Penta first invested in Circle in 2017 to support the take-private of the business in a transaction worth £75m. At that time Circle was a small private healthcare business operating four private hospitals in England.
We worked with the Circle team, led by Paolo Pieri, to identify suitable acquisitions which led to the company acquiring BMI Healthcare in January 2020. This transaction, which added 52 private hospitals to the Group and involved raising over £1.9bn of equity and debt finance, transformed Circle into the largest operator of private hospital assets in the UK.
Shortly after this acquisition, the pandemic struck and the Group turned its attention to assisting the NHS navigate through the Covid 19 health crisis. At the same time, the management team embarked on an ambitious investment programme designed to significantly enhance the quality of care delivered to patients.
We are confident that the Circle brand will continue to develop to become known as the pre-eminent provider of high-quality private healthcare in the UK.
Penta successfully exited from its investment in Circle in 2021.