Kingsbridge acquisition could help tackle NI waiting lists
The private hospital group has secured major investment from private equity firm Exponent
It is hoped a major investment in Kingsbridge could help tackle Northern Ireland's waiting list crisis.
Kingsbridge is Northern Ireland's largest private healthcare provider and has received significant investment from Dublin-headquartered private equity firm, Exponent.
The investment will support the Group’s expansion in both Northern Ireland and the Republic of Ireland.
This is Exponent’s first investment into Northern Ireland and its eighth on the island of Ireland since 2012.
The deal is one of the largest private equity investments in Northern Ireland in recent years and represents a significant vote of confidence in the NI local economy and healthcare sector.
Kingsbridge Healthcare Group was founded by medical doctors Suresh Tharma and Ashok Songra in Belfast in 2005.
It has expanded in both Northern Ireland and the Republic of Ireland to now include four hospitals and 11 clinics in Belfast, Derry / Londonderry and Sligo.
It employs more than 1,100 staff and engages over 400 consultants across a range of advanced medical services in surgery and diagnostics.
Dr Tharma and Mr Songra will remain significant minority investors in Kingsbridge, which will also retain its existing senior leadership team, led by Mark Regan CEO. Dr Suresh Tharma will assume the position of Chairman of the Board.
Exponent will be represented on the Group’s board by Belfast born Richard Lenane, Managing Partner of Exponent, and Dubliner David McGovern, Partner of Exponent’s Dublin office.
Commenting on the investment, Mark Regan, CEO, Kingsbridge Healthcare Group, said:
“We welcome this significant investment and vote of confidence in our business. The team at Exponent is committed to supporting our local healthcare sector and has an impressive track record of backing great businesses across the island.
“Our aim from the very outset two decades ago was to improve access to healthcare, be that through supporting the public sector via the NHS, HSE and NTPF or those who wish to access our surgery and diagnostic services using self-pay models or private medical insurance.
“In Northern Ireland we have the longest healthcare waiting lists in Europe. By working in partnership with both the NHS and the HSE as well as the burgeoning private healthcare market here, I strongly believe that together we can make a real and lasting difference to the outcomes for many more patients. Our singular aim going forward is to continue to build on the legacy we’ve already established and to serve the healthcare needs of the population of Ireland, north and south.”
David McGovern, Partner, Exponent added: “Kingsbridge is a special business, doing important work in a differentiated way. The strength of the company's culture and patient focus was apparent to us on our first visit to Kingsbridge Belfast. Through its high-tech facilities and thoughtful operating model, Kingsbridge is strategically well positioned to address demand for healthcare services in Northern Ireland and across the island of Ireland.
“We look forward to working closely with Mark and his impressive team to build on its success in the coming years by investing in its capabilities, expanding its presence across Ireland, and exploring new growth initiatives. Together, we will strengthen the Company’s crucial role in supporting the island’s healthcare network.”