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 |