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July 2023: Healthcare M&A Snapshot

A summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in July 2023.

View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in July 2023 below.

Notable sector deals: July 2023

Acquisition of CA Case Management by HCML

  • Another successful acquisition for Apposite-backed rehabilitation and case management provider HCML

  • CA Case Management is a specialist provider of brain injury case management services and expert witness solutions across the south-east of England

  • The acquisition will bolster HCML’s case management offering across serious and catastrophic injury, in addition to expanding its geographical footprint

  • This is the second deal for HCML following Apposite’s investment in November 2021, as the business continues to effectively deploy its acquisition strategy

  • The broader case management sector continues to see interest from a range of acquirers such as HCML, Handl and Frenkel Topping

Acquisition of Bailey Instruments by the Marsden Group

  • A strategic addition for Marsden, the Alcuin Capital-backed manufacturer of medical weighing devices, with the acquisition of Manchester-based medical device specialists, Bailey Instruments

  • Bailey Instruments manufacture a range of single use and reusable medical devices and surgical instruments which are used in general surgery, podiatry, maternity and ENT

  • The acquisition will enhance Marsden’s international growth strategy, extending and diversifying its range of medical instruments

  • Since Alcuin’s investment in 2019, Marsden has grown revenues to over £8.2m and the addition of Bailey will significantly bolster this growth

IVC’s divestment of four practices to Perwyn

  • Following a CMA review, IVC has divested four veterinary practices to private equity investor Perwyn, and a further four practices to individual purchasers

  • The CMA’s continued intervention in the UK veterinary sector has stifled deal activity, particularly amongst the “Big 6” operators

  • We have previously alluded to the situation leaving an open door for a new platform, and Perwyn have clearly capitalised upon the opportunity to acquire a small group of practices (one would assume at a discounted price due to the forced sale) from which to expand

  • It will be fascinating to see how this situation develops, as the landscape for M&A across the veterinary sector has radically changed in a short period

Inuvi’s acquisition of Express Diagnostics

  • A significant deal for Inuvi, with the acquisition of Plymouth-based diagnostic services provider, Express Diagnostics

  • Express Diagnostics is the UK’s largest provider of remote holter analysis and ECG interpretation, in addition to providing audiology and health screening

  • Inuvi offers health assessments and phlebotomy visits through its network of mobile health practitioners, whilst conducting blood tests at its laboratory

  • The acquisition will broaden the group’s service offering, helping to establish Inuvi as a leading provider of expert diagnostic services

  • The deal highlights strong interest from acquirers in remote services which create efficiencies across both NHS and private diagnostic procedures

Healthcare market activity: July 2023

Private Equity Activity



Acquirer / Investor

Existing PE

Case Management

CA Case Management

HCML (Apposite)


Clinical Services

Express Diagnostics

Inuvi (Longacre)


Clinical Services

Medica Group

IK Partners


Medical Products

Bailey Instruments

Marsden Group (Alcuin)


Medical Products

Great Bear Healthcare

Clinisupplies (KKR)



4 IVC practices




Isabelle Vets

VetPartners (BC Partners)


Venture Capital Activity



Lead Investor


Capri Healthcare

Digital patient referral and automated triage solutions




At-home blood testing for individuals undergoing cancer treatment




Medmin Group

Concierge-style service for self-pay patients




Gamified AI tools to improve mental health assessments

Kodori Ventures



Platform which helps to recruit patients into clinical studies and build evidence

Albion Capital



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