• Northern Ireland based Hospital Services Limited (HSL) has grown from a family business into a key player in healthcare distribution across Ireland, Northern Ireland and Great Britain, with revenues soaring sevenfold to nearly £60 million and employee numbers rising from 30 to 175 since 2015
• HSL distributes diagnostic medical devices and provides mission-critical service and maintenance to healthcare organisations across Ireland, Northern Ireland and Great Britain
• Strong organic growth, strategic acquisitions alongside significant ESG improvements have been achieved over Foresight’s investment period 

Belfast, February 2025: Foresight Group (“Foresight”), a leading listed private equity and infrastructure investment manager, has exited its fast-growing medical products distributor Hospital Services Limited (HSL) to Asker Healthcare Group, a leading provider of medical products and solutions across Europe. 

The transaction will deliver returns ranging between 2.5x to 8.5x across Foresight’s four invested funds, depending on entry date.

HSL is a specialist distributor of diagnostic medical devices, surgical equipment and consumable products, servicing public and private hospitals across the Northern Ireland, the Republic of Ireland and Great Britain. HSL is headquartered in Belfast with offices in Dublin, Meath and Wicklow in Ireland and Derby in Great Britain. HSL has seen strong growth over the investment period with revenues increasing seven-fold to almost £60 million, of which approximately 75% are generated in Ireland, and employee numbers rising from approximately 30 to 175.

The Company, which was founded as a family business in 1962, received an initial £4.5 million investment from Foresight's Growth VCTs in 2015, backing incoming CEO Dominic Walsh. A further £4.9 million was invested between 2021 and 2023 by Foresight’s Northern Ireland Fund and the AIB Foresight SME Impact Fund. 

The Company has seen strong organic growth and has made eight strategic bolt-on acquisitions, most notably in Ireland. MDI Medical was acquired in 2021, transforming HSL into a market-leading player in the healthcare distribution sector in Ireland and the UK. Fleetwood Healthcare was then acquired in 2023 with the support of the AIB Foresight SME Impact Fund. The senior management team was also significantly bolstered over the years with the additions of CFO Graham Stewart, Service Director Alan Milliken and more recently COO Mark Collins.

Reflecting Foresight's commitment to supporting sustainable growth, HSL has made significant strides in improving governance and sustainability. With the appointment of Christopher Langley as non-executive Chair in 2015, who brought significant healthcare and listed company experience, HSL improved its commercial focus and implemented new clinical governance and health and safety processes. 

Following the 2023 investment by the AIB Foresight SME Impact Fund, HSL conducted its first carbon emissions audit to identify the main drivers of emissions and establish an emissions reduction plan. 

HSL provides high-quality equipment to a growing number of customers on both sides of the Irish Sea, with over 500 medical facilities supported in 2024. Its service and maintenance division ensures minimal downtime for key hospital equipment - a vital issue for healthcare providers amid high patient demand.

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. 

"We wish its dedicated and entrepreneurial team every success under the new ownership and are confident it will continue to thrive."

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."

Foresight is committed to investing into growing businesses throughout Ireland as a continuation of its regional investment strategy and has significant funds to invest across the island supported by AIB, ISIF, British Business Investments and 57 Stars. 

Across Ireland and over the last six months, Foresight has backed three exciting, growing companies, DP Medical, TES Group and Scorebuddy, while successfully exiting Kingsbridge Healthcare Group, the largest private hospital group in Northern Ireland. This builds on Foresight’s track record of investing in the island of Ireland, where HSL now has offices in Dublin and Belfast and a five strong investment team. 

HSL is Foresight’s latest successful exit in the healthcare sector and follows the sale of Kingsbridge and ABL Healthcare last year and Mi Healthcare in 2023.
 

ENDS 

Advisers to Foresight:

Lead Advisor – PwC

Legal – Mills Selig

 

Notes to Editors

 

About Foresight Group (“Foresight”)

Founded in 1984, Foresight is a leading investment manager in real assets and capital for growth, operating across UK, Europe, and Australia.

With decades of experience, Foresight offers investors access to attractive investment opportunities at the forefront of change.  Foresight actively builds and grows investment solutions to support the energy transition, decarbonise industry, enhance nature recovery and realise the economic potential of ambitious companies.

A constituent of the FTSE 250 index, Foresight’s diversified investment strategies combine financial and operational skillsets to maximise asset value and provide attractive returns to its investors. Its wide range of private and public funds is complemented with a variety of investment solutions designed for the retail market.

Foresight is united by a shared commitment to build a sustainable future and grow thriving companies and economies.

Visit https://foresight.group for more information.

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Foresight Group: marketing@foresightgroup.eu / +44 (0)20 3667 8100