After major consolidation waves in optometry, dentistry and veterinary care, investors are now questioning whether podiatry could be next. Specialist healthcare M&A advisory Verilo shares its insight.
Over the last ten years, private equity and corporate buyers have reshaped large parts of the UK healthcare landscape.
Dentistry has been one of the clearest examples. Bridgepoint’s £800m acquisition of MyDentist, reportedly at around 10x EV/EBITDA, demonstrated the value that can be created through scale and professional management.
Data from Christie & Co shows that associate-led dental practices in the UK typically sell for between 6.5x and 8x EBITDA, with corporate-backed clinics achieving valuations at the higher end of that spectrum.
The veterinary sector has experienced even deeper consolidation.
According to estimates from the Competition and Markets Authority (CMA), approximately 60% of UK veterinary practices are now owned by large groups, compared to just 10% in 2013. During this period, vet service prices rose by 63% between 2016 and 2023.
This aggressive roll-up strategy has attracted international private equity interest and led to a full CMA market investigation, with provisional findings released in October 2025.
Optometry has followed a similar trajectory. Specsavers alone is investing more than £85,000 every day across its UK and Ireland practices, highlighting the significant capital flowing into high-street clinical services.
Verilo, which has completed more than 100 healthcare transactions worth over £30m, says podiatry is now showing early signs of a similar consolidation trend.
Joshua Catlett, Verilo founder, says, “The playbook is familiar. You have strong demographic demand, fragmented provision, and services that sit right at the intersection of clinical need and commercial opportunity. Podiatry is ticking those boxes, and buyers are starting to notice.”
Demand for podiatry services in the UK continues to rise, driven by an ageing population, increasing diabetes prevalence, growing musculoskeletal conditions and improved awareness of foot health.
A recent market report estimates the global podiatry services market was worth USD 4.3 billion in 2020 and is forecast to reach around USD 5 billion by 2028. The UK, with its high elderly population and diabetes rates, accounts for a meaningful share of this growth.
Commercially, podiatry practices offer strong revenue potential.
Most clinics combine routine treatments with higher-margin services such as biomechanics, gait assessments, minor surgery, sports podiatry, orthotics and even cosmetic procedures.
This diversified income mix is particularly appealing to investors.
KPMG Corporate Finance has identified podiatry as presenting “an attractive consolidation opportunity,” noting the market is “highly fragmented” and “largely served by smaller private practices, presenting an opportunity to embark on a roll-up strategy.”
Investment activity is also increasing across related musculoskeletal and foot health businesses.
For instance, orthotics manufacturer TalarMade recently secured private equity backing from Rockpool to fund acquisitions and expand nationally, reflecting growing institutional confidence in the sector.
Verilo’s 2025 Healthcare M&A Market Report shows that most independent medical and allied health practices transact between 3.5x and 6x EBITDA, depending on scale, margins and specialism.
Dental practices, by contrast, regularly achieve mid to high single-digit multiples, with large platforms approaching double-digit valuations.
Within this context, Catlett says well-managed podiatry practices are beginning to attract offers towards the top end of allied health valuation ranges.
“We’re seeing more buyers build podiatry explicitly into their strategy. They’re looking for regional clusters, strong referral relationships, and practices that can plug into wider MSK and chronic disease pathways. For owners who have built reputable podiatry businesses, there is a window opening where buyer appetite and strategic logic line up.”
For practice owners, this presents both opportunity and pressure.
Clinics with strong financial performance, clear governance structures and defined growth strategies – such as multidisciplinary MSK services – are likely to benefit first if consolidation accelerates.
“Podiatry won’t become dentistry or veterinary care tomorrow, but the direction of travel is clear. The sector has solid fundamentals and a lot of independent practices. If we do see a genuine roll-up phase, it will be the prepared clinics, with clean numbers, processes and a clear proposition, that secure the best terms.”
Verilo reports rising enquiry levels from both podiatry owners seeking valuations and buyers specifically targeting the sector, suggesting the next consolidation wave may already be underway.
