Alpha Medical, a portfolio company of Mid Europa Partners, has inked an agreement to buy Euromedic Labs in the Czech Republic. No financial terms were disclosed for the transaction, which is expected to close in the first quarter of 2014. Deloitte, Kinstellar and Weil Gotshal & Manges served as advisors to Alpha Medical for the deal. Euromedic Labs is a provider of specialized testing in in the areas of biochemistry, microbiology, immunology, hematology and pathology.
Alpha Medical, a Mid Europa portfolio company and a leading provider of laboratory testing services in the Czech Republic and Slovakia, announced that it has entered into an agreement to acquire Euromedic’s laboratories in the Czech Republic (“Euromedic Labs” or the “Company”). The transaction is subject to customary closing conditions and is expected to close in Q1 2014.
Euromedic Labs operates 6 state-of-the-art laboratories and 15 collection points, offering a full spectrum of routine and specialised tests in the areas of biochemistry, microbiology, immunology, haematology and pathology. In 2013, the Company is expected to perform over 7 million tests.
Matthew Strassberg, Senior Partner of Mid Europa who leads the healthcare investments, commented: “The acquisition of Euromedic Labs is an important step in our strategy to consolidate the Central European laboratory market. Since our initial investment in Diagnostyka in Poland, Mid Europa’s laboratory portfolio has expanded from one company performing 20 million tests annually to a three-country platform offering unparalleled levels of patient service and a combined test volume of over 90 million per annum”.
Paweł Padusiński, Director of Mid Europa who led the execution of this transaction, said: “We are very pleased that Euromedic, one of the most reputable private healthcare operators in Europe, selected Alpha Medical as the future owner of its laboratory business in the Czech Republic. We believe that the Company’s industry leading know-how will supplement Alpha Medical’s technological and innovation leadership”.
Peter Lednicky, CEO of Alpha Medical, added: “We are impressed by Euromedic Labs’ operational excellence and quality standards. The addition of the Company’s state-of-the-art laboratories to Alpha Medical will further enhance the quality of service we provide to our clients while reducing turn-around times.”
Commenting on the transaction, Dimitris Moulavasilis, CEO of Euromedic, said: “We are very proud of what we have built up in the labs services space. This transaction is testimony to the tremendous skills and high quality of our labs employees and the impeccable service afforded to our patients. We believe that Alpha Medical will be an excellent home for the Czech labs and will enable Euromedic to build on its current strength and continue its longstanding track record of success.”
The transaction was executed by Paweł Padusiński, Jan Krzewiński and Artur Sieńczewski. Mid Europa and Alpha Medical were advised by Deloitte, Kinstellar and Weil Gotshal & Manges.
ABOUT MID EUROPA PARTNERS
Mid Europa Partners is a leading independent private equity firm focused on Central Europe and Turkey. Operating from London, Budapest Istanbul and Warsaw, Mid Europa Partners advises and manages funds of approximately €3.2 billion in aggregate. The Mid Europa team has been investing in the Region since 1999.