Ethos Partners supports the merger of PHL Group with Malling Health - Ethos Partners

PHL Group, a portfolio company of Ethos Partners LLP, has merged with Malling Health, a network of
primary and urgent care sites across the UK.

Founded in 2014, Malling Health offers Primary Care services including Urgent Care centres, Walk-In
centres, Out of Hours, and GP Practices, which currently span a wide geographical reach across the
Midlands and East Anglia.

The integration of Malling Health into the Integrated Care division of PHL Group will double the
contracted revenue of the combined group, increase its geographic reach, and broaden ICB
relationships.

This is the second transaction for PHL Group, following the acquisition of Synaptik which took place in
April 2022, shortly before Ethos Partners LLP completed its original investment in August 2022. The
merger marks an exciting new chapter in their commitment to delivering outstanding, patient-centred
healthcare.

Ross Brand, CEO of PHL Group, said, “At PHL Group, we are committed to delivering outstanding
healthcare. Welcoming Malling Health into our organisation allows us to enhance our services, increase
the support for our dedicated teams, and extend our reach to patients nationwide. We look forward to
working alongside our new colleagues to drive positive change, share learnings, and deliver healthcare
access that leaves a lasting impact on the communities we serve. Together, we are stronger and
together, we will continue to pioneer the future of integrated healthcare.”

Grant Paul-Florence, Partner at Ethos Partners, commented, “Ethos Partners is delighted to have
supported PHL Group on the merger with Malling Health and we look forward to working with the
management team to deliver a successful integration. Since our investment, Ross and the management
team have continued to drive quality of service and growth. Malling Health will extend the geographical
reach and further strengthen and enhance the Integrated Care offering.”

PHL was advised by HCR (Legals), Saffery (FDD and tax DD), BDO (CDD), Lekkie Kershaw (TechDD),
Gallagher (Insurance DD).

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Registered Office: Ethos Partners LLP, 1 Earlham Street London WC2H 9LL.

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