Innova Capital Sells its Stake in Neomedic to Medicover in a Deal of €70 M

Innova Capital Sells its Stake in Neomedic to Medicover in a Deal of €70 M

CEE’s private equity fund Innova Capital, has signed an agreement to sell its stake in Neomedic, the leading neonatology and obstetrics hospital group in southern Poland, to Medicover, the international healthcare and diagnostic services company, in a deal of €70 M. Subject to customary merger control approvals, the transaction is expected to be closed during the second quarter of 2019.

Innova invested in Neomedic in October 2012 by taking over nearly 70% of its shares. Commenting on the transaction, Senior Partner, Leszek Muzyczyszyn, at Innova said “We are very happy that after six years of intensive development of the company and diversifying its business, Neomedic will become part of a much larger structure of Medicover Group. This will allow for continued growth and development of the hospitals which will benefit the patients in the region and the new owner of Neomedic for years to come.”

Neomedic operates two large hospitals in southern Poland, as well as a smaller private hospital, outpatient and primary care medical centres. The facilities provide highly specialized hospital care in neonatology, obstetrics, gynecology, and others. The company reported revenue of close to €28М for 2018. “The management of Neomedic is delighted that the Medicover Group will become the new owner of the Company. We see a lot of benefits in exchanging know-how and working together to further expand the gynecology and obstetrics practices. Our plans focus on strengthening of our offer in Kraków and the Małopolska region and we will also be looking for opportunities in other locations,” said Tomasz Wiśniewski, CEO of Neomedic.

Medicover is a leading international healthcare and diagnostic services company that operates a large number of ambulatory clinics, hospitals, specialty-care facilities, and laboratories. “With Neomedic joining the Medicover family, we hope that over time we will be able to expand the range of health services we can provide through Neomedic by bringing in some of Medicover’s other services and expertise,” said Fredrik Rågmark, CEO of Medicover.

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