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March 2023: Healthcare M&A Snapshot

March was another month of interesting deal activity across the UK healthcare sector, with consistent themes driving transactions. Digital health, occupational health, clinical services and specialist care all remain highly active.

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

Notable sector deals: March 2023

Medigold’s acquisition of Health Management

  • A major acquisition for BGF-backed occupational health provider, Medigold, with the carve-out of Health Management from US corporate, Maximus

  • Health Management brings significant scale, generating turnover of c.£30m, but has been heavily loss making in recent years

  • The combined business becomes the largest independent occupational health provider in the UK, with a workforce of over 1,100, servicing 3,500 customers and c.4.5 million employees across the country

  • The deal marks an active start to the year for occupational health, having seen Medigold’s competitor PAM Group make a more modest acquisition in January

Acquisition of Naytal by the Maven Clinic

  • A strategic deal for the Maven Clinic, the world’s largest virtual clinic for women’s health, as it acquires London-based digital health company Naytal

  • Naytal provides on-demand access to women’s and family health experts, covering fertility and pregnancy through to postpartum care and menopause

  • The transaction will enhance Maven’s ability to service its membership base in the UK and expand the client base further

  • This follows Maven’s significant fundraise of $300m late last year, with the business now supporting members in over 175 countries across the globe

  • The deal is another example of the attractiveness of digital health services targeting fertility and women’s health

Acquisition of Schoen Clinic London by Fortius Clinic

  • The acquisition of the Schoen Clinic London represents a major strategic move for Fortius Clinic, the UK’s largest orthopaedic MSK group

  • Schoen Clinic is a dedicated orthopaedic hospital in the heart of London and will provide Fortius with a “Centre of Excellence” in orthopaedics in central London, offering an end-to-end clinical pathway

  • The transaction is a logical extension for Fortius, which became part of European diagnostics and outpatient services provider Affidea in 2021

  • The deal highlights strong ongoing M&A activity across clinical services, with both private pay and outsourced NHS services sought after

Montreux’s acquisition of Zero Three Care

  • An interesting deal for Montreux’s fixed yield fund which focuses on acquiring smaller businesses across the specialist care sector

  • Zero Three operates ten care homes and two supported living locations, providing care to young adults with learning disabilities and complex needs

  • With an exclusive focus on the UK health & social care sector, Montreux has now made over 20 acquisitions across specialist care

  • The broader specialist care market’s resilience through challenging times has made it increasingly attractive to investors and acquirers, with particular interest from infrastructure investors in recent years due to stable returns

Healthcare market activity: March 2023

Private equity activity



Acquirer / Investor

Exiting PE

Children's Services

A Wilderness Way

Sovereign Capital


Digital Health

FingerPrint Global

Halcyon (Aliter)


Digital Health


Maven Clinic (General Catalyst)


Occupational Health

Health Management

Medigold Health



Pharma Services

MAP Patient Access

Kester Capital



Back in Action UK

Sano Physio



Specialist Care

Zero Three Care

Montreux Capital


Venture capital activity



Lead Investor



Antibody drug discovery platform

Development Bank of Wales



Blood test to detect bowel cancer




Ovarian cancer diagnostics




Digital therapy and coaching platform

Octopus Ventures



Ocular wound dressing and contact lenses




Non-surgical aesthetic treatments

Jenson Funding Partners



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