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October 2023: Healthcare M&A Snapshot

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

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

Notable sector deals: October 2023

Acquisition of Alliance Medical by iCON Infrastructure

  • A significant deal for iCON Infrastructure, with the £910m acquisition of Alliance Medical Group from South African hospital operator Life Health Group

  • Alliance Medical is one of the leading independent diagnostic imaging providers in the UK, partnering with c.100 NHS trusts

  • The asset-backed model fits well with iCON’s investment focus and will also complement the firm’s existing investment into flexible clinical infrastructure provider, Vanguard Healthcare

  • Growing backlogs across the NHS and increased acceptance of reliance upon the private sector to address these will be seen as opportunities to further enhance Alliance’s presence across the UK diagnostic imaging sector

Spire Healthcare Group’s acquisition of Vita Health Group

  • Private hospital group Spire has continued its expansion and diversification strategy, with the addition of Vita Health Group for £74 million

  • Vita Health Group, which had been backed by Archimed since 2015, has grown strongly in recent years and is expected to deliver revenue of over £100m and adjusted EBITDA of £10m in 2024

  • The business provides outpatient mental health talking therapies, MSK and dermatology services to the NHS, in addition to offering outsourced physio and counselling services to the corporate and occupational health markets

  • This acquisition enables Spire to expand its capabilities within the mental health and MSK sectors, while broadening its service offerings to corporates

Care Fertility Group’s acquisition of CRGW

  • A successful acquisition for Nordic Capital-backed Care Fertility, the UK’s largest private fertility group

  • Centre for Reproduction & Gynaecology Wales (CRGW) is an IVF treatment provider headquartered in Wales, with a network of fertility clinics across the South West

  • The acquisition will aid geographical expansion for Care Fertility, as the business continues to grow through acquisition following Nordic’s investment

  • The deal highlights the continued interest from acquirers in independent IVF providers, however greater consolidation of the market means that opportunities of this nature have become more scarce

Acquisition of Psicon by Onebright

  • Significant expansion for Onebright with the acquisition of Psicon, a provider of neurodevelopmental assessments for Autism and ADHD

  • Onebright, backed by EMK Capital, is the UK’s largest private outpatient mental health services provider for PMI, corporates and consumers

  • The acquisition will diversify Onebright’s service offering, with plans to significantly invest in Psicon’s operational and technological capabilities to boost the expansion of the business across the UK

  • Demand for neurodevelopmental assessments continues to grow, with NHS waiting times increasing and many individuals turning to private providers

  • We expect to see continued M&A activity in this area as a result

Healthcare market activity: October 2023

Private Equity Activity



Acquirer / Investor

Exiting PE

Clinical Services

Alliance Medical

iCON Infrastructure



3 Birmingham Practices


(Palamon Capital)



Harborne Dental Practice

Todays Dental

(Lonsdale Capital)


Digital Health







Care Fertility

(Nordic Capital)


Mental Health



(EMK Capital)


Medical Transport

MedDX and Shuttlepac




Physio / MSK

Vita Health

Spire Healthcare


Venture Capital Activity



Lead Investor



Digital tools for pathology clinics

Kernel Capital


Creature Comforts

Vet care provier

Torch Capital



Artificial lungs for testing of drugs




SaaS platform for care homes



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