independent

Thursday 17 April 2014

Private clinics sign deal with McEvaddys

Two of the country's best-known private hospitals have inked a strategic agreement with the state-of-the-art €25m primary care facility built by aviation entrepreneurs the McEvaddy brothers.

The move, which was agreed recently, will see Dublin hospitals the Hermitage Clinic and Blackrock Clinic team with Vista Primary Care in Naas, Co Kildare.

Ulick and Des McEvaddy opened Vista in 2009 with funding from Anglo Irish Bank, now IBRC, and the tie-up with Hermitage and Blackrock will greatly expand its medical expertise and ability to earn more revenue.

The Hermitage and Blackrock are separate hospitals but they have some common shareholders, including Larry Goodman, the beef magnate.

"We're going to provide capacity and expertise to complement the care already provided," Eamonn Fitzgerald, the chief executive of Hermitage, said. "We want to fuse primary and secondary healthcare systems," he added.

Bryan Hartery, the chief executive of Blackrock, said: "We want to provide GPs with all the resources they determine are relevant."

FitzGerald said some of the consultants from both hospitals would base themselves occasionally in Vista, giving the facility added intellectual know-how when required.

The Hermitage is owned by George Duffy, a highly experience consultant; Goodman; Sean Mulryan, the developer; and John Flynn, the builder.

Surgeon Jimmy Sheehan, who co-founded Blackrock, was a founding shareholder of Hermitage but he sold out his position in the €130m hospital in 2008 to Goodman, taking the beef entrepreneur's stake to 32 per cent.

Larry Goodman is a 40 per cent shareholder in the Blackrock Clinic, where other shareholders include Jimmy Sheehan, his brother Joe Sheehan, Duffy and Flynn.

The third private hospital in the separate but strategically aligned group is the Galway Clinic.

The McEvaddy brothers did not return calls for comment on their deal with Hermitage and Blackrock.

When they opened Vista, the brothers said they hoped to build between five and six centres but there are no signs at present of any more materialising. Accounts filed by their aviation fuel supply business, Omega Aviation Services, show the firm increased its pre-tax profits by 25 per cent to €556,667 in 2010. The filings show €7.7m was transferred into the Vista group of companies that Omega Aviation Services Ltd owns.

In a 2010 interview, Ulick McEvaddy said Vista "lost about €3.5m" and would "probably" lose another €1.5m in 2010 due to cost of a starting a new business.

Vista was built to the highest standards and includes a pharmacy, diagnostics imaging department, a day procedure surgical suite, a dental practice and consultant suites.

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