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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


Sub-sector

Target

Acquirer / Investor

Exiting PE

Clinical Services

ECG On-Demand

Diagnostic Healthcare

(G Square)

N/A

Clinical Services

The Edgbaston Hospital

Practice Plus

(Bridgepoint)

N/A

Digital Health

KareInn

Person Centred Software

(Cow Corner)

N/A

Medical Equipment

Entaco

Traditum

N/A

Physiotherapy

BWT Physio

Six Physio

(bd Capital)

N/A

Recruitment

Carter Schwartz

Compass Recruitment Solutions

(Cow Corner)

N/A

Training

Impact Futures

August Equity

N/A

Vet

PharmPet Co

Pharmacy2U

(G Square)

N/A


Venture Capital Activity


Target

Description

Lead Investor

Investment

Fuse Diagnostics

Diagnostic testing platforms

Angel Investors

£1.6m

LabGenius

Machine learning driven antibody discovery platform

M Ventures

£35m

Medi2data

Products for the quick and safe exchange of medical data

Wealth Club

£2.1m

Digital and mental health solution provider

Act Venture Capital

€17m


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