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February 2023: Healthcare M&A Snapshot



View our snapshot of the key deals (M&A, private equity and venture capital) across the UK healthcare sector in February 2023.


A PDF copy of the report can be downloaded here:



Notable Sector Deals: February 2023


System C’s acquisition of Clevermed


  • An interesting deal for System C with the acquisition of Clevermed, a provider of electronic maternity and neonatal records

  • Clevermed’s flagship product, BadgerNet, is used by nearly every neonatal unit in the UK, as well as numerous maternity units

  • The acquisition enhances System C’s maternity offering, with the ultimate goal of delivering integrated digital solutions that span the entire patient journey from prenatal services to end of life care

  • The deal highlights the continued interest from corporate acquirers in software providers delivering electronic patient records to the NHS


£10m investment into Dr Doctor led by YFM


  • A significant funding round for Dr Doctor, the provider of digital care solutions which increase communication and engagement between patients and clinicians, managing 25% of NHS outpatient appointments

  • With NHS backlogs at all time highs, Dr Doctor’s offering is key in driving efficiencies across NHS services, as well as providing better access to care

  • The funding will be used to expand the business’ sales and development teams, make greater investment in the product and continue to scale services across the NHS

  • The deal is another example of investor appetite for software and services which help to alleviate pressures on the NHS


Acquisition of Diamond Whites by Impress


  • A significant deal for Europe’s leading chain of orthodontic clinics, Impress, acquiring Diamond Whites in a deal worth over €30m

  • Founded in 2012 as a provider of teeth whitening products, London-based Diamond Whites has subsequently expanded into invisible aligners

  • The acquisition will see Impress add oral care, whitening products and cosmetic dental treatments to its service offering, which will extend to over 60 cities across the UK

  • The deal follows Impress’ $50 million Series A funding round in 2021, as the business has expanded its presence across Europe and the USA


Merger of E-Zec Medical and ERS Medical


  • A significant merger between E-Zec Medical Transport and ERS Medical, creating the UK’s largest provider of specialist transport services to the NHS and local authorities

  • The enlarged business serves more than 50 commissioning bodies with the support of 2,500 specialist employees, from 55 operational sites nationwide, generating revenues in excess of £100m

  • The deal delivers considerable geographical expansion and creates the unequivocal industry leader

  • The deal was funded by E-Zec’s incumbent investor Cairngorm Capital, with debt provided by Thincats


Healthcare Market Activity: February 2023


Private Equity Activity

Sub-sector

Target

Acquirer / Investor

Exiting PE

Aesthetics

Aesthetic Technology

Omni Partners

N/A

Dental

Byrnes Dental Laboratory

Corus

(Care Ventures)

N/A

Dental

Diamond Whites

Impress

(LBO France)

N/A

Digital Health

Dr Doctor

YFM Equity Partners

N/A

Dom Care

Stepping Stones Services

Optimo

(Oxygen EP)

N/A

Medical Transport

ERS Medical

E-Zec

(Cairngorm)

N/A

Residential Care

BN Care

BGF

N/A


Venture Capital Activity

Target

Description

Lead Investor

Investment

Doctify

Global platform for patient reviews

Beringea

$10m

Healistic

App for home delivery of medication within 45 minutes

N/D

£1m

Phlo

Digital pharmacy

Thairm Bio

£10m

ReadyGo Diagnostics

Diagnostics business that detects infectious diseases

Foresight

£1m

Re:course AI

AI platform for healthcare training

Par Equity

£3.5m

Syndi Health

Digital mental health platform for employees

Plug and Play

Founders Factory

$2m

Vidivet

Remote vet appointments platform

Angel Investors

£310k


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