Montrose Capital advises on primary care transactions across the UK and Ireland — from sourcing single-site GP practices to structuring platform roll-ups and securing acquisition finance.
Primary care is the second vertical we focus on at Montrose Capital. The fundamentals are compelling: a structural shortage of GPs across Ireland and the UK, government policy shifting activity from secondary into primary care, and an ownership base that remains highly fragmented.
In Ireland alone, the GP primary care market is worth roughly €1.2bn, growing at 7% a year, with a workforce shortfall of around 1,750 GPs expected to persist well into the next decade. The UK has roughly 6,500 practices across the four nations, and in both markets ownership remains highly fragmented.
Whether you are a GP partner buying out a retiring colleague, a first-time buyer acquiring a single practice, or a group assembling a multi-site platform, we bring structured process, sector knowledge, and funding relationships to every transaction.
GMS, PMS, APMS, PCN DES and QOF in the UK. GMS capitation and State contracts in Ireland. We understand how these drive practice economics and valuations.
From a partner buyout at a single practice to bolt-on acquisitions for a group, we scale our approach to the transaction.
Single-site GP practices typically trade at 4–7x EBITDA, while assembled platforms have traded nearer ~10x. Buyers who build well-run, data-led groups capture that multiple uplift at exit.
Advisory support across the full lifecycle of a primary care acquisition.
We identify GP practices and small groups that match your criteria — list size, contract mix, PCN alignment, premises tenure, and private income profile.
Contract review, list cleansing risk, QOF achievement quality, partnership dynamics, premises, CQC rating history, and adjustments to reported profit before you commit.
Healthcare-specialist lenders who understand NHS and HSE cashflows. Senior debt, mezzanine, or equity — structured around the capitation and QOF income profile of a primary care practice.
Phased partner retirements, earn-outs, deferred consideration, equity rollovers and clinical tie-ins. We structure transactions so risk and incentive are aligned post-completion.
Benchmarked analysis across comparable transactions. We separate patient list value from profit-driven value and stress-test assumptions before you make an offer.
We coordinate solicitors, accountants, lenders, CQC / HSE notifications, and the vendor's advisors so nothing falls through the cracks on the way to completion.
A structured, confidential process designed to achieve the right result at every stage.
Target list size, contract type, geography, partnership appetite, and investment envelope — across the UK or Ireland.
We identify suitable practices through market screening and direct outreach, then present opportunities that meet your criteria.
Commercial, financial and contract diligence alongside funding structuring — building a capital stack that works for primary care cashflows.
We negotiate terms, structure the deal, and manage the process through to completion, contract assignment and handover.
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EBITDA build for a GP practice staffed with salaried GPs and locums. Full capitation, QOF and private income waterfall, plus funding structure, DSCR, LTV and cashflow analysis.
EBITDA build for a GP who will work clinically as the lead partner. Partner draw replaces salaried cost. Same capitation, QOF and funding analysis.
30 qualifying questions to assess any GP practice opportunity — list quality, contract mix, QOF, partnership structure, premises, CQC, and funding readiness.
How partner buyouts, single-site and platform acquisitions differ — and what to look for when stepping up to ownership.
GuideHow multiples work in primary care, where platform premiums come from, and what drives value at a single-practice level.
GuideLTV, DSCR, covenants and how lenders view GMS, PMS, capitation and QOF income when sizing acquisition debt.
Whether you're exploring a partner buyout, a single-practice acquisition, or building a primary care platform, we'd welcome a confidential conversation.
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