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October 2022: Healthcare M&A Snapshot

The UK healthcare sector continues to show its resilience, with strong M&A and private equity activity in October.

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

A PDF copy of the report can be downloaded here:

Notable sector deals: October 2022

Acquisition of Veincentre by CBPE Capital

  • A successful exit for Palatine after scaling the Veincentre business from seven to 22 sites since their initial investment in mid 2019, with revenue increasing by over 180% during this period

  • Veincentre is a chain of accessible and convenient clinics for the treatment of varicose veins, a common health problem across the UK population

  • The business offers an affordable solution for patients, in an area where NHS funding is severely lacking

  • The deal is an example of private equity’s attraction to consumer-focused healthcare offerings, addressing common health issues which are currently underserved and underfunded by the NHS

Palatine’s investment into Redmoor Health

  • A busy month for Palatine with the exit from Veincentre, in addition to a new investment in digital healthcare service partner, Redmoor Health

  • The government has made clear that digitalisation of the NHS is a key priority, with £2bn of funding announced by Sajid Javid in June 2022

  • Redmoor is well placed to capitalise on this opportunity by providing a range of services to the NHS in support of digital transformation projects

  • Given these dynamics, providers of digital transformation consultancy services are clearly attractive to private equity at present, with Westbridge investing into Channel 3 Consulting in 2021. We therefore expect to see more deals in this area in the coming months

OutsideClinic’s acquisition of Bloom UK

  • A significant deal for OutsideClinic as it acquires the assets of Bloom from Denmark-based hearing aid manufacturer, WS Audiology

  • Bloom brings a 65-strong team to the OutsideClinic business, creating a team of over 170 across the combined audiology operations

  • The deal aims to consolidate OutsideClinic’s position as the largest and fastest growing provider of domiciliary eye and hearing care in the UK

  • OutsideClinic is owned by Optimism Health Group, a healthcare investment business funded by a range of international private investors and family offices

  • In an area of the market which has seen limited deal activity, OutsideClinic is well positioned to differentiate itself as a clear market leader

Acquisition of Templars by Dedicare

  • The acquisition of Templars Medical Agency by Dedicare, the Swedish staffing firm, provides a robust platform in the UK from which to expand

  • Templars, based in Skipton, specialises in the recruitment and staffing of doctors in the UK and Ireland

  • The deal was structured with day one consideration split between cash and shares in Dedicare, and an earnout based on future performance

  • With a severe staffing crisis across the NHS and social care sector, acquirers and private equity are seeking high quality healthcare recruitment operators

  • We expect to see further activity in this area, particularly around recruitment companies with a niche specialism

Healthcare market activity: October 2022

Private Equity Activity



Acquirer / Investor

Exiting PE

Clinical Services


CBPE Capital



Tryst Dental

Clyde Munro (Synova)


Digital Health


Agilio Software (August)


Digital Health

Redmoor Health



Specialist Care

Deanston House

Swanton Care (Apposite)


Venture Capital Actiivty



Lead Investor


Blueskeye AI

AI for the analysis of medically relevant expressive behaviour

XTX Ventures


Get A Drip

Provider of intravenous nutrition therapy

Nigel Wray


Oxford Medical Simulation

Virtual reality training platform

ACF Investors


PBD Biotech

Rapid screening test for tuberculosis

Mercia Foresight



Commercialising a material that makes x-rays more efficient




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