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December 2023: Healthcare M&A Snapshot


A summary of the key mergers and acquisitions, private equity and venture capital deals across the UK healthcare sector in December.


View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in December 2023 below.



Notable Sector Deals: December 2023


The Rise Fund’s acquisition of Outcomes First Group


  • An interesting deal for TPG’s Rise Fund with the support of Investcorp, completing the acquisition of specialist education provider Outcomes First

  • Outcomes First is one of the UK’s leading providers of education services for young people and adults with complex special educational needs, operating c.55 schools serving over 3,000 young people aged 3 to 25

  • The deal is consistent with The Rise Fund’s core focus of driving positive social impact and improving access to quality services across healthcare and education

  • The transaction provides an exit for Stirling Square Partners who had owned the business since 2019


Acquisition of DepenSys by Person Centred Software


  • A strategic addition for Person Centred Software, with the acquisition of care staffing tool DepenSys

  • DepenSys is a web-based system which assists care homes to calculate staffing requirements based on residents’ needs and staff capability/capacity

  • Person Centred Software is a one-stop solution for social care providers, offering a digital care planning software through its ‘Connected Care’ platform

  • The business has completed multiple bolt-ons since Cow Corner’s investment in 2021, including the acquisitions of ATLAS eMAR and Oopmh! Wellness

  • With the significant drive for digitisation of the social care sector, investor and acquirer demand is high for businesses supporting this digital transition


Acquisition of Medicals Direct by Inuvi


  • Another successful acquisition for Longacre Group-backed health assessment provider Inuvi

  • Medicals Direct specialise in medical evidence gathering and rehabilitation services for UK and Irish insurance companies

  • Through its network of mobile health practitioners, Inuvi offers phlebotomy services, health assessments, and expert laboratory testing to over 200 clients

  • The acquisition will complement Inuvi’s existing services, while expanding their provision into rehabilitation and independent medical opinions

  • This deal follows Inuvi’s acquisition earlier this year of Express Diagnostics, the provider of remote ECG monitoring and reporting services


Diagnostic Healthcare’s acquisition of Venturi Cardiology


  • Another bolt-on deal for G Square-backed Diagnostic Healthcare, with the acquisition of Venturi Cardiology

  • Diagnostic Healthcare is one of the UK’s largest providers of diagnostic imaging services to both NHS and private patients, delivering over 350,000 scan appointments each year

  • Venturi Cardiology, headquartered in North West England, provides cardiac diagnosis services to NHS, private and corporate customers, and will further diversity Diagnostic Healthcare’s service offering

  • The deal is another example of acquirer appetite for quality clinical service providers due to NHS waiting list pressures and growing private-pay demand



Healthcare Market Activity: December 2023


Private Equity Activity

Sub-sector

Target

Acquirer / Investor

Exiting PE

Clinical Services

Venturi Cardiology

Diagnostic Healthcare (G Square)

N/A

Clinical Infrastructure

Module-AR

Vanguard Healthcare (iCON Infrastructure)

N/A

Digital Health

DepenSys

Person Centred Software (Cow Corner)

N/A

Elderly Care

Craigard Care Group

Parklands Care (BGF)

N/A

Medical Equipment

Splice Cast

Vernacare (HIG Capital)

N/A

Medical Reporting

Medicals Direct

Inuvi (Longacre)

N/A

Specialist Care

Outcomes First Group

The Rise Fund

Stirling Square

Specialist Care

PoC

Mysa Care (Downing)

N/A


Venture Capital Activity



Target

Description

Lead Investor

Investment

BlackfinBio

Develop treatments for rare genetic neurological diseases

LifeArc Philanthropic Fund

£2.75m

Holly Health

AI coaching service for multimorbidity

Plug and Play Ventures

£0.65m


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