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November 2022: Healthcare M&A Snapshot



Deal activity in November has highlighted acquirer and investor demand for services which support the NHS in streamlining clinical care pathways and addressing backlogs.


Whether through clinical insourcing, outsourced community-based services, or software supporting digitalisation and remote care, the significant growth in these markets is driving high levels of deal activity.


This snapshot summarises the key mergers & acquisitions, private equity and venture capital transactions across the UK healthcare sector in November 2022.


A PDF copy of the report can be downloaded here:



Notable sector deals: November 2022


Radnet's acquisition of Heart & Lung Health


  • An interesting deal for RadNet, the US provider of diagnostic imaging services, acquiring a 75% stake in London-based Heart & Lung Health (HLH)

  • HLH is the leading provider of lung cancer screening for the NHS Targeted Lung Health Check programme and provides reporting services through a network of 70 cardiothoracic radiologists across the UK

  • This follows significant M&A activity in the broader diagnostic imaging market in recent years, with community-based providers such as Diagnostic Healthcare and Medical Imaging Partnership receiving private equity investment, alongside a number of deals within teleradiology

  • Further deals are likely given the drive towards community-based provision


Acquisition of Optegra by MidEuropa


  • MidEuropa’s acquisition of ophthalmology platform Optegra marks a partial exit for H2 Equity Partners, following their investment in 2020

  • The business has successfully grown to offer services across Europe, operating 29 facilities which perform over 100,000 surgical procedures per year

  • MidEuropa’s investment, along with debt funding from Kartesia, will support in further expanding Optegra’s geographical footprint

  • The deal exemplifies the attractiveness of the UK ophthalmology market, with the NHS continuing to outsource provision to manage demand and backlogs

  • Operators such as Community Eyecare (G Square) and SpaMedica (Nordic) have also received investment as the market continues to expand


Dr Dropin’s acquisition of Skindoc


  • Another deal highlighting the move towards remote and digital dermatology provision, as Norwegian corporate Dr Dropin acquired Skindoc

  • Founded in 2020, Skindoc provides online access to dermatological care, either through the upload of photos or via a live virtual consultation

  • Dr Dropin plans to use Skindoc’s UK platform as a means to expand its Norwegian business model into the UK, providing instant healthcare at affordable and fixed price points

  • With continued pressure on NHS resources, individuals are increasingly turning to cost effective private healthcare services to address common medical issues

  • This trend is set to continue and further transactions are expected as a result


LifeArc’s investment into Surgery Hero


  • A £2m seed investment for Surgery Hero (formerly known as Sapien Health), led by LifeArc Ventures with support from Crista Galli Ventures, Clarendon Fund Managers and SFC Capital

  • Surgery Hero is a digital clinic that helps people prepare for and recover from surgery at home, creating a more efficient system for pre-op and post-op care

  • Demand for the business’ services has spiked due to record numbers on NHS surgical waiting lists, as the NHS searches for digital solutions to ease resource constraints and streamline its services

  • The funding will be used to scale the platform through the application of machine learning, in addition to expansion into the US market


Healthcare market activity: November 2022


Private equity activity

Sub-sector

Target

Acquirer / Investor

Exiting PE

Digital Health

Alva

Vira Health

(Octopus Ventures)

N/A

Specialist Care

Freedom Care

Swanton Care

(Apposite)

N/A

Dental

Halo Dental Lab

ALS Dental

(Ansor)

N/A

Clinical Services

Optegra

MidEuropa

H2 Equity

Digital Health

Skindoc

Dr Dropin

(SHS)

N/A


Venture capital activity

Target

Description

Leads Investor

Investment

Aide Health

Remote platform to monitor patients with chronic diseases

Hambro Perks

$1.2m

Healios

Digital mental health platform

Albion

InHealth Ventures

£14m

Leva Clinic

Digital chronic pain platform

Óskare Capital

£3m

Log My Care

Software enabling care homes and social care organisations to go digital

Mercia

£3.25m

Surgery Hero

Digital clinic helping people to prepare for and recover from surgery

LifeArc Ventures

£2m


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