Medical clinic network InMedica has signed an agreement to acquire Vilniaus implantologijos centro klinika UAB (thereafter – VIC clinic). It will be the buyer’s second investment in dental care this year and the first one that provides a wide-range of dentistry services in Vilnius.
“This investment is an opportunity for us to enter the highest level of dental care – a segment for which market demand is growing rapidly. Secondary level and wider-range of dentistry is one of the network’s top strategic priorities, which we started implementing last year in Vilnius, while earlier this year, we also acquired Kaunas-based Kauno implantologijos centras. VIC clinic is a leading dentistry provider in Lithuania, that is also widely known abroad. The clinic’s founder Dr. Algirdas Puišys is consider one of implantology’s pioneers in Lithuania, and also a well-known trainer in this field. Therefore, we believe that VIC’s team of professionals will help develop the highest quality of services in other InMedica clinics, whereas before, mainly primary dental care services were provided”, said InMedica CEO Kęstutis Broniukaitis.
InMedica plans to acquire 100% shares in Vilniaus implantologijos centro klinika UAB from OP Group, whose one of shareholders is Dr. Puišys. VIC clinic provides a wide range of dental services: teeth prosthesis, implants, straightening, dental and aesthetic amalgams, oral hygiene, teeth whitening, treatment of periodontitis, decay, removal of wisdom teeth, teeth sedation.
“With over 20 years of accumulated experience and continuous improvement, VIC clinic’s team of professionals has earned the patients’ trust by applying innovative treatment and ensuring the highest quality of services. This allowed us to successfully beat challenges arising from both the COVID-19 pandemic and the war in Ukraine, as the patient flows did not change and our services continued to be highly valued by both Lithuanian and foreign patients. We are happy that collaboration with InMedica will open more opportunities to provide modern treatment more accessible to a larger patient base”, said VIC clinic’s founder Dr. Puišys
VIC clinic was established in 2001. Currently, the company has 90 employees, who service more than 30 thousand patients. The company generated revenue in the region of EUR 7 million last year.
The transaction will require to be cleared by the Competition Council of the Republic of Lithuania. Parties intend to submit the application to Competition Council in the near future and expect to complete all procedures by the end of the year.
InMedica network currently provides dentistry services in 58 clinics with 104 dental chairs in 23 cities. 270 employed specialists service more than 150 thousand dentistry patients in a year.
Over the course of the transaction, the buyer was represented by TGS Baltic (legal) and Persence (tax). The seller was represented by Superia (M&A advisory) and Walless (legal).
After merging with MediCA Group, InMedica is the largest private healthcare service provider in Lithuania with a network of 77 clinics. InMedica provides diagnostic, outpatient, surgery, dentistry and other medical services. InMedica group consists of 59 family medicine centres, 6 broad-profile hub clinics, 7 specialized clinics, 5 walk-in clinics and 3 laboratories.
InMedica group has more than 2800 employees, provides healthcare services to more than 260 thousand registered patients and generated revenues over EUR 84 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 Repharm, the largest Latvian private medicine group while the remaining 15% are owned by Litgaja UAB.
About INVL Baltic Sea Growth Fund
INVL Baltic Sea Growth Fund with its total size of €165mn is the leading private equity fund in the Baltics with the European Investment Fund (“EIF”) acting as its anchor investor.
The EIF has committed €30mn 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 €10mn to €30mn, 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 six companies within the healthcare, civil engineering, environmental management (plastic recycling and waste management), veterinary services and cosmetics and hygiene products manufacturing sectors.
The Fund is managed by the leading in the Baltic region investment management and life insurance group INVL. The Group’s companies manage pension, mutual funds and life insurance commitments as well as individual portfolios, private equity and other alternative investment products. More than 290,000 clients across Lithuania, Latvia and Estonia plus international investors have entrusted the Group’s companies with the management of over EUR 1.7 billion in assets. The Group has a strong track record managing private equity assets and building leading market players in the Baltic countries and the Central and Eastern European region for over 30 years.