InMedica invests in medical laboratory testing: acquires Invitro diagnostika UAB

Lessons learned during the quarantine are bearing fruit – the chain of medical clinics InMedica has acquired medical laboratory testing company Invitro diagnostika, which provides medical laboratory services in seven Lithuanian cities. The investment aims to shorten the logistics chain of the services provided, which became a challenge for InMedica during the pandemic.

During the quarantine we realized how important it is to have the shortest possible logistics chain to ensure the sustainability and quality of services for our patients. We therefore reviewed the company’s strategy and decided to have the ability to perform certain relevant functions ourselves. The activities of Invitro diagnostika perfectly met these needs of ours,” says Laura Penikienė, General Manager of InMedica, about the new investment.

With this investment InMedica aims to enable its patients to perform a wide range of laboratory tests even faster and more reliably. Invitro diagnostika is one of the five private laboratories in the country that provide paid testing for coronavirus infection (COVID-19).

InMedica acquired 100% of the shares of Invitro diagnostika from the former head of the company Daiva Kazlauskienė, who manages another medical laboratory testing company UAB.

According to the former head of Invitro diagnostika, “The quarantine revealed the strengths and weaknesses of the laboratory services provided, which led to the optimization of activities. We operated in the market under two brands, so I made the decision to leave one company and focus on the development of”.

Currently Invitro diagnostika UAB has 55 employees, the company’s turnover in 2019 amounted to EUR 1.37 million. The value of the share purchase transaction is not disclosed.

About InMedica

The chain of medical clinics InMedica provides diagnostic, outpatient treatment, surgery, dentistry and other medical services. Professionals in their field, using modern equipment, pay full attention to the patients and their health, and perform extensive laboratory tests.

InMedica group consists of 16 family medicine centers, 3 hub clinics, 1 specialized cardiology clinic and 2 Altameda walk-in clinics that have recently joined the group. A modern day surgery center started operating in the Santariškės medical town located in Vilnius in 2019.

In 2019 InMedica group received EUR 12.7 million in income. Since February 2019 70 percent of InMedica‘s shares are owned by INVL Baltic Sea Growth Fund, the largest private equity fund in the Baltics, through its subsidiary BSGF Sanus.

About INVL Baltic Sea Growth Fund

INVL Baltic Sea Growth Fund with its total size of €165mn is the largest private equity fund in the Baltics with the European Investment Fund (EIF) acting as its anchor investor. The EIF, which is a part of the European Investment Bank, 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 two companies within the healthcare and civil engineering sectors respectively.

The Fund is managed by one of Lithuania’s leading asset management companies INVL Asset Management, which is part of the Invalda INVL group. The group’s companies manage pension and mutual funds, alternative investments, individual portfolios, private equity assets, and other financial instruments. Over 200,000 clients in Lithuania and Latvia and international investors at the end of 2019 have entrusted the group with more than €1bn of assets under management. Active since 1991 and with a solid track record, Invalda INVL boasts 28 years worth of experience in managing private equity assets in the Baltic countries and CEE landscape while developing companies into best-in-class market leaders.