LONDON, 03 December 2012: Metric Capital Partners (“MCP”), the European private capital group, has announced today the completion of its investments in Áras Sláinte and Global Diagnostics, subsidiaries of the Dublin-based healthcare business, Centric Health.

Áras Sláinte (“AS”) is a leading provider of primary care in Ireland, offering a range of services to the Irish market, through its GP practices, urgent care clinics and occupational health clinics. AS’s facilities and practices are a key contributor to the increasing role the primary care sector plays in the overall Irish healthcare market. In addition, Locumotion, a subsidiary of AS, meets the increasing demand for medical manpower by placing doctors from around the world into GP and hospital positions across Ireland, Australia and the UK.

Global Diagnostics (“Global”) provides managed radiology solutions to public and private healthcare providers to improve quality of service and access for patients, whilst reducing the cost of delivery for providers. Global delivers solutions to the NHS (UK), HSE (Ireland) and Australian public healthcare bodies as well as private hospitals across these three geographies. Services range from simple remote offsite reporting contracts through to fully managed radiology departments.

MCP’s investments, through credit instruments with equity participation in Centric Health, the Holding Company of AS and GD, backs the Management Buy-Out & refinancing of the businesses.

John Sinik, Managing Partner of MCP, commented: “We are excited to be partnering with very experienced management teams and to provide sustainable capital structures to support the businesses on their growth trajectories. With Áras Sláinte, our focus will be to continue the primary care consolidation strategy in Ireland. Meanwhile Global Diagnostics is benefiting from the increasing utilisation of the independent sector for the delivery of diagnostic imaging in public hospitals – highlighted in the UK through the recent NHS reform packages. ““These transactions are consistent with our investment philosophy, given the downside protection of the non-discretionary element of these businesses coupled with the opportunity to partner with management through our equity participation. ”

Dr Maurice Cox, CEO of Centric Health, further commented on the transactions: “We are very pleased to be partnering with Metric Capital Partners. The economic volatility in Europe, and especially Ireland, coupled with the challenges facing the banking system, makes it extremely challenging for smaller business to secure sustainable capital structures. This transaction will allow Áras Sláinte to play a key role in the delivery of a worldclass Primary Care system in Ireland, accelerating our expansion plans from our current base of 14 centres. Áras Sláinte now looks forward to the opening of Newbridge Primary Care Centre in early 2013 and beyond to a pipeline of further similar projects. MCP provided a flexible capital solution that has also allowed us to complete the acquisition of the remaining minority equity in Global Diagnostics from its founding shareholders and will accelerate our future growth plans in the international radiology sector.”

David Sheehan, CEO of Global Diagnostics commented “This transaction allows Global Diagnostics to expand its services in each of its three international markets. The expertise offered by the Global Diagnostics team delivers increased efficiency, improved quality of service and reduced cost, essential in an environment of reduced public healthcare budgets. Our award winning services have provided real benefits to public health bodies and patients alike and have now resulted in a successful investment process. ”

NCB Corporate Finance advised Centric Health, Áras Sláinte and Global Diagnostics on the process while Dillon Eustace acted as legal advisor.Brown Rudnick acted as legal advisor to MCP on the transactions. John Sinik and Ilkka Rantanen will represent MCP on the Board of Directors.

The investments in Áras Sláinte and Global Diagnostics follow Metric’s investments in LM Funerals in April 2012, The Vincent Hotel Group in September 2012 and Kedleston in September 2012.

Launched in September 2011, MCP is an independent private capital group which invests in European small and medium-sized firms by providing debt and equity solutions to support the execution of strategic transactions including MBOs, MBIs, growth/development capital, refinancing and rescue financing.