November 2023: Healthcare M&A Snapshot

View our summary of the key M&A, private equity and venture capital deals across the UK healthcare sector in November 2023 below.

Notable sector deals: November 2023

An interesting investment for healthcare-focused PE firm, G Square, into health tech provider Mayden
Mayden offers electronic health records for psychological therapies across the UK, with its flagship product ‘iaptus’ used in c.75 children's mental health services and over two thirds of NHS talking therapy services
The investment will support Mayden’s next phase of growth in delivering more outcome-focused care in the UK and overseas
The drive for digital transformation within the healthcare sector is increasingly attractive to investors and we expect to see further deals in areas such as electronic health records and care planning as a result

Another pharma investment for NorthEdge, backing the acquisition of Torbay Pharmaceuticals from Torbay and South Devon NHS Foundation Trust
Torbay is a sterile injectable contract manufacturer, supplying healthcare and pharmaceutical companies throughout the UK and internationally
The investment will help Torbay expand its reach across North America while continuing to invest in its core UK headquartered team
This deal marks NorthEdge’s seventh healthcare investment and its fifth within pharma services, as the firm expands its presence in the sector
The transaction highlights private equity’s continued interest in the broader pharma sector, which is seeing M&A activity in a variety of segments

As Antser Group looks to embark on its next phase of growth, the business has undertaken a management buy-out backed by YFM Equity Partners
Antser, headquartered in Birmingham, is a tech-driven provider of assessments and social care training
The investment will allow Antser to grow through geographical expansion and new service offerings, alongside investing in new content
The deal marks a successful full exit for BGF, who invested £8.5m into the business in September 2021, before partially exiting in 2022
Tech-enabled healthcare services continue to be particularly sought after by investors, as services of this nature offer significant potential for growth

A significant deal for G Square-backed Pharmacy2U, with the acquisition of online pharmacy LloydsDirect
Leeds-based Pharmacy2U is a leading provider of NHS primary care services, best known for its digital repeat dispensing and clinical services offering
LloydsDirect, formerly part of the Lloyds Pharmacy Group, helps c.500,000 patients in England access their repeat prescriptions more conveniently, while reducing pressure on the NHS
The acquisition will see the two companies unite as one digital pharmacy under the Pharmacy2U brand, giving patients better access to pharmacy services

Sub-sector	Target	Acquirer / Investor	Exiting PE
Digital Health	Antser Group	YFM Equity Partners	BGF
Digital Health	Mayden	G Square	N/A
Pharma	Antibody Analytics	North Edge	N/A
Pharma	Torbay Pharmaceuticals	North Edge	N/A
Specialist Care	Aspire Support Options	Choice Care Group (iCON Infrastructure)	N/A
Specialist Care	Inroads (Essex)	Swanton Care (Apposite)	N/A
Vet	Animal Health Centre	Medivet (CVC Capital)	N/A

Target	Description	Lead Investor	Investment
1nhaler	Single use dry powder inhaler	Archangels	£2m
Bea Fertility	At home fertility treatment kit	Pioneer Group	N/D
Phare Health	AI technology to help hospitals manage data and finances	General Catalyst	£2.5m
ViaNautis	Drug delivery platform	BGF	£20m