The network of medical clinics InMedica, an investment of INVL Baltic Sea Growth Fund, continues to expand its service offering in western Lithuania. It has acquired Avimeda and Avimedika, both offering primary and secondary care services in Klaipėda.
"This is the first investment of InMedica in Klaipėda in addition to the four investments already made in the Tauragė district. During this difficult period the demand for private health care services is growing rapidly, that is why we continue to invest in the expansion of these services. We are glad that the transaction has been successfully completed,” says Kęstutis Broniukaitis, CEO of InMedica.
The two related companies acquired by InMedica have been operating in Klaipėda since 2006 – Avimeda provides all primary health care services while Avimedika provides secondary level outpatient services. The two companies currently have 28 employees. In 2019 the combined turnover was EUR 0.65 million.
InMedica has acquired 100 percent of the shares of both companies, which have so far been owned by two doctors working in the clinic. According to Audronė Švilpaitė, one of the sellers, “The pandemic is posing huge challenges this year, which is something that has only accelerated the need to join forces in terms of the quality of services provided and accessibility to patients. We believe that by joining forces with InMedica we will have better opportunities and resources to help our patients."
The acquired clinic is the 24th healthcare institution belonging to the InMedica network, including 9 clinics in Vilnius, 6 clinics in Kaunas and 8 clinics in other Lithuanian cities.
About InMedica
The network of medical clinics InMedica provides diagnostics, outpatient treatment, surgery, dentistry and other medical services. InMedica Group consists of 17 family medicine centres, 3 broad-profile, 1 specialized cardiology clinic, 2 walk-in clinics and 3 laboratories. In 2019 a modern day-surgery centre started its activities in the Santariškės medical town.
In 2019 InMedica Group had more than 600 employees and provided healthcare services to more than 75,000 registered patients, the group received revenue of EUR 12.7 million. Since February 2019 70% of the shares of InMedica are owned by INVL Baltic Sea Growth Fund, the largest private equity investment fund in the Baltic States, through its subsidiary BSGF Sanus.
About INVL Baltic Sea Growth Fund
INVL Baltic Sea Growth Fund with its total size of €165m is the largest private equity fund in the Baltics with the European Investment Fund (EIF) acting as its anchor investor. The EIF, which is a part of the European Investment Bank, has committed €30m with the support of the European Fund for Strategic Investments, a key element of the Investment Plan for Europe (or the ‘Junker Plan’), as well as allocating resources from the Baltic Innovation Fund, the “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. This aims to increase capital investment in high growth potential small and medium-sized enterprises in the Baltic States.
The Fund seeks to assemble a diversified portfolio of companies, targeting majority or significant minority stake deals and writing tickets of €10m to €30m, that showcase high growth potential and the ability to compete on a truly global basis. The Fund is focused on the Baltic States and the neighbouring regions of Poland, Scandinavia and Central Europe specifically. The Fund so far has invested in four companies within the healthcare, civil engineering and environment management (plastic recycling and waste management) sectors respectively.
The Fund is managed by one of Lithuania’s leading asset management companies INVL Asset Management, which is part of the Invalda INVL group. The group’s companies manage pension and mutual funds, alternative investments, individual portfolios, private equity assets, and other financial instruments. Over 200,000 clients in Lithuania and Latvia and international investors at the end of 2019 have entrusted the group with more than €1bn of assets under management. Active since 1991 and with a solid track record, Invalda INVL boasts 28 years of experience in managing private equity assets in the Baltic countries and CEE landscape while developing companies into best-in-class market leaders.