Hospital services

Private equity firm Foresight invests £3.5m in Belfast’s Hospital Services Limited

Private equity firm Foresight Group has invested £3.5million in medical supplies distributor Belfast Hospital Services Limited (HSL).

The company said the funding would support its growth plans following its recent acquisition of Northern Irish medical device distributor MDI Medical Limited.

This is Foresight Group’s second investment in HSL after funding the company through its Venture Capital Trusts arm in 2015.

Since then, HSL, which distributes diagnostic medical devices, surgical equipment and consumables, serving public and private hospitals across the UK and Ireland, has grown significantly and managed to triple its turnover. business.

It has been bolstered by the growing demand for healthcare equipment during the Covid-19 pandemic and the adoption of digital solutions for disease scanning and detection. Additionally, he said the need to provide a service that can cope with an aging population and the backlog created by the pandemic have created additional areas of demand.

“Foresight’s additional investment is a testament to HSL’s strong past performance and confidence in the HSL team to drive future growth,” said HSL Managing Director Dominic Walsh. “The acquisition of MDI Medical has added a highly complementary product portfolio to HSL, including ultrasound and patient monitoring equipment, and the MDI team brings with it a wealth of experience and knowledge, further strengthening our reputation with our customers.

Foresight welcomed the investment and said it had identified more opportunities in Northern Ireland and the Republic.

“Having worked with the HSL team for the past six years, Foresight is delighted to continue to support Dominic, Graham, Alan and the wider team as they target a significant growth opportunity in the market,” said said Graeme McKinstry, chief investment officer at Foresight. . “The team has demonstrated its ability to deliver levels of delivery to top tier customers, in unprecedented market conditions over the past 18 months.

“Performance over this period and the acquisition of MDI means that the company is well positioned to gain substantial market share and increase the scale of its operations in Ireland and the UK.”