A summary of the key mergers & acquisitions across the UK healthcare market in January 2022. A copy of the report can be downloaded below:
Key Sector Deals
Acquisition of Voyage Care by Wren House
A significant exit for Partners Group and Duke Street, with another infrastructure investor entering the sector due to the perceived stability of the market
The third major transaction in the specialist care sector in recent months, following the Priory and Elysium Healthcare
Consolidation of the sector continues at pace, however there may be some question marks over future exit options and multiples for mid-market buy and build strategies
Marlowe’s £135m acquisition of Optima Health
A major step in Marlowe’s aggressive expansion into the UK occupational health market at a multiple of over 12x EBITDA
An impressive exit for CBPE, generating a 6.5x money multiple
The transaction underlines the attractiveness of the occupational health market as employers become more proactive in their approach to ensuring employee wellbeing, combined with the increasing use of technology to support this
Acquisition of Medequip by Medux
Acquisition of the UK’s leading provider of community equipment and complementary services to local authorities and the NHS
Provides Dutch corporate, Medux, with a significant UK presence and the possibility of extracting material procurement synergies
Driven by the ongoing movement towards individuals remaining at home for longer, supported by advances in technology and specialist equipment which allow independent living
Nordic Capital’s acquisition of Care Fertility
Having grown to a network of 24 clinics across the UK, Nordic Capital’s investment is made with the aim of driving the international expansion of the business
The deal represents a successful exit for Silverfleet, generating a money multiple of 2.6x and an IRR of over 40%
This highlights the continued attractiveness of the IVF market to investors due to favourable demand drivers and further opportunity for international consolidation
Healthcare Market Activity
Private Equity Activity
Sub-sector | Target | Acquirer / Investor | Exiting PE | EV |
Dental | Alloway Place | Clyde Munro (Synova) | N/A | N/D |
IVF | Care Fertility | Nordic Capital | Silverfleet | N/D |
Specialist Care | Green Rose | Swanton Care (Apposite) | N/A | N/D |
Pharma | Stirling Anglian Pharmaceuticals | Kent Pharma (Apposite) | N/A | N/D |
Specialist Care | Ludlow Street Healthcare | Holmleigh Care (Ancala) | N/A | N/D |
Occupational Health | Optima Health | Marlowe | CBPE | £135m |
Specialist Care | Voyage Care | Wren House | Partners Group Duke Street | N/D |
Venture Capital Activity
Target | Description | Investors | Investment |
Pathfinder Medical | Medical devices for vascular procedures | BGF Parkwalk Deepbridge | £8.5m |
Engitix Therapeutics | Proprietary human extracellular matrix drug target discovery platform | Netherton Investments Dompe Farmaceutici | $54m |
IPOs
Target | Description | Market | Market Cap |
Genflow Biosciences | Development of novel therapeutics targeting ageing in dogs and humans | LSE | £23.4m (£3.7m raised) |