InMedica group continues its earlier expansion in the field of dental services – on 29th of March, the Group acquired Panevėžio odontologai, a dental clinic operating in Panevėžys, which provides dental fillings, oral hygiene, tooth extraction, prosthetics and implants, aesthetic dentistry, and other services of interest to patients. This is the second dental clinic acquired by the Group in Panevėžys and the fifth in Lithuania.
“The dental services offered at most InMedica clinics include primary dental care and focus on uncomplicated treatment. However, as the market demand for secondary level and broader spectrum dental services is growing rapidly, we are making a strategic move to expand the continuity of these services to other cities from 2022.
Patients of Panevėžys are one of our priorities, therefore, in order to provide them with even better accessibility of services, professional assistance and all dental services in one place, we have acquired the Panevėžio odontologai, which is known as one of the largest and strongest clinics in the region,” says Kęstutis Broniukaitis, CEO of InMedica group.
The clinic has been in operation since 1959, and as a result, it has built up a large and loyal patient base, with a staff of 39 – dentists, oral surgeons, a periodontist, oral hygienists, dental technicians, dental assistants, receptionists, and administrative staff. The clinic has a modern dental laboratory, which produces dentures.
“Our goal is to maintain the highest quality of our services, paying special attention to the range of services, equipment and continuous development of our specialists’ competences. We appreciate the long-term work of the clinic team, which has earned the trust of patients, and we promise to further develop it so that our investment becomes an additional motivation to work here and will be of full benefit,” emphasises K. Broniukaitis.
According to Dainius Kisielius, CEO of Panevėžio odontologai, more than sixty years of accumulated experience and constant attention to the growing needs of patients have enabled the clinic to overcome any challenges and to maintain the highest quality of services, while continuously raising its bar.
“I am confident that InMedica group will continue to nurture and smoothly continue the clinic’s activities, and that its experience in the field of dentistry will open up even wider opportunities and accessibility of services for many patients,” shares D. Kisielius.
Last year, the revenue of Panevėžio odontologai amounted to EUR 2.4 million, and it is expected to grow this year.
The InMedica group network of clinics has been providing dental services for many years. Currently, patients can receive dental services at 66 InMedica Group clinics in 24 cities across the country, including 6 specialised dental clinics, including Panevėžio odontologai. Patients treated in the Group’s dental clinics can be referred to specialised clinics if needed.
Panevėžio odontologai was represented by Glimstedt and InMedica group was represented by TGS Baltic in the acquisition transaction.
About InMedica group
InMedica group, which operates a network of 85 clinics in various cities across the country, is the largest provider of private medical services in Lithuania, owning the brands of InMedica, Kardiolita Hospital and VIC Dental Clinics.
Its companies provide diagnostic, outpatient, surgery, dentistry and other medical services. InMedica group consists of 64 family medicine centres, 6 broad-profile hub clinics, 12 specialized clinics, 3 walk-in clinics and 3 laboratories.
InMedica group has more than 3100 employees, provides healthcare services to more than 300 thousand registered patients and generated revenues over EUR 126 million. 45% of the shares of InMedica are owned by INVL Baltic Sea Growth Fund, one of the largest private equity investment funds in the Baltic States, through its subsidiary BSGF Sanus, 40% is controlled by AB City, the largest Latvian private medicine Group while the remaining 15% are owned by Litgaja UAB.
About INVL Baltic Sea Growth Fund
With a size of EUR 165 million, the INVL Baltic Sea Growth Fund is one of the largest private equity funds in the Baltics. The European Investment Fund (“EIF”) is its anchor investor.
The EIF, which is a part of the European Investment Bank, has committed EUR 30 million with the support of the European Fund for Strategic Investments (a key element of the Investment Plan for Europe, or “Junker Plan”) whilst also allocating resources from the Baltic Innovation Fund, a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. The initiative aims to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics.
The fund is focused on the Baltic countries and neighbouring regions including Poland, the Nordics, and Central Europe. INVL Baltic Sea Growth Fund has already built a diversified portfolio of nine investments. The fund has invested in companies, focusing on sectors including food processing, healthcare, medical rehabilitation, civil engineering, environmental management (plastic recycling and waste management), veterinary services, and the manufacturing of cosmetics and hygiene products.
The fund is managed by INVL Asset Management, a leading alternative asset manager in the Baltic States, part of the Invalda INVL Group, which has been operating for more than 30 years. The Group’s assets under management of more than EUR 1 billion include investments in private equity, forest and agricultural land, renewable energy, real estate and private debt. Our activities also include family office services in Lithuania and Latvia, pension fund management in Latvia and investments in global third country funds.
