South Belfast-based Kingsbridge Healthcare Group said it has secured a major investment from private equity firm Exponent.
It said the deal would support its expansion in both Northern Ireland and the Republic and was a “major vote of confidence in the Northern Ireland economy”.
Exponent was in exclusive talks to acquire Kingsbridge for around £300m, according to a report on The Currency website in May.
It is Dublin-based Exponent’s first investment in Northern Ireland and one of the largest private equity deals in recent years.
Kingsbridge was founded by doctors Suresh Tharma and Ashok Songra in Belfast in 2005. It now has four hospitals and 11 clinics in Belfast, Londonderry and Sligo. It employs more than 1,100 employees and employs more than 400 consultants for advanced medical services in surgery and diagnostics.
Dr. Tharma and Mr Songra will remain significant minority investors in Kingsbridge, which will also retain its existing senior management team led by CEO Mark Regan. Dr. Tharma will become the chairman of the board.
Exponent managing director Richard Lenane, who is from Belfast, and David McGovern, a partner in its Dublin branch, will join the board.
Kingsbridge carries out more than 25,000 surgical treatments each year, including patients on the Northern Ireland Planned Health Care Plan and the National Treatment Purchase Fund (NTPF), helping to reduce waiting times for patients in the Republic. In the year to March 2023, pre-tax profit rose to £11.4m from £9.1m the previous year.
Exponent has now invested over €1 billion in Irish-owned and established businesses, making it one of Ireland’s leading private equity investors.
In February it announced an investment in Galway-based Chanelle Pharma, founded by Michael Burke, father-in-law of Northern Irish jockey AP McCoy.
Mr Regan said: “We welcome this significant investment and vote of confidence in our business. The team at Exponent are committed to supporting our local health sector and have an impressive track record of supporting great businesses across the island.
“Our aim from the outset two decades ago has been to improve access to healthcare, whether through public sector support through the NHS, HSE and NTPF or those who wish to access our surgical and diagnostic services through self-pay models or private medical services. insurance.
“In Northern Ireland we have the longest waiting lists for healthcare in Europe. I strongly believe that by working with the NHS and HSE, as well as the emerging private healthcare market here, we can together make a real and lasting difference to outcomes for many more patients.
“Our singular aim going forward is to continue to build on the legacy we have already created and to serve the health needs of the people of Ireland in the north and south.”
Mr McGovern praised the company’s “focus on culture and patients” “With its cutting-edge technology and thoughtful operating model, Kingsbridge is strategically well placed to address the demand for healthcare services in Northern Ireland and across the island of Ireland.
“We look forward to working closely with Mark and his impressive team to build on his success over the coming years by investing in his capabilities, expanding our presence across Ireland and exploring new growth initiatives. Together, we will strengthen the key role of dompana in supporting the island’s health network.”
Mr Lenane added: “We see huge potential for growth in healthcare both in Northern Ireland and the Republic of Ireland as the demand for affordable and more technologically advanced healthcare services increases.
News Catch Up: Tuesday, July 9, 2024