Dublin’s Beacon Hospital to be owned by Australian firm Macquarie Group
Dublin: Beacon Hospital is set to change hands as Australian financial services firm Macquarie Group finalises its acquisition. The agreement, struck with hospital owner Denis O’Brien, involves the sale of the group’s asset management arm. While specific financial terms remain undisclosed, sources suggest the deal is valued between €400-500 million.
Macquarie Group, backed by Europe’s largest pension providers and insurance firms, is acquiring the hospital through its €8 billion European Infrastructure Fund 7. Situated in Sandyford, Dublin, Beacon Hospital boasts 181 inpatient beds, 70 day-case beds, eight operating theatres, three cath labs, and four endoscopy suites.
Recent developments include Ann Bord Pleanála’s approval for a €75 million extension, featuring 70 additional beds and enhanced facilities. Concurrently, plans to demolish a neighboring hotel, acquired by the hospital in 2020, are underway.
Under Denis O’Brien’s stewardship, Beacon Hospital has enjoyed a decade of success, marked by a doubling of staff to accommodate a burgeoning patient base. With over 1,600 healthcare professionals and 300 consultants, including a significant influx of Indian medical staff, the hospital treated 207,000 patients last year.
Despite its operational success, financial records indicate a decline in profits for Sandyford-based Beacon Medical Group Ltd., from €4.35 million to €1 million in 2022. However, turnover saw an uptick from €188.5 million to €202 million in 2021, albeit amid rising healthcare costs.
O’Brien acquired the hospital from the University of Pittsburgh Medical Center (UPMC) in 2014, following UPMC’s decision to divest due to a €100 million debt owed to Ulster Bank. Michael Cullen currently serves as CEO, with plans for his continued leadership under Macquarie’s ownership. Colm Doherty, former AIB managing director, chairs the board.
Senior Managing Director at Macquarie Asset Management, Hani Zogheib’s, expressed commitment to Beacon Hospital’s legacy of clinical excellence, citing a 17-year journey led by dedicated healthcare professionals and consultants. Macquarie Group, with previous investments in specialised care facilities across Australia, New Zealand, Spain, and the US, has operated in Ireland since 2003, employing over 115 individuals in its Dublin office.
In addition to the Beacon Hospital transaction, Denis O’Brien has divested shares in Irish media entities Communicorp and Independent News Media. His recent resignation as chairman of Caribbean telecom group Digicel follows a debt restructuring agreement, leaving him a minority stakeholder in the company.
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