UK-based digital bank OakNorth has extended a £16m ($20.4m) financing facility to Inuvi Medical Services (Inuvi).
The capital will be used by the diagnostic services provider to refinance existing bank debt and support future acquisitions, including that of Physiological Measurements, known for its community non-invasive diagnostic services in partnership with the NHS.
Set up in 2015, Inuvi has evolved into a diversified health services company. It offers a broad range of services, including health assessments, phlebotomy, laboratory testing, and community diagnostic services.
Inuvi caters to various sectors, including NHS, professional sports, consumer health, and insurance markets.
OakNorth said Inuvi operates one of the UK’s largest independent pathology laboratories in Gloucester, supported by a national network of more than 750 healthcare professionals.
The company provides mobile and clinic-based diagnostic services from five locations: Wokingham, Gloucester, Plymouth, Oswestry, and London.
OakNorth Bank’s director of debt finance Stewart Haworth said: “Inuvi is a fantastic example of a fast-growing, innovative business delivering critical healthcare services. Driven by expansion in lab testing capacity and strategic acquisitions, it’s had nine years of uninterrupted revenue and profit growth, enabling it to secure the backing of an excellent sponsor, Longacre, in 2019.
“With an experienced management team, strong financial performance, and a scalable business model, Inuvi is well-positioned for long-term success. We are delighted to support their expansion and look forward to seeing their continued impact in the healthcare sector.”
Inuvi Medical Services CEO Jonathan Benton said: “OakNorth’s deep understanding of our sector and flexible financing approach make them an ideal partner for us. This funding allows Inuvi to accelerate our growth strategy, expand our diagnostics capabilities, and better serve our NHS and corporate clients through the acquisition of Physiological Measurements.”
Inuvi has made several acquisitions in recent years, including Express Diagnostics and Medicals Direct in 2023.
This £16m deal is OakNorth’s second transaction with Inuvi’s private equity sponsor, Longacre Group, following the financing of Veracity UK in December 2024.
OakNorth is also a part of the SME Finance Taskforce, which includes leading banks, alternative lenders, and fintechs.
In August 2024, the coalition released an action plan to revitalise the UK economy, aiming to expedite lending for the country’s 5.5 million SMEs, crucial to the economy by employing 60% of the private-sector workforce and generating over 50% of economic turnover.
