Canadian Investment Firms Close Deal on Pioneering UK-Based IVF + Fertility Network

Jan 11, 2021

Triangle Capital Corporation and Bulldog Capital Partners invest in growing reproductive medicine sector

TORONTO, ON + CAMBRIDGE, UK – Monday January 11, 2021 – Canadian investment firm Triangle Capital Corporation (“Triangle Capital”), in partnership with Bulldog Capital Partners, have closed on a significant investment in Bourn Hall Ltd. (“Bourn Hall”), the world’s first IVF clinic, which owns and operates a network of fertility clinics serving over 3,500 UK-based families each year. As global demand for fertility treatment grows by an expected rate of 8.9 per cent annually1, Bourn Hall will use the investment to expand its capacity domestically and abroad.

Bourn Hall, was established in Cambridge by Steptoe, Edwards and Purdy after their pioneering work led to the birth of the first ‘test-tube’ baby, Louise Brown, in 1978. Since then, over 8 million IVF babies have been born worldwide.

Dr. Mike Macnamee, Chief Executive of Bourn Hall said, “In our 40+ years of operation, our work has embraced innovation and a bold commitment to a patients-first approach. We have developed best practices in fertility, women’s and family health, and have invested accordingly in people and evidence-based treatments. This has allowed us to create tailored and curated patient experiences, with excellent success rates.”

“Reproductive medicine is a highly fragmented sector with many players around the world, but no clear market leader. The demand for high quality treatments and services in IVF has been trending upwards for many years,” said Andrew Clark, co-founder of Triangle Capital. “The sector is ready for innovative, patient-first leadership and we look forward to working with Mike and his team to expand this vision globally.”

Dr. Macnamee said, “While we received significant interest from a number of potential investors, it was always important to us that future partners would share in our vision of client care and be similarly bold in their vision for the future. With their proven track record of success, Triangle Capital was the best fit.”

The existing directors and experienced senior management team led by Dr. Macnamee will remain in their same roles and Andrew Clark, will become Chairman of Bourn Hall.

Throughout COVID-19, Bourn Hall has continued to serve its over 3,500 self-funded and NHS-funded patients who use its clinics each year. “The pandemic has created an opportunity to rethink the way we offer our services,” said Dr. Macnamee. “We were able to adapt quickly to distancing requirements by offering new virtual consultations and services and moving to online platforms. This allowed us to enable greater flexibility for patients’ schedules and – critically – maintain conception success rates.”

1Fertility Treatments Market Global Report 2020-2030,