Beacon Hospital’s shareholders enter into an agreement to sell to Macquarie Asset Management, the world’s largest infrastructure asset manager, as it commits to support the hospital’s next stage of growth.
Macquarie Asset Management, via Macquarie European Infrastructure Fund 7, is to acquire Beacon Hospital after its approach to the current consortium of shareholders, and subsequent offer, was accepted.
Beacon Hospital is a private healthcare facility in Dublin that provides a full range of acute care and specialist diagnostic services to patients. The technologically advanced hospital serves more than 200,000 patients each year and has 251 beds, 8 operating theatres, 3 catheterisation laboratories and 4 endoscopy suites.
Following significant investment by the current shareholders, led by Denis O’Brien, the hospital has enjoyed exceptional growth and delivered excellent clinical care over the past ten years. Since April 2014, Beacon Hospital has grown in size and is now treating treble the number of patients, has doubled the number of staff employed, and has invested significantly in its facilities.
Michael Cullen, CEO of Beacon Hospital said: “Beacon Hospital has a proven track record of investment and innovation, constantly evolving our services and infrastructure to better meet the healthcare needs of our patients. The exceptional growth experienced over the past ten years is largely due to the encouragement and investment provided by the hospital’s majority shareholder, Denis O’Brien, who empowered the Board and management to grow and evolve Beacon Hospital into one of Ireland’s leading facilities today. I am very grateful for that support, as well as for the leadership of our Chair, Colm Doherty and for the dedication and guidance of the entire Board.
Mr. Cullen continued: “Looking to the future, we believe that Macquarie Asset Management’s support as our long-term shareholder, with its global expertise in healthcare and social infrastructure, will be critical as we embark on the next phase of our growth plans. Our new partner will work closely with us as we look to build the largest private healthcare campus in Ireland to meet current and future demand.”
Hani Zogheib, a Senior Managing Director at Macquarie Asset Management, said: “Facilities such as Beacon Hospital are an essential pillar of the Irish healthcare system. The hospital’s team of talented healthcare professionals and consultants have worked tirelessly over more than 17 years to make it the centre of clinical excellence and patient care that it is today. We look forward to working closely with the team at Beacon Hospital to continue to build on this legacy, supporting the long-term vision that Beacon Hospital has to further develop its technologically advanced facilities and specialist medical expertise to ensure that it remains a cornerstone of the healthcare infrastructure in Ireland.”
Macquarie Asset Management is the world’s largest infrastructure manager. Its long-term investments in the social and healthcare sectors, made on behalf of investors including pension funds and insurance companies, have supported the successful operation of specialist care facilities across Australia, New Zealand, Spain and the United States.
Macquarie Group opened the doors to its first Dublin office in 2003 and now has a team of more than 100 people in Ireland. Today, Ireland serves as Macquarie Group’s regulated banking hub in the European Economic Area and the base for its global aviation leasing businesses. Macquarie Group has played a key role in the development of Irish infrastructure, having invested or committed more than €2 billion across the education, social housing, waste management, renewable energy, and healthcare sectors since 2009.
Following the completion of the acquisition, Michael Cullen will remain as CEO and shareholder in the business. The transaction is expected to close by the end of 1H 2024 subject to customary closing conditions.
19/02/2024