About Circle Health
Circle Health is a United Kingdom-based healthcare provider offering diagnostic investigations and treatments for various conditions. It operates clinics in London and surrounding areas, specializing in dermatology, gastroenterology, and minor surgery. Services include endoscopy, ultrasound scans, and outpatient consultations covered by major insurers like BUPA and AXA. Circle Health emphasizes rapid access with appointments within 72 hours and integrates telemedicine for follow-ups.
Founded
2004
HQ
Website
Status
Acquired
Customer focus
B2C
Revenue model
Services
Valuation
$705M (acquired Jul 2021)
Sectors
Circle Health Acquisition
Circle Health was acquired by Centene for $705M on 26 July 2021.
Before the acquisition Circle Health had raised $6M across 2 funding rounds.
Centene acquired the remaining 60 per cent of Circle Health in July 2021 for USD 705 million, taking full ownership of the UK independent hospital group and completing the exit of Toscafund Asset Management and Penta Capital, which had led the 2017 take-private of the then London-listed Circle Holdings and retained the majority stake after selling 40 per cent to Centene in 2019. Trade press valued Toscafund's remaining interest at around GBP 900 million including debt assumed. Centene said full ownership would let it integrate Circle into its international healthcare delivery operations. Circle Health ran private hospitals and NHS treatment centres across England, offering elective surgery, diagnostics and rehabilitation to insured, self-paying and NHS patients, and had roughly doubled in size through the 2020 acquisition of BMI Healthcare, giving it more than 50 hospitals, about 8,200 employees and 6,500 affiliated consultants. Centene classified the business as non-core soon afterwards, agreeing in August 2023 to sell Circle Health Group to Abu Dhabi's PureHealth for about USD 1.2 billion and completing that disposal in January 2024.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 26 Jul 2021 | Strategic M&A | $705M |
Sources: marketscreener.com, sec.gov, en.wikipedia.org
Circle Health Funding History
Circle Health has raised a total of $6M across 2 funding rounds.
Circle Health's first fundraising round was a strategic investment round in June 2019. The most recent completed round was a $6M undisclosed-stage round in July 2026.
Circle Health funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Jul 2026 | Undisclosed stage | A.P.T. Portfolio (lead); Momentum Capital (lead); Enzia Ventures; Sparrow Capital | $6M | Circle Health Group was agreed to be sold by Centene Corporation to PureHealth in August 2023 for an enterprise value of approximately USD 1,200 million, inclusive of debt assumed. The transaction gave PureHealth, the largest integrated healthcare network in the Middle East, control of one of the U.K.'s largest independent hospital operators. The deal was presented as part of PureHealth’s international expansion and its push to broaden its healthcare footprint beyond the Middle East. Circle Health Group operates a network of private hospitals in the U.K. and was previously owned by Centene. Publicly available results do not include revenue, EBITDA, employee count, or detailed transaction terms beyond the enterprise value and debt assumption. |
| Jun 2019 | Strategic investment | Centene | - | Centene acquired a 40 per cent interest in Circle Health in June 2019, buying into the UK independent hospital group that Toscafund Asset Management and Penta Capital had taken private in 2017. The price was not disclosed at the time and Centene carried the position as an equity method investment before moving to full ownership two years later. For Toscafund and Penta the transaction was a partial realisation that introduced a strategic partner while they retained the majority of the equity. Centene said the investment fitted its strategy of owning healthcare delivery assets internationally alongside its government-sponsored insurance business, following its earlier holdings in Spain through Ribera Salud. Circle Health operated private hospitals and NHS-funded treatment centres in England, offering elective surgery, diagnostics and rehabilitation, and had been listed in London as Circle Holdings until the 2017 take-private valued its equity at about GBP 75 million. Circle went on to acquire BMI Healthcare in 2019 and 2020, a transaction that made it one of the largest private hospital operators in the UK with more than 50 sites and around 8,000 employees. |
Who has invested in Circle Health?
5 investors have backed Circle Health across its funding rounds, including Sparrow Capital, Centene, Enzia Ventures, Momentum Capital and A.P.T. Portfolio.
Lead investors include A.P.T. Portfolio and Momentum Capital.
Circle Health Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Lead | Jul 2026 | ||
| 1 | Participant | Jul 2026 | ||
| 1 | Participant | Jun 2019 | ||
This data is available for Pro users. Sign up to see all 5 Circle Health investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCircle Health Competitors
Circle Health competitors include listed companies like Diagnósticos da América, Global Medical Response, Gushengtang Holdings and Saudi German Health, and private ones like Bang Er Orthopedic and Harbor Health.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $700M | - | ||
| Publicly listed | $2.2B | $346M | $688M | 1.0x | ||
| Publicly listed | $5.7B | $1.1B | $684M | 0.9x | ||
| Publicly listed | $484M | $93M | $730M | - | ||
| Publicly listed | $827M | $204M | $732M | 1.6x | ||
| Private | - | - | $650M | - |
Circle Health Public Comps
Circle Health is no longer listed, but its public comps include Diagnósticos da América, Global Medical Response, Gushengtang Holdings, Saudi German Health, Al-Maidan Dental Clinic, WELL Health, Integral Diagnostics, Hermina Hospitals, Garofalo Health Care and Chularat Hospital.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.2B | $346M | 0.9x | 1.0x | 5.6x | 4.9x | |||
| $5.7B | $1.1B | 0.9x | 0.9x | 4.7x | - | |||
| $484M | $93M | 1.6x | - | 8.3x | - | |||
| $827M | $204M | 1.7x | 1.6x | 6.8x | 8.3x | |||
| $205M | $37M | 2.4x | - | 13.0x | - | |||
| $1B | $110M | 1.4x | 1.3x | 12.7x | 10.1x | |||
| $561M | $99M | 1.8x | 1.8x | 10.2x | 8.4x | |||
| $402M | $104M | 2.1x | 1.9x | 8.1x | 7.5x | |||
This data is available for Pro users. Sign up to see all Circle Health competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Circle Health
| When was Circle Health founded? | Circle Health was founded in 2004. |
| Where is Circle Health headquartered? | Circle Health is headquartered in London, United Kingdom. |
| Is Circle Health publicly listed? | No, Circle Health was acquired by Centene in July 2021. |
| Who acquired Circle Health? | Circle Health was acquired by Centene in July 2021. |
| How much was Circle Health acquired for? | Circle Health was acquired for $705M in July 2021. |
| How much funding has Circle Health raised? | Circle Health has raised $6M across 2 funding rounds. |
| What was Circle Health's last funding round? | Circle Health's last funding round was a $6M undisclosed-stage round in July 2026, led by A.P.T. Portfolio and Momentum Capital. |
| Who are Circle Health's investors? | Circle Health's investors include A.P.T. Portfolio, Enzia Ventures, Centene, Sparrow Capital and Momentum Capital. |
| Which companies are comparable to Circle Health? | Companies comparable to Circle Health include Bang Er Orthopedic, Diagnósticos da América, Global Medical Response, Gushengtang Holdings, Saudi German Health and Harbor Health. |
See companies similar to Circle Health
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




