InfraBridge completes sale of Valley Healthcare to John Laing Group
InfraBridge and the Irish Infrastructure Fund (“IIF”) have completed the sale of Valley Healthcare to John Laing Group (“John Laing”) following regulatory approval from the Competition and Consumer Protection Commission.
IIF was established by Irish Life Investment Managers in 2011, with funding from the Irish State and other Irish institutional investors, to invest in Irish infrastructure assets. InfraBridge is the infrastructure investment manager of the IIF.
John Laing, a leading international investor and active manager of core infrastructure assets, agreed to acquire Valley Healthcare, along with Convention Centre Dublin (CCD) and Towercom, Ireland’s largest independent telecommunications tower company in a transaction announced last December. Terms of the transaction were not disclosed.
Valley Healthcare is Ireland’s largest primary care centre (“PCC”) developer and operator, with 20 PCCs under operation across Ireland and a pipeline of new centres in development. Valley Healthcare leases all its assets to the Irish Health Service Executive, (HSE). It is playing a leading role in supporting the Government’s Sláintecare programme - the company’s PCCs enable healthcare professionals to deliver the highest standard of care in the local community, yielding better outcomes for patients.
Ahmed Memon, Investment Director, InfraBridge said: “Since establishing the business in 2017, Valley Healthcare has grown to become the largest developer and operator of primary care centres in Ireland. These primary care centres are critical infrastructure in the Irish healthcare system. Under John Laing’s ownership, we expect the business to continue to grow and support the HSE in providing essential services to local Irish communities. This transaction delivers a strong realised return to the IIF’s investors. We wish the new owners and management team every success in the future.”
Patrick Burke, CEO, Irish Life Investment Managers said: “Valley Healthcare has delivered a strong realised return for the investors in the IIF while contributing to the delivery of local health services across Ireland. We are pleased that it will benefit from being part of a large global infrastructure group and wish them every success in the future.”
Jamie Christmas, Acting Chief Executive Officer and Chief Financial Officer of John Laing, said: “We are delighted to complete the acquisition of Valley Healthcare, which provides local communities with a single point of access for outpatient care. The company enjoys a strong market position uncorrelated with economic cycles and the transaction builds on our extensive experience in the social infrastructure sector.”