Irish investment fund becomes biggest equity holder in RelateCare
Irish investment fund MML Growth Capital Partners has become the largest equity holder in RelateCare, a healthcare communications consultancy and outsourcing company.
MML typically invests between €2m-€12m in businesses. It is understood that its investment in RelateCare is around €12m.
The combined business is on track to achieve revenues of circa $24m (€21.5m) this year.
The MML investment will be made from the MML Growth Capital Partners Ireland I Fund, a €125m fund supported by Enterprise Ireland, AIB and a number of international institutional investors.
This investment will be used to support RelateCare’s growth plans, including its continued expansion into the North American market.
Headquartered in Waterford, RelateCare was established in 2014 as a joint venture between United States healthcare system Cleveland Clinic and Waterford based contact centre company Rigneydolphin.
RelateCare provides a range of patient access consultancy and outsourcing solutions to hospitals and health systems seeking to improve how they communicate with their patients.
Conor O’Byrne, CEO of RelateCare, said the deal is “a validation” of the company’s success.
“With its experience of working with ambitious and focussed management teams, MML is the perfect partner for the next stage of our journey. This investment will give RelateCare the additional financial support to expand in its target markets,” he added.
RelateCare employs 550 people in Waterford and Ohio, including over eighty registered nurses.
An additional US centre is currently in the planning phase.