Nelson Advisors referenced in Doctor Care Anywhere's article 'The thinking behind our Medicspot acquisition - and why it’s different'

Nelson Advisors has been referenced in Doctor Care Anywhere's article 'The thinking behind our Medicspot acquisition - and why it’s different'.

Source: https://investors.doctorcareanywhere.com/activity-updates/rvWLMP-why-we-moved-into-weight-management

Something unusual has happened in UK healthcare over the last three years. GLP-1 weight-loss treatment, barely used by consumers in 2022, is now one of the fastest-growing areas of private healthcare in the country. Around 3 million UK adults use these medications, the vast majority paying privately, since the NHS reaches only a narrow eligibility group (PwC, 2026). PwC expects that number to more than double as pill versions arrive.

You’ll recognise this pattern wherever you’re reading from. In Australia, more than 400,000 people already pay privately for these drugs (there’s still no PBS subsidy for the obesity indication), and Eucalyptus, the group behind Pilot and Juniper, just sold to Hims & Hers forUS$1.15 billion, near 4.6 times revenue, with its UK business now bigger than its Australian one. The market has put a very large number on this category. That’s worth keeping in mind against what we paid.

The deal

In May we acquired Medicspot, a direct-to-consumer GLP-1 weight-loss service founded in 2016:

•       £850,000 in cash, paid on completion - no earn-out, no deferred consideration.

•       £5.3 million revenue in the twelve months to March 2026, broadly breakeven on EBITDA.

•       Roughly 0.16 times sales - a fraction of the ~4.6 times revenue Eucalyptus sold for.

•       Funded entirely from existing cash.

Medicspot and Eucalyptus aren’t directly comparable, but the gap illustrates the kind of asymmetry we look for: a validated, fast-growing category, bought before Medicspot has contributed a full year of revenue or any cross-sell benefit.

Healthcare.digital (2026) Global Health Convergence: Analysis of the $1.15 Billion Acquisition of Eucalyptus by Hims & Hers Health. Available at: https://www.healthcare.digital/single-post/global-health-convergence-analysis-of-the-1-15-billion-acquisition-of-eucalyptus-by-hims-hers-he.