SISK GROUP has boosted its presence in healthcare through the purchase of a global design and manufacturing business in a deal valued at up to €28 million.
The group said yesterday that it has bought Eschmann, a specialist in the design and manufacture of equipment for hospitals and dental practices. Sisk has interests in construction, civil engineering and healthcare.
Eschmann is based in the UK and has an office in Singapore. It supplies the British, European, African and Middle Eastern markets. Last year it had revenues of €29 million.
Industry sources estimate the purchase was worth between €22 million and €28 million. Sisk would not comment on the price.
Sisk is chiefly associated with its construction and civil engineering operation, but the group owns a number of distribution and healthcare related businesses with activities in Britain and elsewhere.
Eschmann marks its first step into manufacturing.
The newly acquired firm is primarily involved in designing and making infection control systems for dental practices and a range of products for hospital operating theatres, including tables, lights and electrosurgical units.
The company recently won a contract for the supply of 300 operating tables that will be used in the reconstruction of Iraq’s healthcare system.
Commenting on the deal, Sisk group chief executive Liam Nagle said it was an important step in its continued expansion and diversification.
“Despite the challenging global economic climate, we have the ability to and desire to grow and develop our business,” he said.
Eschmann managing director Philip Kennedy welcomed the agreement and pointed out that it would bring together two companies with long histories. Sisk is 150 years old and its latest acquisition is 180.
Sisk is one of Ireland’s biggest construction companies and is the main contractor on the 2,000-seat Grand Canal Theatre in Dublin’s south docks and the National Conference Centre across the Liffey on Spencer Dock.
It was also the lead contractor in the Centocor pharmaceutical facility in Cork and has been involved in a range of civil engineering and State-funded projects around the Republic.
The group began expanding from the construction business 25 years ago. The medical and distribution companies that it owns include Cardiac Services, Med Surgical, Tekno Surgical and Synapse Medical and Origo Distribution, which distributes electronics goods, and has deals for Blaupunkt and Toshiba.
Sisk focused on healthcare when it began expanding. The logic underpinning the diversification was that demand for healthcare products is set to grow in western Europe as populations age. It has tended to go for family-owned businesses. Sisk is owned by members of the Sisk family.
