January 2022: Healthcare M&A Snapshot


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)