Ireland’s largest occupational healthcare provider, Medmark, has secured “a significant strategic investment” that will be used to expand its clinical teams and enhance its digital health platforms, among other operational improvements.

The Irish Times understands the investment from Phoenix Equity Partners, a UK-based mid-market private equity firm, to be in the region of €70 million.

Medmark said the investment “represents a major milestone … following a period of sustained expansion” that will enable the company “to accelerate a number of strategic initiatives already under way across the business”.

“This includes expanding its clinical and operational teams, investing further in technology and digital health platforms, enhancing customer reporting and service delivery capabilities, and broadening its geographic reach,” said the occupational health services provider.

The company said it would also allow it to pursue “complementary acquisition opportunities” and develop new services “to meet the evolving occupational health and workplace wellbeing needs of employers across Ireland”.

Medmark’s most recent company filings, for 2024, showed a 21.63 per cent increase in turnover from the previous year to €17.13 million. Pretax profit more than doubled from €2.06 million in 2023 to €4.36 million, the filings show.

The company was founded in 1987 and says it now provides occupational healthcare services to half a million employees nationwide. Last December, it acquired Belfast-based Blackwell Associates, giving it an entry into the Northern Irish market.

Paul O’Grady and Dr Robert Ryan “will continue to lead Medmark’s day-to-day operations and strategic direction”, the company said, adding that Phoenix Equity Partners would support the business through board-level involvement, capital investment and access to operational expertise.

“What is particularly exciting about this next chapter is not only the opportunity to continue growing our business, but also to deepen the impact we have on the lives of those we serve,” said Ryan, Medmark’s chief executive.

“Medmark’s strength has always been rooted in the expertise, dedication and professionalism of our clinical and non-clinical teams,” he said.

Barry Robinson, a partner at Phoenix, said his firm had been “hugely impressed” by Medmark, adding that “at the core of their success has been a clear and consistent focus on clinical excellence over many years, supported by an outstanding and people-centric culture”.

“Each of our investments is underpinned by deep sector research and … we believe Medmark is well placed to benefit from growing demand for occupational health and workplace wellbeing services across Ireland,” said Robinson.

Corporate finance consultancy firm Clearwater advised Medmark on the investment.