Thu, 24 Feb 2022 | BUSINESS SALE
Online medical services provider The GP Service has been acquired by Kanabo Group for £13.4 million. The deal provides an exit from the business for Maven Capital Partners, with the realisation of its stake generating a 1.95x return on its investment.
Maven VCTs initially invested £2.5 million in the business in 2016, before supporting GP Service’s further growth through two additional funding rounds. This funding enabled GP Service to invest heavily in its core technologies and grow its market share in the emerging telemedicines market.
The company provides an end-to-end system enabling patients to consult with doctors via secure video chat and online assessments. Through the company’s service, health professionals can treat common conditions, send referrals and provide electronic prescriptions to a network of around 4,200 connected high street pharmacies.
GP Service is regulated by the Care Quality Commission (CQC) and has successfully applied to join the NHS New Digital Framework. The business has become a leading provider in the UK’s rapidly emerging online pharmacy and prescription market, which has been driven in part by rising average wait times for in-person GP appointments.
Maven Investment Director Alexander Sleigh said: "Since our initial investment, the GP Service has established itself as a leading provider of online consultation and prescription services. The sale to Kanabo Group is a strong strategic fit with significant synergies between the two businesses.”
Kanabo’s acquisition will enable GP Service to further grow its digital and telemedicine business, with CEO Atul Devani saying the firm would seek to expand its services “to cover a range of other medical conditions and further enhance our offerings in the coming months."
For Kanabo, the deal represents part of its wider growth strategy, harnessing both organic growth and M&A activity. Kanabo founder and CEO Avihu Tamir said: "Today's acquisition of the GP Service is part of our strategy to use M&A alongside organic growth to build a pan-European company, offering help to medical patients and consumers for conditions including chronic pain, anxiety and central nervous system diseases.”
"We are very much looking forward to working with the highly skilled team at GP Service to support the growth of their business in the rapidly growing tele-medicine market in the UK and beyond."
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