September 2022: Healthcare M&A Snapshot



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


A PDF copy of the report can be downloaded here:

Notable Sector Deals


Management buy-out of Partnering Health

  • Partnering Health provides a range of healthcare services to NHS and private partners around the country, including integrated urgent care and out of hours home visiting services to 1.7 million patients throughout Hampshire

  • After showing significant growth, with revenue rising from £13.7m to £22m within two years, an MBO has been backed with equity from Ethos Partners and debt from Thincats

  • Future growth plans are centred around bolt-on acquisitions, broadening contracts with existing clients, alongside geographical expansion

  • The deal is another example of investment appetite for businesses providing critical services which alleviate pressure on the NHS

Apricity’s €17m Series B fundraise

  • A significant fundraise for Apricity, the virtual fertility clinic, as the business looks to grow its geographical footprint

  • Launched in 2018, Apricity provides a new approach to reproductive medicine, incorporating technology and fertility care to increase chances of conception

  • The investment was led by MTIP, a Swiss healthcare investor, and Iris Ventures, a consumer-centric equity fund

  • 2022 has been a year of growth for Apricity, doubling revenue, the recent acquisition of mobile fertility app Woom, and growth in B2B offerings

  • The broader fertility technology sector continues to receive significant investment, as the market evolves and expands

Optimo Care Group dual acquisitions

  • Two bolt-on acquisitions in quick succession for Optimo Care Group, the rapidly growing domiciliary care provider

  • Bolton-based Mayday Homecare and Safe Hands Support, based in Oldham, joined the group in August and September respectively

  • Combined, the two acquired entities deliver 5,500 hours of care a week to approximately 650 clients

  • These acquisitions are the first of many planned in the next twelve months for Optimo, as it looks to enhance its presence in the UK homecare market

  • Optimo is one of a small group of consolidators in the fragmented sector, with Cera Care and Nobilis also remaining highly active

£2.2m Series A fundraising for Hexarad

  • A further funding round for teleradiology provider Hexarad, led by Foresight and supported by various sector-focused angel investors

  • Operating in a sector which has historically been dominated by the four major players (Medica, 4Ways, Everlight and TMC), Hexarad differentiates itself through its bespoke technology platform, Optirad

  • Optirad works by analysing and then deploying a radiology department’s workforce in the most efficient way, creating broader benefits for NHS Trusts than just the remote reporting of scans

  • The funding will be used to continue scaling the business, both in terms of the technology platform and radiology reporting resource pool


Healthcare Market Activity


Private Equity Activity

Sub-sector

Target

Acquirer/Investor

Exiting PE

Healthcare IT

Blue Zinc

ClearCourse (Aquiline Capital)

N/A

Dental

Colinton Dental & Riccarton Dental

Clyde Munro (Synova)

N/A

Custodial Health

CRG Medical

HCRG Care Grup (Twenty20 Capital)

N/A

Domiciliary Care

Guinness Care's homecare division

City & County (Summit Partners)

N/A

Clinical Services

Partnering Health

Ethos Partners

N/A

Specialist Care

Recovery Care Group

Accomplish Group (G Square)

N/A

Venture Capital Activity

Target

Description

Lead Investor

Investment

Apricity

Virtual fertility clinic

MTIP

€17m

Doccla

Patient monitoring platform

General Catalyst

£15m

Hexarad

Teleradiology provider

Foresight Group

£2.2m

iEthico

Platform for pharmacists to access uncommon medicines

Midven

£0.6m

Orri

Specialist clinic for the treatment of eating disorders

Gresham House

£4.5m

Diagnostic imaging platform

Triple Point Ventures

£2.2m