A fund backed by the Czech finance minister has bought a 51pc stake in an Irish fertility business.
The company is ReproMed, which provides assisted reproduction services and has clinics in Dublin and Kilkenny. It was set up by embryologist Declan Keane in 2009.
Keane has sold a 51pc stake in ReproMed to FutureLife, a healthcare group owned by investment fund Hartenberg Holding, which is backed by billionaire Czech finance minister Andrej Babis and business partner Jozef Janov. The amount paid for the 51pc stake was not disclosed.
Keane retains a 49pc share and will stay on to lead the company while also becoming a director on FutureLife's medical board.
FutureLife owns 15 fertility clinics in the Czech Republic, Slovakia and the UK.
It describes itself as one of the top five providers worldwide, with over 20,000 IVF cycles performed per year.
The deal will help ReproMed to expand around Ireland including locations in Cork and Galway as well as give it access to a pan-European network of reproductive resources such as egg donation, Keane said.
Demand for IVF services is rising as people increasingly delay having children.