Private Equity Eyes NHS Community Services as Sector Evolves

As the NHS pushes more care into the community and Integrated Care Boards (ICBs) seek cost-effective partners, private equity and strategic buyers are ramping up investment across outsourced NHS clinical services.

Ophthalmology has seen some of the most prominent activity. G Square-backed CHEC (Community Health and Eyecare) has grown rapidly as a national provider of NHS cataract services, opening new sites to improve access and reduce waiting times. SpaMedica, previously backed by CBPE Capital and now owned by Nordic Capital, followed a similar trajectory – scaling fast through a high-volume, outcomes-led model. MidEuropa’s investment in Optegra complements this trend, supporting a multi-site elective care platform tailored to NHS demand.

Other outpatient services have followed suit. 18 Week Support, backed by Summit Partners, acquired dermatology specialist Medical Clinics to diversify away from core clinical insourcing services which have proved more challenging in recent times. Medinet, under Fremman Capital, acquired HealthHarmonie, a Birmingham-based provider of gynaecology and dermatology services, further consolidating the outpatient landscape.

In MSK, the merger of Connect Health and Healthshare (supported by LDC and BGF) has created a leading provider of physiotherapy, surgical and diagnostic services, offering ICBs a more integrated solution at scale.

Audiological Science received investment from YFM Equity Partners to expand community-based hearing services, while neurodiversity has become one of the most active areas in mental health. QPE’s backing of Psychiatry UK reflects a clear shift toward scalable models for ADHD and autism care delivery.

Diagnostics is another hotspot. G Square’s Diagnostic Healthcare has made strategic acquisitions of ECG On-Demand and Venturi Cardiology, creating internal referral pathways and strengthening its cardiac diagnostics proposition. Inuvi, backed by Longacre, has similarly expanded through the acquisitions of Express Diagnostics and Physiological Measurements.

Across these sectors, one theme stands out: buyers and investors are drawn to businesses that offer cost-effective, community-delivered services that directly reduce NHS burden. Whether through outpatient clinics in a more local setting or remote testing and assessments, investors are backing models that deliver efficiency, access, and scalability.

With further NHS reforms on the horizon, we expect continued deal activity as PE firms and corporates position themselves as essential partners to the NHS - not just in hospitals, but at the heart of local care.