Advent International investment fund is preparing to sign thetakeover of the controlling interest in private medical clinicnetwork Centrul Medical Unirea in a deal put at some 40 millioneuros, market sources told ZF.
The investment fund, which would thus be making its firstinvestment in the local healthcare sector, is taking over about70-80% in the network from 3i investment fund and cardiologistWargha Enayati. Enayati will retain a 20-30% stake.
The company is valued at more than 50 million euros, according toZF data, so that a deal involving over 70% of the shares would beworth somewhere in the neighbourhood of 40 million euros. Ifsigned, the takeover of CMU will be the biggest deal in the localmedical service industry, an about 400 million-euro market thatcontinues to grow despite the difficult economy.
The 3i first revealed plans to sell last October and the list ofinterested parties included 15 names of both investment funds andstrategic investors. It later shrank to eight, then to three andeventually narrowed down to two. In this last phase, talks wereconducted with Advent and Mid Europa Partners, also an investmentfund, according to ZF's information.
"There is a trend towards a specific direction, but nothing hasbeen formalised yet," said Enayati, who did not want to revealanything more. He, however, said that a final decision was to bemade around 7th or 8th of February. Enayati had previously saidthat talks were being conducted with two investment funds withoutdisclosing their names.
Advent officials did not provide any comment by the time the storywas ready for print. 3i officials would not comment on theinformation at hand.
CMU had budgeted 4.6 million-euro EBITDA for last year, which itdid attain. According to preliminary data, CMU posted 69.5 millionRON (16.5 million euros) turnover, an increase of 70% compared with2008. The company's plans for this year set the target at 20million euros.
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