BGF announces €7 million equity investment into The Avoca Clinic

14 September 2023

BGF has announced a €7 million investment into Ireland’s leading cosmetic surgery practice. The Avoca Clinic employs over 40 people, including a team of specialist plastic surgeons across their clinics in Wicklow, Limerick and Dundalk.

The company offers a range of surgical and non-surgical treatments, including breast, body and facial procedures. Procedures are available on either an in-patient or out-patient basis. The investment from BGF will finance the expansion of its surgical capacity and clinic footprint throughout Ireland.

Through the investment, BGF will take a significant minority position in the business, in line with the BGF focus on supporting founders and owners to grow their businesses and realise their potential.

Founded in 2012, The Avoca Clinic is managed by Niamh Murdock (CEO) and Ailish Kelly (Sales Director), a mother and daughter team who, between them, have worked in the cosmetic surgery industry for 25 years.

Following the transaction, BGF investor Lauren Sharpe will join The Avoca Clinic’s board. In addition, Noel Daly will join as non-executive chair.

Noel has over 40 years’ experience in the Irish, UK, US and European healthcare systems, including as: non-executive director of Kingsbridge (which operates Private Hospitals, serving patients in Northern Ireland and the North West of Ireland); chair of Eakin Healthcare Group (Northern Irish manufacturer of healthcare products); former chair of Saolta Hospital Group (which includes University Hospital Galway); and former chair of Brindley Healthcare (a previous BGF investee company—successfully exited in 2020).

Speaking today, CEO Niamh Murdock, said: “We are delighted to welcome BGF as an investor in The Avoca Clinic. This investment and the expertise that BGF, and Noel Daly as our chair, will bring will support our plans to expand our surgical capacity and footprint across Ireland in this next phase of growth for the clinic. We are so grateful to our wonderful office staff and medical team who have helped us get to this point, and are greatly looking forward to the journey ahead.”

Noel Daly, incoming non-executive chair of The Avoca Clinic, added: “The Avoca Clinic is an extremely well-run Irish healthcare business with ambitious growth plans. I look forward to supporting the team on this exciting phase of their journey.”

This deal is BGF’s 15th investment in Ireland since beginning operations here in 2017. It is also BGF’s third investment in a female-led business in Ireland, having already backed Amanda Torrens of Brindley Healthcare and Karen Clince of Tigers Childcare.

“We are excited to join forces with Niamh, Ailish and the exceptional team at The Avoca Clinic, a fantastic female-founded business. This partnership underscores our confidence in the clinic’s potential to grow regionally and expand its offering.””
Lauren Sharpe, BGF investor

Focus Capital Partners and Ronan Daly Jermyn advised The Avoca Clinic on the transaction. Meanwhile, BGF was advised by Squires Patton Boggs (legal) and Grant Thornton (tax and financial due diligence).