Lithuania’s largest medical clinic network InMedica has signed an agreement to acquire Tvinsknis UAB, a Vilnius-based clinic that provides primary and nursing care services.
“Acquisition of this family clinic reflects a trend of running effective operations becoming increasingly difficult for small clinics, as constant changes, various regulatory and administrative issues are becoming a significant burden. These problems got especially highlighted by the COVID-19 pandemic; hence, merging with larger clinic networks could be a suitable solution for doctors, who are looking to focus more on patient treatment, their core activity”, said InMedica CEO Kęstutis Broniukaitis.
Tvinksnis UAB, the family clinic acquired by InMedica, has operated in Vilnius since 2004. Services provided include primary care and general practise nursing. The clinic has 1600 registered patients. At present, the clinic has 3 employees.
The acquisition agreement has been signed with the clinic’s CEO Rimantas Stakutis.
“Strong backing is especially needed for small clinics in the face of COVID-19 environment. Thus, we believe that merging with InMedica will greatly contribute to the clinic’s increased efficiency and quality of services provided to patients”, commented Mr. Stakutis.
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 58 family medicine centres, 6 broad-profile hub clinics, 7 specialized clinics, 6 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, environment 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 Invalda 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.