May 2025: Healthcare M&A Snapshot

View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in May 2025 below.

Download Report

Notable Sector Deals: May 2025

EssilorLuxottica’s acquisition of Optegra

• A strategic acquisition for EssilorLuxottica, acquiring the rapidly expanding ophthalmology group Optegra

• Optegra operates 70+ clinics across the UK and Europe under the Optegra, Lexum, and Iris brands

• The deal supports EssilorLuxottica’s ambition to offer integrated eyecare services, from diagnostics and therapeutic interventions to surgical treatments

• The transaction reinforces heightened M&A activity in ophthalmology, following recent deals such as BGF’s investment in OCL Vision and Clinica Baviera’s acquisition of Optimax

Acquisition of ADHD360 by Keys Group

• An interesting diversification acquisition for Keys Group, adding virtual neurodiversity provider ADHD 360

• ADHD 360 delivers ADHD and autism assessments to both private and NHS patients via a digital platform

• The acquisition strengthens Keys’ neurodiversity capabilities and broadens access to remote mental health support

• Founder Dr Phillip Anderton will remain in place post-deal to support growth

• The transaction highlights continued interest in the neurodiversity space, as ADHD and autism diagnoses rise and assessment backlogs persist across the UK

ICG’s investment into Hakim Group

• A milestone for Hakim Group, the UK’s largest family of independent opticians and audiologists, receiving growth investment from ICG

• Hakim supports over 500 partner-led optometry and audiology practices across the UK and Ireland, offering clinical autonomy and shared infrastructure

• The business has grown rapidly through acquisitions and partnerships with independent practices

• The investment will support continued M&A activity, operational scaling, and enhancements to technology and customer experience

• Incumbent investor All Seas Capital, which invested in 2020, will partially reinvest alongside ICG

Investment into FibroFind from Vespa Capital

• Another pharma services deal for Vespa Capital, investing in Newcastle-based innovative CRO FibroFind

• FibroFind’s precision-cut tissue slice platform supports high-fidelity preclinical drug testing across multiple organs

• The business was spun out of Newcastle University in 2018 and has built a global reputation in translational preclinical research

• The funding will drive commercial scale-up, international expansion, and development of additional tissue models

• The deal highlights growing investor interest in CROs that improve early-stage drug testing accuracy and reduce clinical trial failure rates

Healthcare Market Activity: May 2025

Private Equity Activity

Sub-sector	Target	Acquirer / Investor	Exiting PE
Clinical Services	The Pharmacy Network	Growth Fund 1	N/A
Specialist Care	Save Haven Care	Mysa Care (Downing)	N/A
Pharma Services	Fibrofind	Vespa Capital	N/A
Specialist Care	ALP Supported Living	Iris Care Group (Ancala)	N/A
Clinical Services	ADHD360	Keys Group (G Square)	N/A
Opticians	Hakim Group	ICG	All Seas (reinvested)

Venture Capital Activity

Target	Description	Lead Investor	Investment
Mindspire	Neurotech start-up	SFC Capital	£0.85m
Envoke	Lab tech simulator	Mercia	£1m
Magnitude Biosciences	Drug discovery innovator	Maven	£0.7m
Zeus Sleep	Non-invasive devices to aid sleep	British Design Fund	£0.15m