Palatine’s Impact Fund has taken a majority shareholding in a private healthcare business specialising in early skin cancer detection, marking a significant step towards expanding nationwide skin cancer screening services.
The acquisition involves The Mole Clinic, a private healthcare organisation renowned for its services in screening and detecting skin cancer at early stages. This strategic move aims to significantly expand The Mole Clinic’s footprint over the coming years, reflecting Palatine’s successful strategy previously deployed with Veincentre, a chain of clinics for varicose vein treatments.
Founded in 2003 by former lawyer Iain Mack, The Mole Clinic offers specialised mapping and screening services for skin lesions and moles, not typically available through the NHS. Mack, motivated by his own melanoma diagnosis in 2002, remains the CEO and has also invested in the company alongside Palatine. He has been instrumental in developing the Screening Nurse Training Programme, accredited by the Royal College of Nursing, as well as the UK’s first AI-based skin cancer screening app.
This innovative app, which has garnered recognition at the UK Patient Safety Awards and has been exhibited at the London Science Museum, is also utilised by NHS GPs to help reduce waiting times and healthcare costs. The Mole Clinic’s current operations span four sites, employing over 50 staff members to deliver swift and affordable consultations and results.
The growth strategy aims to increase the number of clinics to over ten within the next three years. Iain Mack expressed his enthusiasm for the collaboration, stating, ‘The Mole Clinic team and I are delighted to be working with Palatine. The ethos of their Impact Fund, in building commercially successful businesses which also improve people’s lives, aligns perfectly with ours. With their support, we look forward to expanding to meet the continually increasing demand for our life-saving services.’
Alistair Armstrong, Impact Fund Partner at Palatine, echoed this sentiment, highlighting the shared values and mission in detecting skin cancer early and saving lives. ‘The Mole Clinic is a best-in-class healthcare provider with a mission to detect skin cancer early and save lives. As a purpose-driven investor we are thrilled to be working with Iain and the team, with whom we share many common values. Palatine Impact has significant experience in working with founders to scale their businesses while generating a commercial return with purpose. We look forward to supporting Iain as we help The Mole Clinic broaden its geographical reach so more individuals can access its affordable services benefiting their health and wellbeing.’
This transaction marks the fifth investment from Palatine’s Impact Fund II, following previous investments in Inclusive Employers, Anthesis, Papilo, and Isle Utilities. Advisers involved in this transaction included EY, Gateley, CIL, RSM, Quinn Partnership, and Lockton. The vendors were advised by Alvarez & Marsal.
The acquisition of The Mole Clinic by Palatine’s Impact Fund signifies a concerted effort to enhance early skin cancer detection and expand accessible healthcare services across the UK, reaffirming both entities’ commitment to improving public health outcomes.