This snapshot summarises the key mergers & acquisitions, private equity and venture capital transactions across the UK healthcare sector in August 2022.
A PDF copy of the report can be downloaded here:
Notable Sector Deals
Merger of Dentex and Portman Dental Care
A significant deal between two of the largest dental providers in the UK
The combined business will operate in excess of 350 practices, with operations in five European countries
With continued support from Core Equity, the group looks set to maintain an aggressive growth strategy, with expansion into further geographies
The deal is, however, subject to CMA clearance and it will be interesting to see how this evolves, particularly given the CMA recently raised concerns in relation to the Rodericks/Dental Partners deal
Regardless, the deal highlights the continued consolidation of the UK dental market and private equity’s appetite within the sector
HCML’s acquisition of Healthcare RM
The first acquisition by HCML following Apposite Capital’s investment into the business in November 2021
Traditionally a complex case management business, the acquisition of Healthcare RM represents HCML’s continued diversification into the corporate health market
Healthcare RM are employee health risk specialists, with services including psychological support, as well as guidance on MSK disorders, nutrition and menopause
With this deal, HCML is aiming to offer a one stop shop for H&S, occupational health and health/wellbeing benefits
Acquisition of CRGH by FutureLife
Another major deal in the UK IVF/fertility sector with FutureLife, a pan-European provider, expanding its UK footprint
The Centre for Reproductive & Genetic Health (CRGH) is a central London-based IVF clinic performing more than 3,200 egg collections per year
With the support of its new private equity backer, CVC, FutureLife is looking to expand its offering in key European territories
The broader UK IVF sector remains highly attractive to private equity investors, however a scarcity of private groups of scale is limiting acquisition opportunities, therefore driving higher valuations for quality businesses
Cera Care’s $320m fundraise
Another significant fundraise for Cera as it looks to consolidate and revolutionise the homecare market
The investment was led by existing investor Kairos HQ, with a range of other VCs and institutional investors participating
Launched in 2016, Cera utilises technology to deliver an improved and more efficient homecare service
The business plans to use this new funding to expand the number of patients receiving daily care from 15,000 to 100,000 by 2025
Cera has established scale through multiple acquisitions, including CRG Homecare and Mears Care
Healthcare Market Activity
Private Equity Activity
Sub-sector | Target | Acquirer/Investor | Exiting PE |
Corporate Health | Healthcare RM | HCML (Apposite) | N/A |
Cosmetic Surgery | Transform Hospital Group | Y1 Capital | Aurelius |
Dental | Dentex | Portman Dental Care (Core Equity) | Universal Partners |
Dental | Hanji Dental | Riverdale Healthcare (Apposite) | N/A |
Dental | Mathewson Group | Scottish Dental Care (BGF) | N/A |
Dental | Sharoe Green Dental Practice | Portman Dental Care (Core Equity) | N/A |
IVF | CRGH | FutureLife (CVC) | N/A |
Pharma | TMC Pharma Services | LDC | N/A |
Recruitment | MMA Healthcare Recruitment | TTM Healthcare (Broadlake Capital) | N/A |
Venture Capital Activity
Target | Description | Lead Investor | Investment |
Cera Care | Tech-enabled homecare | Kairos HQ | $320m |
Cydar Medical | Surgical augmented intelligence company | Downing | £1.3m |
Neurofenix | Neurological rehabilitation platform | Albion VC | $7m |
Patchwork Health | Healthcare workforce platform | Perwyn | £20m |
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