HealthSpan Partners to buy GP firm Centric Health

HealthSpan Partners is a diversified healthcare services organisation and is an affiliate of US health group Bon Secours Mercy Health

Centric Health was founded in Ireland in 2003 and since then it has grown its primary care network in the country to 420 GPs across 90 locations. File picture: Dan Linehan

Irish GP firm Centric Health, and its network of 420 doctors across the country, is set to be acquired by HealthSpan Partners.

The deal is subject to approval by the Competition and Consumer Protection Commission (CCPC) and other relevant regulatory authorities.

Centric Health was founded in Ireland in 2003 and since then it has grown its primary care network in the country to 420 GPs across 90 locations. The company has also established operations in the Netherlands in 2020 and Germany in 2021.

The company’s chief executive is Dr Maurice Cox. He co-founded Centric Health with Dr Ray Power. Upon conclusion of the deal, Dr Cox will remain on as chief executive and shareholder in the business.

“GPs and practices in the Centric Health network will continue to operate under the Centric Health brand, with full operational and clinical independence. Patients will not experience any change as a result of this investment and do not need to take any action,” the company said.

Speaking on the agreement, Dr Cox said the company has “significant ambitions” for the future and “have been looking for the right partner to help us achieve our goals”.

“HealthSpan Partners is the perfect partner as it brings expertise and insight, global networks and reach as well as the necessary financial support to help us achieve our ambitious growth plans. We see real opportunities to expand our network, both geographically and through digital innovation.” 

“As we continue to grow, we will keep investing to make sure the relationship between doctor and patient stays personal and local, because that is the model that best serves our patients. We look forward to finalising the transaction and working closely together in the future.” 

The company said the acquisition will support Centric Health’s ambitious growth strategy in Ireland, Germany and the Netherlands.

HealthSpan Partners is a diversified healthcare services organisation. Through its portfolio of healthcare services businesses, HealthSpan Partners "supports the delivery of accessible, compassionate and patient-centred care across a range of healthcare settings".

It is an affiliate of US health group Bon Secours Mercy Health.

According to the latest available financial statement for Centric Health, which includes the results of its 2024 financial year, it generated group revenue of €76.2m. However, revenue generated from the Government’s General Medical Services public contract (GMS), is excluded from the results. This amounted to €67.6m that year.

The company incurred a loss for its 2024 financial year of €22.5m.

Centric Health is currently a portfolio company of Five Arrows, the alternative assets arm of Rothschild & Co, which has €14bn in assets under management.