BELFAST medical equipment supplier Hospital Services Ltd (HSL) has has acquired rival Endosurgical for an undisclosed sum.
The move will almost double HSL's turnover to around £18 million.
The company is a wholly owned subsidiary of Eurosurgical Ireland which is currently in liquidation.
HSL supplies hospitals and clinics with a range of diagnostic equipment and consumables from gloves through to specialist keyhole surgery instruments.
It is particularly strong in the radiology, ophthalmic, endoscopy and surgical sectors.
Led by Dominic Walsh, HSL was subject to a management buyout in October last year supported by private equity investment management company the Foresight Group, which invested £4.5m.
As a result of the purchase, HSL will grow its turnover from £10 million to £18 million per year and increase its workforce from 33 employees across Ireland and Britain to 56.
In the short term the company will operate as Eurosurgical trading as HSL with all staff transferring to the new company.
Mr Walsh said: “Following our MBO last year, the Foresight Group has proven to be a supportive investor in our business. From the outset, we planned to develop the business significantly through strategic acquisitions and organic growth.
“We have a very clear vision for our business and this acquisition has provided us with an accelerated growth opportunity at exactly the right time."
George Maloney, restructuring partner with RSM Ireland, was appointed liquidator to Eurosurgical Ireland by the High Court in May.
"We are delighted to have worked with the staff and HSL to bring it successfully through the sale process and to safeguard its operations in Dublin and Belfast for the future," he said.
Mr Walsh added: “We now have a very strong presence in Northern Ireland and Ireland with our Belfast headquarters and offices in Sandyford Dublin, both of which have highly experienced and knowledgeable teams.
“As we operate across both jurisdictions, we have a very focussed business plan to ensure that we are able to continue our growth, particularly in this time of uncertainty following the ‘Brexit’ vote, and ultimately have ambitions to further extend our customer base in Great Britain in due course.”
