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November 2023: Healthcare M&A Snapshot

A summary of the key mergers & acquisitions, private equity and venture capital deals across the UK healthcare sector in November 2023.

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

G Square’s investment in Mayden

  • 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

Acquisition of Torbay Pharmaceuticals by North Edge

  • 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

YFM Equity Partners back MBO of Antser Group

  • 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

Pharmacy2U’s acquisition of LloydsDirect

  • 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

Healthcare market activity: November 2023

Private Equity Activity



Acquirer / Investor

Exiting PE

Digital Health

Antser Group

YFM Equity Partners


Digital Health


G Square



Antibody Analytics

North Edge



Torbay Pharmaceuticals

North Edge


Specialist Care

Aspire Support Options

Choice Care Group (iCON Infrastructure)


Specialist Care

Inroads (Essex)

Swanton Care (Apposite)



Animal Health Centre

Medivet (CVC Capital)


Venture Capital Activity



Lead Investor



Single use dry powder inhaler



Bea Fertility

At home fertility treatment kit

Pioneer Group


Phare Health

AI technology to help hospitals manage data and finances

General Catalyst



Drug delivery platform




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