Mon, Dec 3, 2012, 00:00 The Irish Times
Some 200 jobs are to be created by Dublin-headquartered company Centric Health, with the construction of 10 new primary healthcare centres and the expansion of the company’s diagnostics business.
The expansion follows a €20 million investment by European private equity group Metric Capital Partners.
Centric Health, which employs 350 people, already operates 10 primary care and GP centres across the State. It is also a joint venture partner in VHI Swiftcare.
Centric separately operates a medical recruitment business, which specialises in GP recruitment in Ireland, Britain and Australia.
In addition Centric is a 75 per cent shareholder in Global Diagnostics, a medical diagnostics business with operations also in Ireland, Britain and Australia. Under the new deal, Centric is acquiring the remainder of the firm.
About 50 of the 200 new jobs are expected to come on stream within the next year, and will include positions for medical, paramedical and administrative staff. The first centre is due to open in Newbridge in February, with plans under way for centres in Celbridge and the Navan Road in Dublin. The primary care centres will be run alongside the Health Service Executive.
It is envisaged that Centric will operate about 20 per cent of each facility with the remainder leased to the HSE.
Centric chief executive Maurice Cox said the injection of new capital would allow the company to double its primary care centre operations, in line with the Government’s commitment to developing primary care facilities.
“We are delighted to be playing our part in the delivery of a world-class primary care system in Ireland, which is a central plank of the Government’s health policy, while at the same time focus on our growing diagnostics business,” he said.
Metric Capital Partners, based in London, is a private equity group which invests in European small- and medium-sized firms. Transactions this year included investments in LM Funerals, Dutch firm Vincent Hotel Group and Kedleston, a special educational needs company. NCB Corporate Finance advised on the deal.
As part of the transaction Centric is to acquire the remaining 25 per cent of Global Diagnostics, which provides remote radiology services to health bodies. David Sheehan, chief executive of Global Diagnostics, said the investment would help it to expand in its three international markets.