Hospital Services Ltd with Belfast HQ secures a €4.2m investment

Medical equipment supplier Hospital Services Limited (HSL) has secured a £3.5 million (€4.2 million) investment.

Established in 1962, HSL, the Belfast-headquartered company, which also has offices in Dublin and in Derby in the UK, supplies diagnostic medical devices, surgical equipment and consumable products to public and private hospitals across Ireland and Britain.

Private equity firm Foresight, which recently acquired fellow Irish medical distributor MDI Medical for an undisclosed sum, led the investment. It first invested in HSL in 2015 when chief executive Dominic Walsh led a management buyout of the company.

The new funding is to be used to aid further growth. HSL is targeting turnover of £50 million within the coming three years with earnings before interest, tax, depreciation and amortisation (ebitda), of about £6 million.

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Mr Walsh, a finalist in last year’s EY Entrepreneur of the Year awards, said the additional investment is testament to HSL’s strong past performance and its confidence in the company to deliver future growth.