Healthcare Sector Comment – March 2014

Date

February saw the completion of 10 deals in the UK healthcare market. An interesting deal saw US hedge fund Anchorage Capital Group acquire a controlling stake in UK-based New Century Care. As part of the deal, the investment firm acquired £80m worth of debt from Lloyds Banking Group. New Century provides long-term care to people with dementia and specialist nursing needs. The deal will allow for the growth and development of the business.

Earlier last month, Oxford Instruments acquired Andor Technology for a total consideration of £176m. Oxford Instruments is a leading provider of high-technology tools for industry and research, whilst Andor is a supplier of high performance cameras, microscope systems and software for the physical science and life science industries. Following this acquisition, Andor will continue to focus on growing its existing core markets and will spearhead Oxford Instruments’ strategic expansion into the nano-bio arena.

More deals

Delta Diagnostics (UK) Ltd acquired Hologic Inc’s elucigene business for an undisclosed amount. Delta is a UK diagnostic company. Hologic is a US based diagnostics, medical imaging systems and surgical products manufacturer.

Craegmoor Ltd acquired New Directions (St Leonards-On-Sea) Ltd for an undisclosed amount. Craegmoor is a UK independent provider of support for people with learning disabilities, autism, complex needs and mental health problems. New Directions is a UK company that provides specialist residential care and supported community living for individuals with Prader-Willi Syndrome.

Scrivens Ltd acquired JRB1910 Ltd’s 19 stores for an undisclosed amount. Both businesses are UK optician operators.

UPS acquired Polar Speed for an undisclosed amount. UPS is a US global logistics firm. Polar Speed is a UK supplier of temperature controlled distribution services for NHS trusts and pharmaceutical markets.

British United Provident Association Ltd (BUPA) acquired 24 Barbican Dental Care surgeries for an undisclosed amount. BUPA is a UK healthcare organization. Barbican is a UK dental company.

Elysian Capital I acquired Wellbeing Software Group Ltd for an undisclosed amount. Wellbeing is a UK company that provides software solutions and services to hospitals. The company develops and maintains innovative clinical information systems.

Bayfield & Bartlam Optical Ltd acquired Alison James Opticians Ltd’s Horsforth and Kirkstall-based branches for an undisclosed amount. Both companies are UK optical firms.

YFM Equity Partners acquired Mangar International Ltd for an undisclosed amount. Mangar is a UK company that designs, manufactures and supplies inflatable moving, handling and bathing equipment.