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February 2024: Healthcare M&A Snapshot


A summary of the key mergers & acquisitions, private equity and venture capital deals across the UK healthcare sector in February 2024.

View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in February 2024 below.



Notable Sector Deals: February 2024


Acquisition of HealthHarmonie by Medinet


  • A strategic addition for Medinet with the acquisition of HealthHarmonie

  • HealthHarmonie is a leading provider of community-based healthcare, delivering clinical services across a range of ICBs and NHS trusts

  • The acquisition will allow Medinet, the largest provider of insourcing services in the UK, to further support the NHS in delivering elective services and achieving its waiting time targets

  • The transaction follows Medinet’s acquisition of Remedy Healthcare Solutions, a provider of clinical insourcing and staffed modular solutions

  • The deal highlights the strong appetite from investors and acquirers for community-based providers of clinical services


Bupa's acquisition of Blackberry Clinics


  • Specialist musculoskeletal provider Blackberry Clinics has been acquired by Bupa Health Clinics

  • Blackberry Clinics offers specialist treatment for MSK conditions and sports injuries, with 22 clinics across the UK

  • This follows a successful 20+ year partnership, where Blackberry Clinics has been performing Bupa’s comprehensive health assessments

  • The acquisition will aid Bupa’s long-term strategy to provide more services directly to customers, and expand its current muscle, bone and joint offering

  • The deal highlights continued activity within the MSK market, following deals for operators such as Vita Health and Ascenti


Investment from Five Arrows & TA into Agilio Software


  • A successful investment into healthcare software provider Agilio Software from Five Arrows and TA Associates

  • Agilio is a leading healthcare operations software provider, helping to automate and optimise processes, largely catering for the dental and primary care sectors

  • The deal provides an exit for August Equity who invested into Agilio in 2019 and subsequently made 10 acquisitions, generating a 9.2x return

  • Investment from Five Arrows and TA will allow Agilio to bolster product development and accelerate international growth, following its first European expansion deal in 2022


Acquisition of HBSUK by AXA Health


  • A strategic acquisition of outpatient service provider Healthcare Business Solutions UK (HBSUK) by private medical insurer AXA Health

  • HBSUK is the only UK provider delivering blended (physical and digital) pathways to the NHS, helping reduce NHS waiting times through its clinical insourcing services and working with private healthcare providers

  • AXA Health offers private medical insurance with a range of policies for individuals and corporates, and partnered with HBSUK in 2021 to launch a direct MSK service for its corporate customers

  • The acquisition will allow AXA to expand into direct access of clinician care for AXA Health members, supporting a broader range of customer needs


Healthcare Market Activity: February 2024


Private Equity Activity

Sub-sector

Target

Acquirer / Investor

Exiting PE

Aesthetics

Harley Academy

Rockpool

N/A

Care

Court House

BN Care

(BGF)

N/A

Clinical Services

HealthHarmonie

Medinet (Fremman)

N/A

Consultancy

Cogentia

Helios

(NorthEdge)

N/A

Software

Agilio Software

Five Arrows

TA Associates

August

Software

ResHub

Person Centred Software

(Cow Corner)

N/A


Venture Capital Activity

Target

Description

Lead Investor

Investment

Adsilico

AI powered medical device testing system

Northern Gritstone

£3.5m

EarSwitch

In ear health monitoring

Praetura

£1.2m

Lilli

SaaS for proactive lifestyle monitoring technology

West Hill Capital

£8.2m

PulmoBioMed

Non-invasive mouthpiece for asthma and lung diagnosis

Mercia

£1.4m

Samphire Neuroscience

Wearable device to ease menstrual discomfort

SOSV

£1.8m

TORTUS

AI for automating clinical documentation process

Khosla Ventures

$4.2m

Vitrue Health

Digital MSK platform for workplaces

MMC Ventures

£3.2m


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