Nordic Capital invests in CARE Fertility in partnership with management to support CARE’s entry into new international markets

JANUARY 31 2022

Nordic Capital today announced the agreement to buy CARE Fertility (“CARE”), a leading fertility clinic group in the UK. The investment is made in partnership with CARE’s management team and will support the company’s next phase and international growth ambitions. Together with management, Nordic Capital will continue to drive improvements in clinical outcomes by investing in research to develop new techniques, strengthen the company’s highly successful integrated data driven operating model, focus on driving international expansion and investing in the company to benefit both employees and patients.

CARE has been at the forefront of IVF science and clinical technology for over 25 years. It operates 24 full-service and satellite fertility clinics across the UK and Ireland, offering highly advanced and effective procedures to support patients on their journey to parenthood. CARE has helped in the delivery of over 51,000 babies since it was founded in 1997. The company has an outstanding reputation based on its excellent success rates, high medical standards and clinical leadership.

Nordic Capital is one of the most experienced healthcare investors with 33 investments across Europe and North America and over EUR 8.6 bn invested in the sector since its inception in 1989. The investment in CARE lies at the heart of Nordic Capital’s healthcare investment strategy and focus on responsible investments and will be made as part of its mid-market strategy.

“We strongly believe that Nordic Capital is the best partner for CARE on the next step of our journey to helping even more patients. Nordic Capital has an extensive history of successful growth acceleration in leading healthcare services providers and will help us drive the growth of clinics and operations and further enhance our clinical excellence to be able to help more patients,” says David Burford, CEO, CARE.

“CARE is a leader in the fertility services area in the UK with its clinical excellence and persistent focus on continuously improving success rates for the benefit of its patients. We have been particularly impressed by the company’s management team, high medical standards and successful operating model,” said Alfa Chan, Partner, Nordic Capital Advisors, focusing on mid-market healthcare investment opportunities.

“Nordic Capital shares CARE’s vision and growth ambitions to become a truly international fertility services platform and looks forward to supporting its organic and inorganic growth with experience, expertise and financial strength,” said Joakim Lundvall, Partner, who leads Nordic Capital Advisors’ mid-market team.

“The IVF market is growing strongly due to an increase in infertility impacted by many different factors, contributing to an increased demand from patients for fertility treatments. In addition, there continues to be a growing awareness and acceptance of IVF treatments,” says Raj Shah, Partner and Head of Healthcare, Nordic Capital Advisors.

The acquisition of CARE was made from Silverfleet Capital.

Completion of the transaction is expected to occur at the end of February 2022 and is not subject to further closing conditions. The financial terms of the transaction were not disclosed.


Press contacts:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50

CARE Fertility
David Burford, CEO
Tel: +44 (0) 115 852 8100

About CARE Fertility

CARE Fertility is one of the largest independent providers of fertility treatment in the UK, performing more IVF cycles per year than any of its competitors. Founded in 1997 and based in Nottingham, England, CARE operates 15 full-service clinics and 9 satellite facilities providing extensive coverage across the UK and the Republic of Ireland. Since inception, CARE has been supported by a strong scientific and clinical backbone with the founder, Simon Fishel, being part of the team involved in the birth of the world’s first IVF baby in 1978. In the decades since, CARE has pioneered more effective fertility treatments through its extensive research and development operations, using data analytics and clinical expertise to introduce new treatments such as CAREmaps and chromosome screening, which improve the patients’ chance of success. Today, CARE has success rates which rank among the highest in the UK with its 560 employees including over 160 embryologists and doctors having aided in the conception of over 51,000 babies since inception.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 19 billion in over 120 investments. The most recent entities are Nordic Capital X with EUR 6.1 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”