Mid Europa Partners, a private equity firm focused on Central Europe and Turkey, announced that it has bought the Regina Maria private clinics network (Centrul Medical Unirea S.R.L.) from its current owner, American investment fund Advent. The transaction is subject to anti-trust clearance and is expected to close in Q4 2015.
The value of the transaction has not been made public but it is estimated to be worth over EUR 100 million, according to local media reports.
With approximately 300,000 corporate subscribers, Regina Maria is a premium private healthcare services operator in Romania with a national presence through 22 polyclinics, 4 hospitals, 11 labs and 5 imaging facilities. It posted a EUR 55 million turnover in 2014 and it expects a growth of about 20 percent for this year.
“The acquisition of Regina Maria underscores the firm’s continued focus on identifying attractive healthcare businesses in our Region, where, once this acquisition is completed, we will have made equity investments of EUR 0.5 billion in the sector,” said Matthew Strassberg, senior partner of Mid Europa.
The transaction was executed by Csanad Daniel, Tas Tobias, Albert Jelinek and Bartosz Malecki from Mid Europa, with White & Case and Bondoc & Asociatii as legal advisers, EY as financial advisers and Banca Comerciala Romana (Erste Group) as M&A adviser. Erste Group provided debt financing, acting as the sole underwriter of the acquisition facility.
Regina Maria is currently owned by American investment fund Advent (80 percent) and its founder, Wargha Enayati (20 percent). He set up the business in 1995 under the brand Centrul Medical Unirea (CMU).
Mid Europa is a private equity investment fund focused on the markets of Central and Eastern Europe and Turkey with approximately EUR 4.2 billion of funds raised and managed since it was set up in 1999, according to company data.