BELFAST-based Hospital Services Limited (HSL), a specialist distributor of medical devices to private and public hospitals, has been boosted by a £3.5 million equity injection from listed private equity and infrastructure investment manager Foresight Group.
The funding will mean HSL, one of the largest privately owned distributors supplying the healthcare sector across Ireland, will be able to further expand its operations following its recent acquisition of complementary medical distributor MDI Medica
Foresight first invested into HSL in 2015 via its Venture Capital Trusts, and since then HSL has experienced a period of sustained growth, with revenue increasing three-fold in that time.
HSL - which in November won the AIB Business Eye award for covid era response company of the year - says the funding will allow it to focus on maximising the potential for revenue synergies after the MDI acquisition.
Its managing director Dominic Walsh said: “Foresight’s additional investment is testament to HSL’s strong past performance and confidence in the HSL team to deliver future growth.
“Our acquisition of MDI Medical added a very complementary product portfolio to HSL, including ultrasound and patient monitoring equipment, and the MDI team bring with them a wealth of experience and knowledge, further strengthening our reputation with customer.”
Foresight says it remains committed to investing into SMEs in Ireland and has identified significant growth potential in the market.
Its senior investment manager Graeme Mckinstry said: “Having worked with the HSL team over the last six years, we are delighted to continue supporting Dominic, Graham, Alan and the wider team as they target a significant growth opportunity in the market.
“They have demonstrated an ability to provide leading levels of customer delivery, set against unprecedented market conditions over the last 18 months. Performance through this period and the acquisition of MDI means HSL is well positioned to build substantial market share and increase the scale of its operations across Ireland and the UK.”
Advisers to HSL included Mills Selig while Foresight was advised by Grant Thornton, Tughans and RPL.
