Circle Health Acquisition, Valuation, Funding & Investors

Circle Health was acquired by Centene for $705M in July 2021.

Circle Health acquisition price

$705M

Acquired by Centene · Jul 2021

Cumulative funding Circle Health raised

$6M

across 2 funding rounds

Key investors in Circle Health

  • Sparrow Capital
  • Centene
  • Enzia Ventures
  • Momentum Capital
  • A.P.T. Portfolio

Circle Health Overview

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

United KingdomLondon

Status

Acquired

Customer focus

B2C

Revenue model

Services

Valuation

$705M (acquired Jul 2021)

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.

Circle Health acquisition details
AcquirerDateTypePrice
26 Jul 2021Strategic 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

Circle Health funding rounds
DateStageInvestorsRaisedDeal Summary
Jul 2026Undisclosed stageA.P.T. Portfolio (lead); Momentum Capital (lead); Enzia Ventures; Sparrow Capital$6MCircle 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 2019Strategic investmentCentene-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

Investors in Circle Health by funding rounds participated
InvestorHQRoundsRoleFirst check
A.P.T. PortfolioIndiaNew Delhi1LeadJul 2026
Enzia VenturesIndiaBangalore1ParticipantJul 2026
CenteneUnited StatesUnited States1ParticipantJun 2019

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Circle 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.

Public and private companies comparable to Circle Health
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Bang Er OrthopedicChinaHangzhouPrivate--$700M-
Diagnósticos da AméricaBrazilBrazilPublicly listed$2.2B$346M$688M1.0x
Global Medical ResponseUnited StatesUnited StatesPublicly listed$5.7B$1.1B$684M0.9x
Gushengtang HoldingsChinaChinaPublicly listed$484M$93M$730M-
Saudi German HealthSaudi ArabiaSaudi ArabiaPublicly listed$827M$204M$732M1.6x
Harbor HealthUnited StatesAustin, TXPrivate--$650M-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Diagnósticos da América$2.2B$346M0.9x1.0x5.6x4.9x
Global Medical Response$5.7B$1.1B0.9x0.9x4.7x-
Gushengtang Holdings$484M$93M1.6x-8.3x-
Saudi German Health$827M$204M1.7x1.6x6.8x8.3x
Al-Maidan Dental Clinic$205M$37M2.4x-13.0x-
WELL Health$1B$110M1.4x1.3x12.7x10.1x
Integral Diagnostics$561M$99M1.8x1.8x10.2x8.4x
Hermina Hospitals$402M$104M2.1x1.9x8.1x7.5x

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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.

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