December 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 December 2023 below.

Notable Sector Deals: December 2023

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

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

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

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

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

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