Foresight Group, an investment manager specialising in private equity and infrastructure, has sold Hospital Services Limited (HSL) to Asker Healthcare Group.
This transaction, involving HSL management, is set to yield returns between 2.5× and 8.5× for Foresight’s four funds, depending on the initial investment date.
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HSL is a distributor of surgical equipment, medical devices, and consumables and has experienced significant growth, with revenues increasing to nearly £60m ($62.32m). It serves private and public hospitals.
Approximately 75% of revenue is generated generated in Ireland.
The Belfast-headquartered company has expanded its workforce from approximately 30 to 175 since 2015.
Foresight’s Growth VCTs invested an initial £4.5m in HSL in 2015, which supported the appointment of CEO Dominic Walsh.
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By GlobalDataWalsh said: “Foresight has been a superb partner to the business over the last decade, helping Hospital Services to grow quickly in the right way.”
Subsequent investments by other Foresight funds, totalling £4.9m from 2021 to 2023, facilitated further growth and acquisitions, particularly in Ireland.
Since 2015, HSL has enhanced its governance and sustainability measures, under the guidance of non-executive chair Christopher Langley.
This includes conducting its first carbon emissions audit in 2023 to establish an emission reduction plan.
Last year, HSL supported more than 500 medical facilities and its service division is crucial for maintaining essential hospital equipment.
The company’s net sales reached approximately Skr800m in 2024.
Foresight Group partner James Livingston 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.”
This exit represents Foresight’s latest in the healthcare sector, following the sales of Kingsbridge, ABL Healthcare, and Mi Healthcare.
