Medical clinics network InMedica has completed a public distribution of bonds. Over the course of just a few days, EUR 8 million was raised from 144 investors
80 thousand units of the Company’s bonds were distributed, each with a 100 EUR nominal value. The interest rate was set at 5%. This emission will help refinance InMedica’s previous issuance of EUR 5 million, while the remaining funds will be used for the growth of its clinic network.
According to Kęstutis Broniukaitis, InMedica‘s CEO, the emission generated sizeable interest – 127 natural and 17 legal persons acquired the bonds.
“This is our second emission, which illustrates the trust we gained from investors. The initial expectation was to have sizable part reinvested from existing investors, replacing old bonds by new ones; but we are happy to have received significant attention from new investors. This proves that investors feel positive about InMedica’s future outlook, which enables to continue our successful path in capital markets”, said InMedica’s CEO.
InMedica’s CEO highlighted that InMedica’s key focus will continue to lie on improving the quality and accessibility of services to patients – the funds will be used to develop new clinics, acquire modern equipment and attracting healthcare professionals.
“The patient is always our top priority; hence, our decision-making is primarily based on creating the biggest benefit to customers. When developing our clinic network, we strive to offer high quality service not only to the biggest cities, but also to people living in other regions of the country. Since 2019, InMedica has acquired 10 clinics in 8 cities”, said Broniukaitis.
According to InMedica’s CEO, when expanding its service offering, the Company always looks for innovative decisions for its clients.
“We invest in new format clinics that increase access to services for patients, and in high-demand medical areas, such as dermatology, dentistry and radiology. Furthermore, we are actively expanding our aesthetic medicine service portfolio, offering the highest quality hair transplantation, plastic surgery and other services”, highlighted the CEO.
The Company’s public bond emission was distributed by Šiaulių bankas. The bonds were added to the Nasdaq Vilnius First North market. Sorainen served as a certified legal advisor.
With a network of 34 clinics in several cities, InMedica is one of the largest private medicine centres in Lithuania. InMedica provides diagnostic, outpatient, surgery, dentistry and other medical services. InMedica group consists of 21 family medicine centres, 4 broad-profile, 1 specialized cardiology clinic, 6 walk-in clinics and 3 laboratories.
InMedica group has more than 1000 employees and provides healthcare services to more than 100,000 registered patients. In 2020 the Group received revenue of EUR 18.0 million. Since February 2019, 70% 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.
About INVL Baltic Sea Growth Fund
INVL Baltic Sea Growth Fund with its total size of EUR 165 million is one of the largest private equity funds 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 30m 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 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 four companies within the healthcare, civil engineering and environment management (plastic recycling and waste management) 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 €1.5bn of assets under management. Active since 1991 and with a solid track record, Invalda INVL boasts 30 years of experience in managing private equity assets in the Baltic countries and CEE landscape while developing companies into best-in-class market leaders.