Foresight, which manages investment funds on behalf of institutions, has invested in Northern Ireland-based private healthcare company 3fivetwo Group. An investment of £5 million was made via a new fund that is managed by Foresight in partnership with capital market company 57 Stars.
The investment will be used to increase the theatre and ward capacity of two private hospitals located in Belfast in Northern Ireland and Sligo in the Republic of Ireland. A conversion of the theatres and a six-bed extension to the main wards is planned to begin this year.
Suresh Tharma, joint CEO of 3fivetwo Group, said: “Foresight believes in our vision and supports our aspirations to be a world leading healthcare company, and we realised that our goals were aligned from an early stage. We are immensely proud of the faith they have shown in us. While they naturally want to make a return on their investment for their investors; they also want to make a difference to the people of Northern Ireland in the process. Our plans are ambitious and set a path for achieving both objectives.”
Bernard C. McGuire Jr, Managing Director of 57 Stars, said: “As the private healthcare leader in Northern Ireland, 3fivetwo has built an institutional foundation for the future and is well positioned to complement the public healthcare sector as part of the solution for long hospital waiting lists. We are excited to be working with Foresight Group, which shares our view that SMEs in Northern Ireland show great promise, particularly when supported by institutions with a track record of growing small companies.”