Foresight Group, a FTSE 250 listed private equity and infrastructure investment manager, has completed a £4.45 million investment into DP Medical Systems.
DP Medical Systems is a specialist distributor of medical equipment, consumables, and provider of related after-sales services. Founded in 1987 in Chessington, UK, the company has expanded its reach through a network of six sites across the UK. It opened its Dublin office in 2019 and has since scaled its team and customer base in Ireland, which now represents a material part of the Company’s performance.
DP Medical primarily supports customers in ear, nose and throat, gynaecology and dental settings. Since 2019, DP Medical has achieved significant growth, supported by the material and growing contribution made by its Irish operations. Foresight’s investment will enable its ambitious management team to drive growth through the continued expansion of its operations in Ireland, increasing its team across the UK, introducing new innovative products to market, and delivering market-leading after-sales support to its customers. Foresight will also support DP Medical's plans to reduce its carbon emissions and improve its sustainability practices. Experienced healthcare executive, Matthew Stork, is co-investing alongside Foresight and will join the board as Chair.
Foresight has a strong track record of investing in healthcare. It recently announced its exit from ABL Health, a community-driven healthcare services provider, which returned more than 4.1x invested capital. In 2022, it announced its exit from MI Healthcare, a leading provider of service and maintenance of diagnostic imaging equipment, which also achieved 4.1x returns.
Other examples of healthcare companies remaining in Foresight’s portfolio include: Hospital Services Limited, a specialist distributor of medical supplies and surgical equipment and consumable products; Hexarad, a teleradiology provider; and Homelink, a clinically led provider of safe, high-quality hospital at home and virtual ward services.
Philip Gardiner, Investment Director at Foresight Group, said: “We are excited to partner with the talented and ambitious team at DP Medical and look forward to supporting them in delivering their growth plans across Ireland and the UK. The team has a proven track record and we will leverage Foresight’s deep experience in the healthcare sector to help drive continued growth.”
Rob Atkinson, CEO at DP Medical, said: “We are looking forward to embarking on this next phase of our journey with the support of Foresight. We are very proud of our growth as a company to date, and Foresight’s investment will help accelerate this even further, enabling us to build significantly on our already strong position within the Irish and UK markets while we continue to deliver the customer service excellence and support we’re renowned for.”
The investment has been made from Foresight’s fund dedicated to the island of Ireland, the AIB Foresight SME Impact Fund. The Fund is supported by Allied Irish Banks (“AIB”), as cornerstone investor, and the Ireland Strategic Investment Fund (“ISIF”).
