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May 2024: Healthcare M&A Snapshot

A summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in May 2024.

View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in May 2024 below.

Notable Sector Deals: May 2024

Acquisition of ECG On-Demand by Diagnostic Healthcare

  • A strategic deal from G-Square backed imaging business Diagnostic Healthcare (DHC), with the addition of ECG On-Demand

  • ECG On-Demand is a leading digital cardiology diagnostics provider, and with a 12-lead ECG interpretation and holter monitoring service, it is one of the most sophisticated specialist ECG analysis service suppliers in the UK

  • This addition follows the recent acquisition of Venturi Cardiology, an independent cardiology clinic in North West England

  • The deal will enhance DHC’s position as a leading specialist diagnostic service and outpatient pathway provider, as the business continues to diversify from its core imaging services

Practice Plus Group’s acquisition of The Edgbaston Hospital

  • An interesting and opportunistic deal for Practice Plus Group, acquiring The Edgbaston Hospital from Circle Health

  • Following its merger with BMI, the sale of the hospital by Circle aims to allay concerns raised by the CMA over reduced competition in the West Midlands

  • The Edgbaston Hospital is a private hospital over 4 floors, with three theatres, ten consulting rooms, endoscopy suite and an imaging area

  • Practice Plus Group runs ten hospitals and surgical centres primarily across the South of England, with this acquisition its first in the West Midlands

  • The deal aims to offer a reduction in local NHS waiting lists, alongside Practice Plus’ continued drive to offer affordable surgery options to the private market

August Equity's investment in Impact Futures

  • A successful investment into healthcare apprenticeship provider Impact Futures, by August Equity

  • Established in 2016, Impact Futures provides commercial training and apprenticeships in healthcare, social care and childcare

  • The investment will allow Impact Futures to continue growth in its core markets, while also exploring M&A opportunities to expand into adjacent sectors, leveraging the buy and build specialism of August

  • The deal highlights investor interest in upskilling the workforce in critical subsectors, in a time when the NHS, social care and early years face staff shortages and recruitment challenges

Acquisition of Carter Schwartz by Compass

  • Compass Recruitment Solutions has acquired executive search boutique Carter Schwartz

  • The acquisition will see two of the UK’s leading healthcare executive search boutiques, Compass Executives and Carter Schwartz, operating under a new brand, Compass Carter Osborne (CCO)

  • CCO will provide recruitment services across the independent healthcare, social care, life sciences and education sectors

  • The deal follows Compass Recruitment Solutions recently receiving investment from Cow Corner to accelerate its growth plans

Healthcare market activity: May 2024

Private Equity Activity



Acquirer / Investor

Exiting PE

Clinical Services

ECG On-Demand

Diagnostic Healthcare

(G Square)


Clinical Services

The Edgbaston Hospital

Practice Plus



Digital Health


Person Centred Software

(Cow Corner)


Medical Equipment





BWT Physio

Six Physio

(bd Capital)



Carter Schwartz

Compass Recruitment Solutions

(Cow Corner)



Impact Futures

August Equity



PharmPet Co


(G Square)


Venture Capital Activity



Lead Investor


Fuse Diagnostics

Diagnostic testing platforms

Angel Investors



Machine learning driven antibody discovery platform

M Ventures



Products for the quick and safe exchange of medical data

Wealth Club


Digital and mental health solution provider

Act Venture Capital



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