InMedica acquires a medical clinic in Telšiai

The chain of medical clinics InMedica, an investment of INVL Baltic Sea Growth Fund, has completed the acquisition of Telšių sveikata UAB, a medical clinic operating in Telšiai. The clinic, which provides primary healthcare services, will be integrated into the InMedica network and will strengthen cardiology, neurology, endocrinology and traumatology services provided to patients in Telšiai.

Commenting on the acquisition, the CEO of InMedica Kęstutis Broniukaitis has previously stated that the private medical market in Lithuania is small and very fragmented, it is therefore difficult for clinics to invest in state-of-the-art, service-enhancing solutions, this as a result encourages mergers of private clinics.
 
According to K. Broniukaitis, “When integrating the clinic in Telšiai into the InMedica network, efforts will be made to streamline business processes and, taking into account the needs of patients, to attract strong specialists in cardiology, neurology and endocrinology. The first specialists will come to Telšiai to work from other clinics that belong to the InMedica network”.
 
It is planned that after the acquisition the clinic in Telšiai will provide patients with better opportunities for treatment and preventive examination of cardiological diseases according to the preventive cardiological programme. Patients will be provided with the opportunity to consult with neurologists and endocrinologists, the provision of orthopedic-traumatology services will be expanded – the clinic will be able to perform pain-relieving and joint regeneration injections, and PRP procedures for the treatment of ligaments.
 
Telšių sveikata UAB has 52 employees and almost 10 thousand registered patients. In 2019 the clinic’s turnover was 1.4 million euros. InMedica acquired 100 percent of the clinic’s shares from its founder, family doctor Alvydas Rimašauskas.
 
To date, InMedica has invested in five clinics in western Lithuania: the Avimeda Group in Klaipėda and four clinics in the Tauragė district. Telšių sveikata became the 25th clinic in InMedica’s network, including 8 clinics in Vilnius, 7 clinics in Kaunas and 10 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 19 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 2020 InMedica Group had more than 750 employees and provided healthcare services to more than 90,000 registered patients. In 2020 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 €1.2bn of assets under management. Active since 1991 and with a solid track record, Invalda INVL boasts 30 years of experience in managing private equity assets in the Baltic countries and CEE landscape while developing companies into best-in-class market leaders.

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