UK Healthcare M&A Update Q3 2026

UK Healthcare M&A recorded its busiest quarter of 2026 in Q3, with 81 transactions, up 4% on Q2 and 14% year-on-year. While Health and Social Care continued to account for the majority of deals, activity became more evenly spread across the sector. Private equity participation rose from 14% to 19%, with investors targeting established healthcare platforms and specialist businesses with opportunities for further growth.

The quarter was marked by several high-value transactions, including the c.£1.3bn acquisition of 12 Spire-operated hospitals, Radiology Partners' c.£525m acquisition of Everlight Radiology and Bain Capital's proposed c.£900m acquisition of Vitabiotics. These transactions highlight the continued appetite for UK healthcare assets, particularly from international investors, alongside ongoing consolidation through smaller strategic acquisitions.

Our Q3 deep dive explores the vitamins, minerals and supplements market, where the distinction between consumer goods and healthcare is becoming increasingly blurred. Using the Vitabiotics transaction as a case study, we examine how growing interest from private equity, pharmaceutical and consumer goods investors is expanding the buyer universe and creating new opportunities for business owners considering an exit.