Swiss billionaire Ernesto Bertarelli has taken over the entire Euromedic group, which operates in Central and Eastern Europe. In Romania, Euromedic has 5 centres and last year generated turnover worth 7m euros.
Ares Life Sciences, an investment fund built by the Swiss billionaire, has acquired, together with Merrill Lynch Global Private Equity, the entire stake in Euromedic, a provider of private medical services.
The 800m-euro deal is the first one the 1bn-euro fund has been involved in. Bertarelli is one of the richest businessmen in Switzerland, who, two years ago sold, together with his sister, biotechnology firm Serono to Germany's Merck in a deal worth 6.9bn euros, according to Financial Times.
The sellers of Euromedic, Warburg Pincus and GE Healthcare, multiplied the invested capital three times over a three-year period.
This is one of the biggest acquisitions by private equity firms in the region of Central and East Europe, and reflects the solid economic growth in the region.
The battle for Euromedic acquisitions was extremely tough, with the list of interested entities including EQT Partners, Montagu Private Equity and BC Partners, Financial Times also reads.
With Warburg Pincus among its shareholders, Euromedic grew from 32 diagnosis and dialysis centres in four countries, to 159 centres in 14 countries. This year, the company targets turnover worth 284 million euros, from 140m euros in 2007.
Domestically, Euromedic started operations in 2000, with overall investments in excess of 30 million euros. Euromedic owns five centres, in Arad, Constanta, Petrosani, Fundeni-Bucharest and Medgidia.
In Romania, Euromedic is set to invest 40 million euros over the next 15-18 months, in diagnosis and dialysis centres and in 3-4 CET/PT equipment sets.
Euromedic's latest project in Romania was announced last month and targets the launch of the PET/CT equipment in the wake of an investment worth above 5 million euros.
The equipment allows for an early diagnosis of cancer, neurological and heart disease. For 2008, Euromedic has budgeted an increase of above 35% in Romania.
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