Carlyle Cardinal fund backs Dublin sports clinic
Irish private equity fund Carlyle Cardinal Ireland (CCI) has agreed to take a 38pc stake in the well-known Sports Surgery Clinic in Santry, north Dublin.
Financial terms of the deal were not announced but the funds will help the clinic expand.
The clinic is a private hospital specialising in orthopaedic surgery, spinal surgery and sports medicine.
It has previously been backed by Kevin Moran, the former Manchester United and Ireland footballer. His brother, orthopaedic surgeon Ray Moran, is the clinic’s founder.
CCI is a joint venture between US investment giant the Carlyle Group and Irish investor Cardinal Capital Group. The deal is subject to regulatory approval and is expected to complete in the coming months.
The clinic’s chief executive Dr Josh Keaveny said: “The investment from CCI allows us to accelerate our growth and we plan to begin work in the near future on expanding the hospital. This expansion will significantly increase our capacity which will enable us to treat more patients.”
Cardinal Capital managing director John Dolan said the deal would see the clinic add two more theatres, increasing surgical capacity by 40pc.
“With an increased focus on exercise and wellness, more and more people are looking for restorative procedures, particularly knee and hip replacements, and shoulder surgery. SSC’s specialist orthopaedic and rehabilitation expertise has allowed it establish a national reputation for treating injuries,” he said.
The clinic had turnover of more than €42m and pre-tax profit of over €4.5m in 2017.