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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

Sub-sector

Target

Acquirer / Investor

Existing PE

Case Management

CA Case Management

HCML (Apposite)

N/A

Clinical Services

Express Diagnostics

Inuvi (Longacre)

N/A

Clinical Services

Medica Group

IK Partners

N/A

Medical Products

Bailey Instruments

Marsden Group (Alcuin)

N/A

Medical Products

Great Bear Healthcare

Clinisupplies (KKR)

N/A

Vet

4 IVC practices

Perwyn

N/A

Vet

Isabelle Vets

VetPartners (BC Partners)

N/A


Venture Capital Activity

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


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