Private medical care company Harlequin Healthcare has bought Dublin's Mount Carmel Hospital for a sum said to be more than €50 million.
Harlequin announced yesterday that it had bought Mount Carmel in Churchtown, Dublin from the Sisters of the Little Company of Mary.
Neither side would reveal the purchase price yesterday, but The Irish Times understands that it was just above €50 million.
Harlequin plans to invest a further €30 million in redeveloping the 150-bed facility.
The company yesterday said that it would expand the hospital's maternity unit and operating theatres.
It will also introduce new non-invasive diagnostic techniques for detecting heart disease.
A spokesman said yesterday that Harlequin does not intend to use any part of Mount Carmel's grounds for developments such as residential or commercial building, and would focus its investment on the hospital.
Earlier this year, Harlequin announced a €43 million plan to expand and redevelop St Joseph's Hospital in Sligo and Aut Even Hospital in Kilkenny. It also intends to build a 40-bed day-care hospital at Naas, Co Kildare which will cost €25 million.
Businessman Jerry Conlan founded Harlequin in 2001. This year it appointed Nigel Harding from Britain's third biggest private hospital - St John and St Elizabeth - as chief operations officer, and Niall Donnelly from IWP International as chief financial officer.
Its chief executive is Joe Kelly and the directors include 151 chief executive and former IAWS chairman Philip Lynch.
Mr Kelly indicated yesterday that the company's purchase of Mount Carmel would not result in lay-offs at the hospital.
"We will be embarking on an investment programme that will strengthen the services already available at the hospital and also introduce greater capacity in the maternity ward and operating theatres," he said.
The Little Company of Mary opened Mount Carmel in 1949. The hospital was redeveloped and a range of new specialities were introduced in 1960.
The nuns will continue to provide pastoral care at the hospital.
Mount Carmel has been on the market for several months. The order entered into exclusive talks with Harlequin a month ago.
Yesterday, Sr Celine Bourke, its province leader, said the order was delighted to be handing over the hospital to Harlequin as a going concern.
