February 2022: Healthcare M&A Snapshot


February was another busy month for M&A in the UK healthcare market. A summary of the key mergers, acquisitions and investments can be found in the downloadable report below:

Notable Sector Deals


BGF’s investment into The Scottish Dental Care Group

  • With a multi-million pound minority investment from BGF, The Scottish Dental Care Group is well positioned to continue its aggressive acquisition strategy

  • The deal highlights the perceived consolidation opportunities still available within the Scottish dental market

  • This follows TriSpan’s investment into Real Good Dental last year, and Clyde Munro’s ongoing acquisition strategy backed by Synova

Acquisition of Midway Care by City & County

  • An interesting strategic acquisition for City & County, marking its evolution from a pure homecare provider by adding a broader specialist residential care offering

  • The deal continues its movement towards more complex care provision following the acquisitions of Complete Care, Advantage Healthcare (formerly Interserve Healthcare) and Total Community Care

  • This again highlights the significant demand for quality specialist care businesses and the broad pool of active acquirers in the sector

Acquisition of Sandcastle Care by Aspris

  • An unusual transaction, albeit strategically logical, as Waterland combines two of its portfolio companies, Sandcastle Care and Aspris

  • With Aspris now operating as a standalone entity (after being separated from the Priory’s adult services business), the addition of Sandcastle provides significantly increased presence in the North West

  • The deal represents another major transaction in the sector, with continued consolidation of smaller players also contributing to high levels of M&A

ExSeed’s £2.5m seed fundraise

  • ExSeed’s £2.5m fundraising led by Ascension highlights the significant investment levels into D2C tele-health businesses, with those operating in the “home testing” niche particularly attractive to investors

  • ExSeed offers a smartphone-based sperm testing kit, allowing users to analyse sperm count at home

  • This follows numerous recent VC investments into home diagnostic testing businesses such as Thriva and Hertility Health


Healthcare Market Activity


Private Equity Activity

Sub-sector

Target

Acquirer / Investor

Exiting PE

Medtech

365 Response

RLDatix

BGF

Medtech

The GP Service

Kanabo

Maven

IVF

Leeds Fertility

Care Fertility

(Nordic Capital)

N/A

Dental

Rodericks Dental

Capvest

CBPE

Dental

Scotish Dental Care Group

BGF

N/A

Specialist Care

Midway Care

City and County

(Summit Partners)

N/A

Labs

Wickham Micro

Limerston

N/A

Children's Services

Sandcastle Care

Aspris

(Waterland)

N/A

Venture Capital Activity

Target

Description

Lead Investor

Investment

ExSeed Health

Home sperm testing kits

Ascension

£2.5m

Little Journey

App to help reduce anxiety in children undergoing surgery

Mercia

£1.5m

Orthox

Orthopaedic implants

Parkwalk

£9.2m

Zetta Genomics

Genomic data management technology

Nina Capital

£2.5m

C the Signs

AI-driven cancer detection platform

MMC

£5m

Mindstep

Tech-enabled neurological healthcare business

Octopus Ventures

£2.5m

Lottie

Elderly care search platform

Kindred

£2.5m