August 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 August 2023 below.

Notable sector deals: August 2023

An interesting deal for Ascenti, as the business continues to diversify its service offering and grow its mental health solutions
My Online Therapy is a mental health technology company, offering virtual psychology and counselling services through a smartphone app
The deal represents Ascenti’s third acquisition following BD Capital’s investment into the business in 2021
Traditionally focused on the physio market, Ascenti has successfully expanded into mental health, offering services to both the NHS and private markets
The business now employs over 800 staff with a footprint across the UK

A significant bolt-on acquisition for Medinet following Fremman Capital’s investment into the business earlier this year
Remedy Healthcare Solutions is a provider of clinical insourcing services, in addition to offering the staffing and provision of modular building solutions to NHS Trusts
With NHS waiting lists in England now at record levels of 7.5 million, clinical insourcing is seen as a key tool in addressing the issue
As a result, the UK insourcing market continues to see strong M&A and investment activity, with a number of further transactions likely in 2023

Two deals in a month PAM Group, the LDC-backed occupational health provider, as the business continues to expand rapidly through acquisition
Firstly, the acquisition of Connect Health’s occupational health physio business will strengthen PAM Group’s physio services, adding a team of 60 and incremental revenues of c.£2m
Secondly, the acquisition of Corporate Health Ireland, a provider of consultant-led occupational health services, will expand the business’ geographical presence and service offering in Ireland
The broader occupational health market continues to see a spike in M&A activity, with a range of acquirers looking to consolidate the market

The acquisition of One Healthcare marks significant expansion for Phoenix Hospital Group, as the UK private hospitals market sees a spate of recent deals
One Healthcare is the operator of two purpose-built hospitals, One Ashford Hospital and One Hatfield Hospital, which opened in 2016 and 2017 respectively
Phoenix’s four existing sites are focused on Central London and Essex, with the deal providing a geographical footprint in Kent and Hertfordshire
Phoenix has a track record of acquisitions having acquired 25 Harley Street in 2018 and Baddow Hospital in 2019, both of which have been successfully integrated into the group

Sub-sector	Target	Acquirer / Investor	Exiting PE
Aesthetics	The Private Clinic	The Quadrivio Group	Bluegem Capital Partners
Clinical Services	Remedy Healthcare Solutions	Medinet (Fremman)	N/A
Digital Health	My Online Therapy	Ascenti (BD Capital)	N/A
Digital Health	Oysta Technology	The Access Group (Hg / TA Associates)	N/A
Healthcare Software	Instem	Archimed	N/A
Occupational Health	Connect Health's OH physio business	PAM Group (LDC)	N/A
Occupational Health	Corporate Health Ireland	PAM Group (LDC)	N/A

Target	Description	Lead Investor	Investment
Bea Fertility	At home fertility treatment kit	Octopus Ventures	£2.5m
Lindus Health	Contract research organisation	Creandum	$18m
Mable Therapy	Platform for children's speech and language therapy	Gresham House	£3.1m
Mimetrik	AI-driven digital dentistry products	Northern Gritstone	£2m