Q2 2025 Healthcare M&A Review

We are pleased to release our review of M&A, private equity and venture capital activity across the UK healthcare sector in Q2 of 2025.

Our report, which can be downloaded below, highlights the most active sub-sectors, along with a month-by-month summary of the key deals across the market.

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Q2 2025 Healthcare M&A Review Summary

Deal Volumes

• Q2 saw an uptick in deal volumes, with a notable spike in April. This was partly driven by tax-related transactions completed in late March but only publicly announced the following month

• May and June reflected the “new normal” of steady activity seen over the past 24 months

• Encouragingly, we’ve observed a marked increase in healthcare business owners beginning to explore an exit, a trend that could lead to a more active market in late 2025 and into 2026.

Sub-Sector Activity

• Specialist care remained the most active sub-sector, with numerous deals involving both established consolidators and new private equity-backed platforms

• Clinical services also saw strong momentum, particularly in hospitals, outsourced NHS elective care, and specialist private-pay services

• Other transactions spanned a diverse range of segments, with medical equipment and digital health showing particular strength

Private Equity Involvement

• PE remained active, featuring in c.50% of transactions. That said, investor appetite continues to outstrip deal flow, with frustration mounting over limited opportunities

• The period saw new platforms for Downing (Fortava & Inspire Neurocare), Accel-KKR (CareLineLive), ICG (Hakim Group), Growth Fund 1 (TPNG), Foresight (Functional Gut), Elysian (IMS), InvestIndustrial (DCC’s healthcare division) and Fremman (Amethyst)