July 2023: Healthcare M&A Snapshot

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

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

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

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

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

Target	Description	Lead Investor	Investment
Capri Healthcare	Digital patient referral and automated triage solutions	Midven	£320k
Entia	At-home blood testing for individuals undergoing cancer treatment	BGF Parkwalk	£16m
Medmin Group	Concierge-style service for self-pay patients	Midven	£750k
Thymia	Gamified AI tools to improve mental health assessments	Kodori Ventures	$2.7m
uMed	Platform which helps to recruit patients into clinical studies and build evidence	Albion Capital	£9.8m