INVL Baltic Sea Growth Fund, one of the largest private equity investment funds in the Baltic region announced that leading private medical chains InMedica and MediCA Group have successfully completed the largest merger partnership in Lithuanian healthcare clinic deal history to date.
© Bendrovės nuotr.

Following the success of the Fund’s support of InMedica since 2019, the newly combined company will have a turnover in the region of €90 million, with more than 250k patients. As a result, the merged group
is now the clear market leader for private medicine offering in Lithuania and will be led by a joint management team, comprising both MediCA Group and InMedica professionals.

Post-transaction, INVL Baltic Sea Growth Fund remains the largest shareholder with an ownership stake of 45% of InMedica shares, with 40% owned by the Latvia’s largest private medicine group Repharm. The remaining 15% is held by Lithuanian company Litgaja (the holding company of founder and CEO Kęstutis Broniukaitis).

Nerijus Drobavičius, Partner at INVL Baltic Sea Growth Fund, commented:
“The core mission statement of INVL Baltic Sea Growth Fund, our private equity platform, is to provide capital support and operational expertise to local companies to help them achieve their ambitious strategic growth plans. We invested in InMedica back in 2019 when the company was generating ~€10m in revenues. We are, therefore, pleased that after only 3 years of working alongside founder and CEO Kęstutis Broniukaitis, together we have managed to significantly increase the turnover and profitability of the company, as well as the number of active clinics practicing, both organically and through bolt-on acquisitions.”

Drobavičius added: “In order to become the largest private network in Lithuania, our goal was to merge these two highly successful Lithuanian businesses and subsequently become a €100m+ enterprise. We are very confident that this partnership will ultimately lead to more services being offered, to the benefit of the patients and continued wider market consolidation in the Baltics.”

This complex transaction was financed by Luminor bank. “The pandemic has made us appreciate the importance of access to high-quality healthcare services even more. Therefore, we are pleased to support the expansion of MediCA and InMedica groups in the Baltic market with funding to promote the access to professional and high-quality medical services, thereby contributing to improving the health of the Baltic population,” says Andrius Načajus, Head of Corporate Banking division of Luminor in the Baltic States.

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