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December 2022: Healthcare M&A Snapshot



In our final monthly snapshot of 2022, we summarise the key deals across the UK healthcare sector in December.


A PDF copy of the report can be downloaded here:

Notable sector deals: December 2022


RCI’s acquisition of Prometheus

  • RCI’s acquisition of Prometheus represents the fifth bolt-on for the business since Literacy Capital’s investment into the original platform, Mountain Healthcare, in 2018

  • Prometheus is a provider of secure transportation services in the mental health sector, and has also expanded into specialist observation services

  • The deal further diversifies RCI Group’s offering, which started in the operation of sexual assault referral centres (SARCs) through Mountain Healthcare, and has expanded to cover community mental health services, communication support in the criminal justice system, and healthcare data benchmarking

Dual acquisitions for Swanton Care

  • Another two acquisitions for Apposite-backed specialist care provider, Swanton Care, as it continues to execute its buy and build strategy

  • Wycombe Care operates two children’s homes in Bedfordshire, whilst CHAD operates a specialist care home for adults within learning disabilities in the North East

  • Now providing care to over 620 people through a staff base of over 2,140, Swanton has grown rapidly since Apposite’s investment in 2017

  • The deal highlights that there are further consolidation opportunities available within both residential children’s services and specialist care for adults

Acquisition of London Doctors Clinic by Spire Healthcare

  • An interesting deal for Spire Healthcare, with the acquisition of private GP and occupational health provider, London Doctors Clinic (“LDC”)

  • Under the ownership of Oakfield Capital, LDC has grown to £11m turnover but, like many others in the private GP market, has struggled to show profitability

  • Consideration of £12m looks high, however Spire believe the business will break even in 2023 and become profitable in 2024

  • The deal appears logical as a way of sourcing referrals into Spire’s hospitals through LDC’s GP network, in addition to the possibility of cross-selling to the corporate client base of LDC

KKR’s acquisition of Clinisupplies

  • A carve-out deal for KKR with the acquisition of Clinisupplies, the Watford-based manufacturer and distributor of continence care products for managing acute and chronic conditions

  • The business was divested from Healthium Medtech, an Apax-backed business which is set to IPO, despite only being acquired by the group in 2016

  • With KKR’s backing, Clinisupplies plans to expand into new products and geographies, with the aim of becoming an international leader in the chronic care market

Healthcare market activity: December 2022


Private equity activity

Sub-sector

Target

Acquirer / Investor

Existing PE

Specialist Care

Wycombe Care & CHAD Homes

Swanton Care (Apposite)

N/A

Private GP

Doctors Clinic Group

Spire Healthcare

Oakfield Capital

Medical Transport

Prometheus

RCI Group

(Literacy Capital)

N/A

Medical Products

Clinicsupplies

KKR

N/A

Medical Products

Kinneir Dufort

SteriPack

(Inflexion)

Mobeus

Venture capital activity

Target

Description

Lead Investor

Investment

WeWalk

Smartphone-connected cane for the visually impaired

Nesta Impact Investments

£2m

Believe Care

Home care provider

Skagen Conscience Capital

£2.1m

Virtue Health

Develops innovative approaches to treat age-related conditions

Midven

£1m

Added Health

Health coaching platform

Traditum

£1m


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