Houlihan Lokey Renders a Fairness Opinion to G Square

Houlihan Lokey is pleased to announce that G Square Healthcare Private Equity LLP (G Square) has successfully closed a £500 million single-asset continuation fund for Pharmacy2U, the U.K.’s largest online pharmacy. The transaction was announced on 7 July 2026 and represents one of the most notable GP-led secondary transactions in European health tech.

The continuation fund was led by Coller Capital, alongside a syndicate of blue-chip institutional investors. G Square Capital IV is co-investing alongside the continuation fund, together with a group of re-investing Pharmacy2U shareholders and continued commitments from the management team, reflecting strong alignment across new and existing investors and shared conviction in the company’s next phase of growth.

Founded in 1999, Pharmacy2U has built the U.K.’s leading digital pharmacy platform, serving more than 2 million patients and dispensing over 3.5 million items per month. The business today offers a broad range of NHS and private health services, alongside consumer and pet health products.

Since G Square’s investment in 2018, Pharmacy2U has grown both revenue and EBITDA more than 10x, driven by significant investment in proprietary technology and large-scale dispensing automation; expansion of its clinical and service offering, delivering consistent organic growth, a differentiated patient experience, and high clinical accuracy; and a buy-and-build strategy, with six acquisitions completed and integrated over the past 24 months.

The continuation fund provides capital to support Pharmacy2U’s next chapter, including continued M&A activity, further investment in technology and automation, and expansion of clinical services.

The transaction also delivers liquidity to existing limited partners, while allowing those who wish to do so to maintain participation in the company’s ongoing growth.

Houlihan Lokey rendered a fairness opinion to G Square in connection with the transaction. This transaction underscores Houlihan Lokey’s long-standing reputation and credentials as a leading fairness opinion provider.

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