The chain of medical clinics InMedica has completed the public distribution of bonds – a total of EUR 5 million has been raised, which will be used to finance the acquisition of new clinics.
Bond distribution took place in several stages, organized by AB Šiaulių bankas. During the first stage, which took place in November-December, bonds worth EUR 3 million were distributed. The last stage of distribution took place in June during the quarantine. The turmoil in the financial markets has not prevented the distribution of the entire remaining issue and thus further broadened the circle of investors, which will have a positive impact on bond liquidity in the secondary market.
“This is the first successful public distribution of bonds in Lithuania since the beginning of the quarantine when the entire bond issue is fully distributed. Customers have positively assessed InMedica’s development and future prospects even against the background of the uncertainty caused by the COVID-19 pandemic,” says Julius Juodelė, Head of the Financial Markets Division of Šiaulių bankas.
The bonds are included in the alternative securities market First North administered by Nasdaq Vilnius. The certified advisor of the bonds is law firm Sorainen and Partners.
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 EUR 165 million 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 EUR 30 million 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 EUR 10 million to EUR 30 million, 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 EUR 1 billion 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.