One of INVL Baltic Sea Growth Fund portfolio companies – healthcare chain InMedica – is expanding its business in the country. InMedica acquired Alsavita, UAB a Šiauliai-based provider of primary healthcare, cardio, and dental services. Following the completion of the transaction, InMedica now has 18 clinics and a dental technicians laboratory in 8 cities nation-wide.
“We appreciate Alsavita’s experience. The services that this clinic provides are in line with the profile of InMedica, and we therefore believe that this investment will allow us to successfully expand our business in Šiauliai. We will aim to raise the bar of the services provided here even higher. We plan to proceed with the expansion of our business in Lithuania both by launching new clinics and acquiring already operating ones,” said InMedica’s CEO Laura Penikienė.
“I am pleased that the dozen or so years of experience of developing and growing Alsavita has been appreciated by InMedica. I am positive that this change will benefit the clinic and its patients alike,” said Alsavita’s CEO Alma Tilvikaitė.
Alsavita, UAB is a centre of family medicine established in Šiauliai in 2003. It has 3.5 thousand registered patients. In 2018, the company reported EUR 0.5 million in revenue and currently employs 41 people.
InMedica operates a chain of clinics in different cities of the country and offers family medicine, specialist doctor consultations, dental, and other healthcare services. With a client base of 70 thousand registered patients, InMedica is one of the largest private medicine centres in Lithuania.
The largest private equity investment fund in the Baltics INVL Baltic Sea Growth Fund acquired 70 per cent of InMedica investing through its subsidiary BSGF Sanus in February this year.
INVL Baltic Sea Growth Fund
INVL Baltic Sea Growth Fund, founded by one of the leading asset management companies in Lithuania, INVL Asset Management, aims to invest in mid-sized, attractive risk-and-return companies by providing them with capital for future growth. The Fund targets major or significant minority stakes in businesses and also actively participates in the management of investments and long-term increase in capital value. Investment in one company usually is between EUR 10 to 30 million.
In February 2019, first close of INVL Baltic Sea Growth Fund was announced at EUR 106 million. The European Investment Fund (EIF), a part of the European Investment Bank (EIB), has become a major investor for the fund. The EIF has committed to invest up to EUR 30 million with support of the European Fund for Strategic Investments (EFSI), a key element of the Investment Plan for Europe (or the Junker Plan).
The EIF commits to allocate resources from the Baltic Innovation Fund, the “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia. Cooperation aims to increase capital investment in small and medium-sized enterprises in the Baltic States with high growth potential
INVL Asset Management
Fund management company INVL Asset Management is part of the Invalda INVL, one of the leading asset management groups in the Baltic countries. The group’s companies manage pension and mutual funds, alternative investments, individual portfolios, private equity assets, and other financial instruments. Over 200 thousand clients in Lithuania and Latvia and international investors have entrusted them with more than EUR 850 million of assets.