Metric Capital Partners invests in Centric Health

The GP acquired almost 50% of the holding while also injecting development capital into the company's two subsidiaries. The transaction also covered the holding company's takeover of the outstanding shares in Global Diagnostics from the founding shareholders.

Global Diagnostics plans to take advantage of the appetite among national healthcare providers to outsource diagnostic imaging, while Áras Sláinte aims to strengthen its position as a contributor to the primary care sector.

Metric was introduced to the deal through its network of contacts; discussions with Centric started about five months ago. The GP plans to divest within the next three to five years, most likely through two seperate exits, it told unquote". These were Metric's fourth and fifth investments from its first fund, which is expected to hold its final close in March 2013.

Debt
Metric invested through credit instruments with equity participation.

Company
Centric Health currently consists of Áras Sláinte and Global Diagnostics. The business is based in Dublin where it was founded by two medical practitioners in 2003. The group's current turnover is €40m and it employs a total of 300 people.

Áras Sláinte and Global Diagnostics operate in Ireland, the UK and Australia and are run by two seperate management teams.

Áras Sláinte is a primary care provider running GP practices, urgent care clinics and occupational health clinics. The business plans to open a new facility, Newbridge Primary Care Centre, in early 2013 followed by further projects.

Global Diagnostics provides managed radiology solutions to public and private healthcare providers with services ranging from remote offsite reporting contracts through to fully managed radiology departments.

People
Managing partner John Sinik and principal Ilkka Rantanen led the deal for Metric and will represent the firm on the board of directors.

Advisers
Equity – Brown Rudnick (Legal).
Company – NCB Corporate Finance (Corporate finance); Dillon Eustace (Legal).

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