View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in July 2024 below.
Notable Sector Deals: July 2024
Acquisition of Enable Therapy Services by Examworks
A strategic deal for ExamWorks UK, with the acquisition of Leeds-based Enable Therapy Services (ETS)
ETS provides case management, rehabilitation and occupational therapy assessment & treatment services through a team of 40 employed staff, together with an established network of over 275 occupational therapists
ExamWorks is a leading provider of medico-legal services, health assessments and rehabilitation treatment
This transaction follows ExamWorks’ recent acquisitions of Choose Occupational Health and Washington House Occupational Health, as the business continues to diversify its service offering
Investment into Lexxic from Agathos
An interesting investment from Agathos into neurodiversity assessment services and accreditation provider Lexxic
Lexxic provides neurodiversity services to organisations, creating “Neurodiversity Smart” workplaces and delivering psychological support services to neurodivergent talent within corporate environments
The investment will accelerate growth through the expansion of new and existing services, in addition to development of technology to enhance Lexxic’s proposition to clients
Neurodiversity services have seen increased investor interest in recent months, driven by increased awareness and diagnosis of neurodiverse conditions
NorthEdge’s investment in Latus Group
A notable investment from NorthEdge into occupational health provider Latus Headquartered in Hull, Latus is a leading provider of occupational health services, working with a variety of sectors to support staff wellbeing, reduce work absences and ease wider pressures on the NHS
In the last two years Latus has seen significant growth, making two acquisitions as well as launching its digital health platform, Yodha
The investment will see Latus deliver a strategic M&A strategy, alongside organic growth and further investment into technology
The deal highlights ongoing investor interest in the occupational health sector, with other PE-backed operators including PAM Group, HCML and Medigold
Acquisition of Eye Hospitals Group by Clinica Baviera
Spanish ophthalmology chain Clinica Baviera has entered the UK market with the acquisition of vision specialist Eye Hospitals Group
Operating under the brands Optimax and Ultralase, Eye Hospitals Group has 19 clinics throughout the UK
It offers specialised vision correction and laser eye services, alongside other ophthalmological services
Clinica Baviera has over 100 clinics in Spain, Germany, Italy and Austria, with a core focus on premium cataract surgery
The initial consideration amounts to €11.75m, plus a conditional deferred earnout estimated at up to €11m
Healthcare Market Activity: July 2024
Private Equity Activity
Sub-sector | Target | Acquirer / Investor | Exiting PE |
Case Management | Enable Therapy Services | Examworks (CVC) | N/A |
Digital Health | Carebeans | RLDatix (Nordic) | N/A |
Hospitals | Kingsbridge Healthcare Group | Exponent | Foresight |
Medical Equipment | Medray Group | LDC | N/A |
Mental Health | Lexxic | Agathos | N/A |
Mental Health | Smart TMS | Neurocare (TVM Capital) | N/A |
Occupational Health | Latus Group | NorthEdge | N/A |
Pharma Services | Pharmaxo | Icon Group (EQT) | N/A |
Specialist Care | CFT Care | Optimo Care Group (Oxygen) | N/A |
Venture Capital Activity
Target | Description | Lead Investor | Investment |
Flo Health | Women’s health app to track ovulation and periods | General Atlantic | $200m |
Healthtech-1 | Technology automating admin tasks in GP surgeries | Moonfire | $3.5m |
Huma Therapeutics | Health technology | HAT SGR AstraZeneca | $80m |
PureAlign | AI technology for orthodontics | Yorkshire AI Labs | N/D |
Spotlight Pathology | AI tools to streamline the diagnosis process for blood cancer | LYVA Labs | £0.125m |
Zoe | Gut health start up | Coefficient Capital | $15m |
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