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 |
Scan.com | Diagnostic imaging platform | Triple Point Ventures | £2.2m |