Voyage Care, with the acquisition of KDL Investments, comprising of Cristal Care and Newfound Care
KDL Investments offers supported living and specialist care services across South Yorkshire and Humberside, with seven care homes and one supported living location
With a current capacity to support 64 people across the 8 sites, the deal will provide opportunity to increase operational capacity and geographical footprint
The deal follows a quieter period of activity in the specialist care sector, but highlights continued acquirer interest in high quality care groups

A successful £3 million investment from Mercia into digital care platform Log My Care
Log My Care provides care management software that supports domiciliary care, residential care, supported living and learning disability organisations to access medical records, record notes and receive prompts via an app
This investment follows on from previous funding by Mercia in 2022, and will see Log My Care continue to scale its business in the UK, increasing the number of people it supports from 20,000 to 100,000
With the ongoing drive to digitise social care aided by government incentives, investor appetite is high for businesses supporting this transition

Foundation Partners Asset Management and Deer Capital have partnered to acquire Hartford Care for more than £100 million
Hartford Care offers residential, nursing and dementia care across the South of England, operating 20 homes which support over 1,000 people
The transaction provides Hartford with additional capital to support its ambitious growth plans to double in size by 2026, with strategic acquisitions of new care homes
Foundation Partners invest in healthcare, leisure and housing, with a previous investment in New Century Care, which operates 6 care homes across Scotland and South East England

Sub-sector	Target	Acquirer / Investor	Exiting PE
Elderly Care	Hartford Care	Foundation Partners Asset Management	N/A
Elderly Care	Integrum Care Group	Duke Capital	N/A
Pharma	Renaissance Pharma	Essential Pharma (Gyrus Capital)	N/A
Specialist Care	KDL Investments	Voyage Care (Wren House)	N/A
Training	Redcrier	Person Centred Software (Cow Corner)	N/A

Target	Description	Lead Investor	Investment
HealthKey	Digital platform to access health services	Aviva Ventures	£1.1m
Locate Bio	Med tech drug discovery	Mercia	£9.2m
Log My Care	Care management software	Mercia	£3m
Phlo	Digital pharmacy	Par Equity	£9m
ProAxsis	IVD respiratory diagnostics	EMV Capital	£1.8m