Selling an occupational health business in the UK

You own a UK occupational health provider worth between £5M and £50M in enterprise value. A corporate OH provider serving mid-market and enterprise clients. An integrated wellbeing platform with OH at its core. A specialist provider (industrial OH, sector-specific compliance). Most likely a mix of multi-year contracted corporate clients, insurer-channelled referrals, and a growing telehealth or remote-assessment component.

The buyer pool sits across PE-backed consolidators in the wellbeing and corporate health space, larger insurer-backed health platforms expanding their OH capability, and a small number of strategic acquirers in adjacent corporate services. Tech-enabled OH platforms attract a deeper and more international buyer pool than traditional clinician-led OH businesses.

We engage 12 to 24 months before a target exit. The longer window matters because the highest-return preparation work in OH (strengthening contract tail, documenting technology integration depth, and addressing clinician retention on key contracts) takes time.

This is not the right fit if your business is below £5M EV. It is also not the right fit if your business is heavily dependent on one or two anchor clients without long contract tails; that diligence position is fixable but takes time and is better addressed before any process.

Buyers of occupational health businesses focus on five things: client contract tail, client concentration, technology stack, clinician retention, and adjacent services. Diligence is corporate-services-shaped more than healthcare-services-shaped.

Client contract tail first. Weighted average tail across the top 20 clients is the headline metric. Books with 24+ months of weighted tail and renewal rates above 85% support premium pricing. Rolling 12-month books trade meaningfully lower regardless of headline revenue.

Client concentration second. The corporate OH market features anchor clients representing 15 to 25% of revenue more often than buyers would prefer. What buyers want is depth of the relationship at each anchor: multi-site servicing, multi-stakeholder relationships, embedded technology integration, and switching cost. Top-client concentration with shallow relationship trades poorly; the same concentration with deep operational integration trades materially better.

Technology stack third. OH-specific case management software, integration with client HRIS systems, secure messaging, and remote / telehealth capability. Tech-enabled OH platforms command premium multiples and attract a wider buyer pool. We help owners present the technology layer honestly: most OH providers have more proprietary capability than they have written down.

Clinician retention fourth. OH physician and OH nurse tenure, dependency on specific clinicians for major contracts, and any post-sale lock-in arrangements. Where one or two physicians anchor major contracts, the diligence focus tightens; pre-process work to broaden coverage materially helps.

Adjacent services fifth. EAP, mental health support, ergonomics, vaccinations and travel health. The breadth and integration of adjacent services tells the buyer about cross-sell potential and embedded position with each client. Integrated wellbeing providers consistently outperform standalone OH providers in valuation.

An occupational health business is sold through Mastella's senior-led six-stage process, shaped by three things: a buyer pool segmented across PE wellbeing consolidators, insurer-backed health platforms and strategic acquirers in adjacent corporate services, technology positioning in the IM narrative, and off-market sourcing under NDA.

The buyer pool is segmented across PE wellbeing consolidators, insurer-backed health platforms, and strategic acquirers in adjacent corporate services. Each operates to different criteria. Our buyer mapping identifies which subset is deploying capital today, supported by our proprietary technology layer for surfacing acquirer signals.

Technology positioning is a meaningful piece of the IM narrative for OH. We work with owners to articulate proprietary capability, integration depth and the platform story honestly, the right framing moves the business into the wider, more international tech-enabled health buyer pool rather than the narrower traditional OH buyer pool.

Off-market sourcing protects the corporate client base, which is reachable through trade channels and would not benefit from learning about the process via broker listings. We approach a curated buyer list under NDA only. See the healthcare services pillar for context and specialist clinics for an adjacent niche.