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Healthcare M&A Review Q3 2023


A review of mergers & acquisitions activity across the UK healthcare sector in Q3 2023, highlighting the most active sub-sectors, along with a month-by-month summary of the key deals across the market.

We are pleased to release our review of M&A, private equity and venture capital activity across the UK healthcare sector in Q3 of 2023.


Our report, which can be downloaded below, highlights the most active sub-sectors, along with a month-by-month summary of the key deals across the market.



Report Summary


Deal volumes


  • Despite talk of a quieter summer amongst investors and acquirers, deal activity remained strong across Q3, with an unusual peak during the holiday season of August


Sub-sector activity


  • Digital health activity has been primarily centred around practice management and care planning software, as digitisation of the healthcare sector continues at pace

  • The residential care sector has seen rising deal volumes, with smaller groups particularly active within elderly care. Specialist care transactions remain dominated by private equity-backed corporates

  • Clinical services transactions remain robust, with both NHS and private-pay services in demand and a spate of recent private hospital acquisitions


Private equity involvement


  • Private equity remains prevalent across the sector, with direct or indirect involvement in almost 50% of all transactions during Q3

  • After a lull in platform deals in Q2, direct investments into businesses spanning aesthetics, veterinary services and physio have buoyed activity in Q3

  • As noted above, numerous bolt-on deals have been completed in practice and care management software, whilst areas such as occupational health and clinical insourcing have also seen significant acquisitions for private equity-backed corporates

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