Case study

Vita is a leading £100m+ provider of MSK and mental health services to the NHS, corporates, insurers and B2C.

Challenges

• Challenge #1: Assess VHG’s core markets across mental health and MSK provision for NHS, PMI, OH and B2C payors
  
• Resolution: PMSI developed detailed market models for each of VHG’s markets, demonstrating sustainable high growth across several key markets e.g. NHS-funded Mental Health and PMI-funded OH.

• Challenge #2: Evaluate and prioritise which potential new markets opportunities for VHG to build into its growth plan.
  
• Resolution: PMSI conducted a comprehensive market mapping exercise, working closely with VHG management to identify and validate which new markets should be incorporated into the growth narrative. This resulted in prioritisation of three highly attractive adjacent markets.

• Challenge #3: Demonstrate VHG’s ability to improve margins through its internal physio capabilities and automation.
  
• Resolution: PMSI conducted detailed contract analysis to assess staff and site utilisation – identifying significant opportunities for margin enhancement through cross-referrals and automation initiatives.

Outcomes

Refined growth strategy: VHG prioritised three key high-potential adjacent growth markets, enhancing its equity story with clear market entry strategies and strong strategic rationale – helping to engage potential PE and trade bidders.

Successful exit: VHG was acquired by Spire Plc (£74m EV), delivering a 4.5x return for the sellers (Archimed).

Ongoing collaboration: Impressed by PMSI’s work, Spire Plc (the acquiror) engaged us directly to conduct further synergy analysis and to deliver CDD on its subsequent acquisition of a UK OH provider, Acorn OH.