Wed, 05 Feb 2025 | BUSINESS SALE
Private equity firm Foresight Group has exited its investment in Belfast-based medical products distributor Hospital Services Limited to Asker Healthcare Group, a provider of medical products and solutions across Europe.
Foresight said the deal would deliver returns of between 2.5x and 8.5x across its four invested funds.
HSL was founded as a family business in 1962, and is a specialist distributor of diagnostic medical devices, surgical equipment and consumable products, servicing public and private hospitals across Northern Ireland, the Republic of Ireland and Great Britain. It has offices in Dublin, Meath and Wicklow in Ireland, and Derby.
HSL has seen strong growth over the investment period with revenues increasing seven-fold to over £60 million, of which approximately 75% are generated in Ireland, and employee numbers rising from approximately 30 to 175.
Sweden-based Asker builds and acquires market-leading businesses within distinct segments of the European Healthcare market. The companies in the group are located across Europe and 'all work in close partnership with healthcare providers and their patients to achieve improved patient outcome'. They include Bosman, which provides medical devices, support and advice to people with stoma, wound, diabetes and urological problems, and Astomed, a distributor of equipment and supplies to aesthetic clinics and beauty salons in the Nordics.
James Livingston, Partner at Foresight Group said: "HSL is an excellent example of our unique commitment to investing in, building and growing companies across Great Britain, Northern Ireland and the Republic of Ireland. HSL has transformed from a small, family business into one of the largest privately-owned healthcare product distributors, with its team providing important on-going technical and clinical support to hospitals on both sides of the Irish Sea."
Dominic Walsh, Chief Executive of HSL added: "Foresight has been a superb partner to the business over the last decade, helping Hospital Services to grow quickly in the right way. It has been a great relationship and they have brought so much more to our business than just investment - positive challenge, strategic direction and expertise in ESG."
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