INVL Baltic Sea Growth Fund, the leading private equity fund in the Baltics, together with the other shareholders, have completed the sale of InMedica Group, Lithuania’s largest private healthcare network, to Mehiläinen, Finnish largest social and healthcare provider with fast growing international presence.
The transaction was completed after it was approved by the Competition Council and other conditions foreseen in the contracts were fulfilled. All of InMedica shares were sold to Mehiläinen.
Nerijus Drobavičius, Partner at INVL Baltic Sea Growth Fund and INVL Private Equity Fund II, stated: “During our investment period, the company significantly expanded its services and geographic presence, becoming the largest private healthcare network in Lithuania. We appreciate having had the opportunity to support the company’s growth and commitment to providing the highest quality services to patients. It is encouraging to see InMedica continue its journey with a strong partner like Mehiläinen. As a strategic investor from Finland, Mehiläinen brings extensive experience, industry know-how, a robust corporate culture, new digital technologies, and significant investments in network development. We are confident this partnership will bring additional value for patients, doctors and the entire Lithuanian healthcare system.”
InMedica Group is a network of medical clinics and hospitals with over 3,500 employees and 89 facilities. The group provides over 2.7 million doctor visits annually and is a primary healthcare provider for more than 310,000 registered patients. InMedica Group’s revenue exceeded EUR 150 million in 2024.
With a history going back 115 years, Mehiläinen is a high-quality private provider of social and healthcare services, having presence in Finland, Sweden, Germany, and Estonia. It serves 2.1 million customers annually, and services are provided at 840 locations by more than 37,000 employees and private practitioners. InMedica Group’s service portfolio and business model align closely with Mehiläinen’s, underpinning the rationale for the transaction, for patients, for medical professionals and employees.
Deimantė Korsakaitė, Managing Partner at INVL Baltic Sea Growth Fund and INVL Private Equity Fund II, says: „This exit marks a significant milestone for our fund, reaffirming our ability to create lasting value and deliver strong returns for our investors. InMedica is our first divestment from the fund, proving the success of our strategy in building leading companies within their sectors—a strategy we will continue with the recently raised INVL Private Equity Fund II. We are proud to contribute to the region’s growth by investing in businesses that drive economic expansion, create jobs, and return capital to investors—capital that, in turn, fuels new investments and further strengthens the economy.”
In February Invalda INVL Group has announced raising the largest private equity fund in the Baltic region – second-generation private equity fund (“INVL Private Equity Fund II”), reaching EUR 305 million and exceeding its target of EUR 250 million at first closing. The new largest private equity fund of the Baltic region will be managed by the same team that has demonstrated the ability to execute complex transactions and manage companies to ensure their rapid expansion and value growth.
About the INVL Baltic Sea Growth Fund
With a fund size of EUR 165 million, the INVL Baltic Sea Growth Fund is the leading private equity fund in the Baltics. Its anchor investor is the European Investment Fund (EIF), which is a part of the European Investment Bank, and 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) while also allocating resources from the Baltic Innovation Fund (a “fund of funds” initiative developed in cooperation with the governments of Lithuania, Latvia and Estonia, to increase capital investment in high-growth potential small and medium-sized enterprises in the Baltics). The fund is managed by Invalda INVL group, which companies manage or have under supervision more than EUR 1.6 billion of assets.
About INVL Private Equity Fund II
The EUR 305 million INVL Private Equity Fund II is the largest private equity fund in the Baltics. It aims to build a diversified portfolio by acquiring majority or significant minority stakes in high-growth companies, with investment sizes ranging from EUR 10 million to EUR 60 million (subject to achieving hard-cap of EUR 400 million). The fund will also pursue larger deals together with co-investors. The fund focuses on businesses with strong potential to grow and compete amid intensifying global competition, targeting opportunities in the Baltic countries, Poland, Romania, and the broader Europe Union.
The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies manage or have under supervision more than EUR 1.6 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia, and Estonia, manages pension funds in Latvia, and invests in global third-party funds.
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