Cork healthcare firm sold to Swedish group for €245m

Healthcare 21 had sales of €171m last year

Tara Kearney, managing director of Healthcare 21 pictured in their warehouses in Blarney, Cork City. Picture: Clare Keogh

Cork firm Healthcare 21 (HC21) Group has been acquired by a Swedish group in a deal worth €245m.

HC21 is an independent distributor of a range of healthcare products servicing public and private customers in Ireland and the UK. The Cork company founded by Owen Curtin has sales of approximately €171m and around 450 employees.

Swedish healthcare group AddLife has now confirmed it is continuing its expansion in Europe by acquiring HC21. The initial purchase price totals €240m, of which 74 percent is being paid in cash and 26 per cent is being paid using newly issued shares. An additional consideration of a maximum of €5m may also become payable. 

HC21 will operate as a separate subgroup and will become part of the Medtech business area and the existing management team will remain with the company.

Last year, HC21 recorded sales of approximately €171m, with Ireland and Northern Ireland accounting for approximately 56 per cent and UK for approximately 44 per cent of the sales. The group has grown organically and through acquisitions. For 2020, it reported positive Covid-19 non-recurring revenue of approximately €6m. 

“We are incredibly excited about the new opportunities, experience and investment that AddLife brings to the Healthcare 21 Group," Tara Kearney, CEO of Healthcare 21 said. "Like HC21, AddLife is an experienced specialist provider to the Life Science market segment and offer a long-term perspective, a European presence and a complementary portfolio of supplier and proprietary brands, which will ultimately enhance our offering to our customers."