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May 2023: Healthcare M&A Snapshot

A summary of healthcare mergers & acquisitions in May 2023

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

Notable sector deals: May 2023

Dual acquisitions by Latus Health

  • Further deals for tech-enabled occupational health provider Latus Health, as it completed the acquisitions of Elas Occupational Health and Industrial Diagnostics Company from Citation Group

  • The deals will broaden Latus’ service offering, providing further expertise in health surveillance, including unique mobile options and on-site industrial diagnostics such as chest x-rays

  • The transactions were supported with funding from TDC’s Impact Fund

  • The occupational health sector continues to see strong levels of M&A activity, with both PAM Group and Medigold Health completing transactions earlier in 2023 and more deals expected going forward

Rowlands’ acquisition of 30 sites from LloydsPharmacy

  • A significant acquisition for Rowlands as it takes on 30 LloydsPharmacy branches operating in Scotland

  • Part of Phoenix Group, Rowlands has over 500 outlets operating across the UK, with the transaction taking its Scottish presence to 70 sites

  • The deal is part of Lloyds ongoing exit from its retail footprint under various differing project names, as well as the closure of its Sainsbury’s estate

  • This deal follows the acquisition of Lloyds by investment firm Aurelius, as part of a £477m carve out of McKesson’s broader UK operations last year

Growth funding for Dr Newman's Clinic

  • A successful fundraise for Dr Newman’s Clinic, the chain of medical clinics specialising in the treatment of varicose veins and thread veins

  • £1.5m of debt funding has been provided by Frontier Development Capital, to support the business’ expansion with new locations nationwide

  • The business has an existing presence across 16 cities in the UK and plans to open 10 new locations over the next two years

  • The sector already has a proven case study, with Palatine’s recent successful exit from Veincentre to CBPE

  • Providers of affordable private treatments for common conditions (with limited NHS availability) remain highly attractive to investors presently

Acquisition of Caragon by Agilio Software

  • Another bolt-on for Agilio Software, the August Equity-backed provider of SaaS based compliance, HR and e-learning services into the dental and medical markets

  • Caragon provides three leading automated solutions into the dental sector, allowing clients to free up resources and consolidate their data

  • Caragon’s product portfolio is already used by eight of the ten largest dental service organisations in the UK

  • Agilio now offers software and support to over 100,000 dental practitioners, 4,000 GP practices and hospitals and has completed numerous bolt-on transactions since August’s investment in 2019

Healthcare market activity: May 2023

Private Equity Activity



Acquirer / Investor

Exiting PE

Medical Products

Cerus Endovascular

Stryker Corporation

River Capital

Medical Products

Ross Care


Cairngorm Capital


Opticare & Catriona Pearson Opticians

Duncan & Todd (BGF)



30 Lloyds branches in Scotland

Rowlands Pharmacy




Agilio Software (August)


Venture Capital Activity



Lead Investor



Early cancer diagnostic technology


Morningside Ventures



Remote ophthalmic technology

Compiler VC



One-stop app for hospital staff to report operational problems

Nickleby Capital



Device to support organ transportation




Handheld device to detect changes in lung function





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