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
Sub-sector | Target | Acquirer / Investor | Exiting PE |
Medical Products | Cerus Endovascular | Stryker Corporation | River Capital |
Medical Products | Ross Care | Medequip | Cairngorm Capital |
Opticians | Opticare & Catriona Pearson Opticians | Duncan & Todd (BGF) | N/A |
Pharmacy | 30 Lloyds branches in Scotland | Rowlands Pharmacy | Aurelius |
Software | Caragon | Agilio Software (August) | N/A |
Venture Capital Activity
Target | Description | Lead Investor | Investment |
Cyted | Early cancer diagnostic technology | BGF Morningside Ventures | £13.4m |
IbisVision | Remote ophthalmic technology | Compiler VC | £4.5m |
MediShout | One-stop app for hospital staff to report operational problems | Nickleby Capital | £4.3m |
ScubaTx | Device to support organ transportation | Praetura | £1.5m |
TidalSense | Handheld device to detect changes in lung function | BGF Downing | £7.5m |
Comments