16 Apr 2019 | 10.28 am
3fivetwo Group Sources Private Equity
Northern Ireland’s largest private healthcare company
16 Apr 2019 | 10.28 am
3fivetwo Group, Northern Ireland’s largest private healthcare company, has secured a multi-million pound investment from a new fund dedicated to investing in Northern Ireland.
The fund, involving US-based 57 Stars LLC and UK SME investor Foresight Group, will be used to provide additional capacity, including beds and laminar flow theatres, at 3fivetwo’s hospitals in Belfast and Sligo.
The company said the investment will also enable the provision of more services in imaging, orthopaedics and specialist services such as cardiac surgery, and the expansion of medical training and optometry services through acquisition and partnership.
The investors will be taking a minority stake in 3fivetwo Group and both funds will be represented on the board of directors.
3fivetwo is the only private healthcare group on the island of Ireland to have hospitals in both Northern Ireland and the Republic of Ireland, as well as a presence in London.
Suresh Tharma, joint CEO, commented: “57 Stars and Foresight believe in our vision and support our aspiration to be a world leading healthcare company. We realised that our goals were aligned from an early stage and we are immensely proud of the faith they have shown in us.
“They want to make a return on their investment for their investors, naturally, but they also want to make a difference to the lives of the people of Ireland in the process. Our plans are ambitious and set a path for achieving both objectives.”
Bernard C. McGuire Jr, managing director of 57 Stars, said 3fivetwo is well positioned to complement the public healthcare sector as part of the solution for long hospital waiting lists. “57 Stars is excited to be making a long-term growth equity investment to further enhance the Group’s capabilities and enable it to take advantage of multiple new opportunities,” he added.
Chris Wardle, senior investment manager at Foresight, said the new fund will be targeting both growth capital and majority stake investments in businesses with a material presence in the region, primarily supporting companies that generate EBITDA in excess of £1m.
3fivetwo were advised by A&L Goodbody, KPMG and Baker Tilly Mooney Moore. 57 Stars and Foresight were advised by Tughans, HNH Group, Luminii Consulting, Catalysis Advisory and Vista Insurance Brokers.
Photo (l-r): Bernard C. McGuire Jr, Ashok Songra, 3fivetwo finance director Jeremy McCartney and joint CEO Suresh Tharma.