The Hospital group’s reputation is built upon high-quality and highly-complex care, underpinned by strong clinical performance assessed against leading international benchmarks.
It delivers leading levels of clinical service and care through market and technology leading facilities, national coverage including two high tech acute hospitals in Dublin and Cork and a consultant base of over 330.
In 2018, InfraVia, a French-based infrastructure fund acquired the Mater Private Group, with the sale funded through a combination of debt and equity. The debt facilities were underwritten by Barclays and syndicated to a number of banks, including Bank of Ireland and Ulster Bank, with AIB Corporate Banking the largest participant in the lending syndicate and appointed as Facility Agent and Security Trustee.
Tanya Twomey, Senior Relationship Manager; David Ward, head of AIB Corporate Agency Team.
The key considerations in this transaction were firstly the experienced management team with a proven track record in terms of delivering against strategic objectives. Secondly, the Hospital group is a key part of the Irish Healthcare infrastructure with an excellent clinical reputation and an established trading business and robust cash flow profile. Thirdly, an appropriately structured transaction with a suitable debt/equity mix was envisaged.
L to R: Ollie Conneely; Manager, Bank of Ireland Corporate Banking, Regina Walsh; Associate Director, Bank of Ireland Corporate Banking, Maurice Healy; Director, Bank of Ireland Corporate Banking
“Mater Private represents a significant part of Irish private healthcare delivery and infrastructure and as the dedicated Healthcare Team in Corporate Banking we were delighted to further support InfraVia's investment in the sector. AIB have a strong, longstanding relationship with Mater Private and were very pleased to continue to back management, the company, staff and InfraVia as Facility Agent and Security Trustee in this transaction,” said Tanya Twomey, Senior Relationship Manager, Healthcare Team, AIB Corporate Banking. Barclays Bank initially underwrote the transaction, with the role of Facility Agent and Security Trustee transferring to AIB Corporate Banking on Syndication. Management advised of the proposed acquisition in June 2018 which had been underwritten by Barclays. The acquisition was completed and the transaction syndicated in early August following Competition Authority approval. Management advised of the proposed acquisition in June 2018 which had been underwritten by Barclays. The acquisition was completed and the transaction syndicated in early August following Competition Authority approval. “The transaction represented an excellent opportunity to demonstrate continued support for a long term AIB Corporate Banking customer as well as InfraVia's entry into the Irish healthcare sector with the provision of additional bilateral facilities to further support the Hospital's growth”.
Commenting on the transaction, Maurice Healy, Director at Bank of Ireland Corporate Banking said “Mater Private is known to Bank of Ireland Corporate Banking Ireland for many years and we are pleased to support this significant milestone in Mater Private’s history under new ownership alongside the group of lenders. Thanks to Paul Whelan, Cecelia McGrath and Brian O’Loughlin for their support of Bank of Ireland’s participation, recognising the long relationship we enjoy. We were delighted to continue to support InfraVia’s most recent investment in Ireland with a focus on infrastructure companies, and excellent management teams.”
Paul Whelan, Group CFO, Mater Private, said: “We were delighted to work with a number of our banking partners to successfully complete this transaction. A special note of thanks to Barclays Bank, AIB Corporate Banking, Bank of Ireland Corporate Banking and Ulster Bank for their continued support. This significant transaction will support the continued development and growth of the Hospital and also ensure that Mater Private remains as the leading provider of private healthcare services in Ireland.”