August 2022 Healthcare M&A Snapshot



This snapshot summarises the key mergers & acquisitions, private equity and venture capital transactions across the UK healthcare sector in August 2022.


A PDF copy of the report can be downloaded here:

Notable Sector Deals


Merger of Dentex and Portman Dental Care

  • A significant deal between two of the largest dental providers in the UK

  • The combined business will operate in excess of 350 practices, with operations in five European countries

  • With continued support from Core Equity, the group looks set to maintain an aggressive growth strategy, with expansion into further geographies

  • The deal is, however, subject to CMA clearance and it will be interesting to see how this evolves, particularly given the CMA recently raised concerns in relation to the Rodericks/Dental Partners deal

  • Regardless, the deal highlights the continued consolidation of the UK dental market and private equity’s appetite within the sector


HCML’s acquisition of Healthcare RM

  • The first acquisition by HCML following Apposite Capital’s investment into the business in November 2021

  • Traditionally a complex case management business, the acquisition of Healthcare RM represents HCML’s continued diversification into the corporate health market

  • Healthcare RM are employee health risk specialists, with services including psychological support, as well as guidance on MSK disorders, nutrition and menopause

  • With this deal, HCML is aiming to offer a one stop shop for H&S, occupational health and health/wellbeing benefits


Acquisition of CRGH by FutureLife

  • Another major deal in the UK IVF/fertility sector with FutureLife, a pan-European provider, expanding its UK footprint

  • The Centre for Reproductive & Genetic Health (CRGH) is a central London-based IVF clinic performing more than 3,200 egg collections per year

  • With the support of its new private equity backer, CVC, FutureLife is looking to expand its offering in key European territories

  • The broader UK IVF sector remains highly attractive to private equity investors, however a scarcity of private groups of scale is limiting acquisition opportunities, therefore driving higher valuations for quality businesses


Cera Care’s $320m fundraise

  • Another significant fundraise for Cera as it looks to consolidate and revolutionise the homecare market

  • The investment was led by existing investor Kairos HQ, with a range of other VCs and institutional investors participating

  • Launched in 2016, Cera utilises technology to deliver an improved and more efficient homecare service

  • The business plans to use this new funding to expand the number of patients receiving daily care from 15,000 to 100,000 by 2025

  • Cera has established scale through multiple acquisitions, including CRG Homecare and Mears Care


Healthcare Market Activity


Private Equity Activity

Sub-sector

Target

Acquirer/Investor

Exiting PE

Corporate Health

Healthcare RM

HCML

(Apposite)

N/A

Cosmetic Surgery

Transform Hospital Group

Y1 Capital

Aurelius

Dental

Dentex

Portman Dental Care (Core Equity)

Universal Partners

Dental

Hanji Dental

Riverdale Healthcare (Apposite)

N/A

Dental

Mathewson Group

Scottish Dental Care (BGF)

N/A

Dental

Sharoe Green Dental Practice

Portman Dental Care (Core Equity)

N/A

IVF

CRGH

FutureLife

(CVC)

N/A

Pharma

TMC Pharma Services

LDC

N/A

Recruitment

MMA Healthcare Recruitment

TTM Healthcare (Broadlake Capital)

N/A

Venture Capital Activity

Target

Description

Lead Investor

Investment

Cera Care

Tech-enabled homecare

Kairos HQ

$320m

Cydar Medical

Surgical augmented intelligence company

Downing

£1.3m

Neurofenix

Neurological rehabilitation platform

Albion VC

$7m

Patchwork Health

Healthcare workforce platform

Perwyn

£20m