Mid Europa buys MediGroup from Blue Sea Capital

Zagreb-based private equity firm Blue Sea established the group in 2013 and will retain a 45% stake in the company. Mid Europa meanwhile acquired a 55% stake.

Mid Europa intends to leverage its experience growing healthcare providers in the CEE region, such as its portfolio companies LuxMed in Poland and Regina Maria in Romania, to help accelerate the development of MediGroup.

Meanwhile, Blue Sea's continued ownership is expected to ensure continued access to local resources in Serbia.

The transaction is subject to competition clearance and is expected to close in in the second half of 2018.

Mid Europa is currently investing from its latest fund, Mid Europa IV, which held a final close on €800m in August 2014. The vehicle has a €650m pre-allocated co-investment programme, allowing its 25 LPs to invest directly alongside the fund, according to Unquote Data.

Previous funding
Blue Sea established Serbian healthcare platform MediGroup in 2013. It has since been on the acquisition trail to consolidate healthcare providers in the region, seeking to build a network of health centres in Belgrade, as well as in other Serbian cities.

Blue Sea first consolidated health centre Dr Ristic and gynaecological hospital Jevremova. It then acquired Serbian outpatient service Dom Zdravlja Jedro from Delta Generali Insurance in June 2013, ahead of the official launch of MediGroup.

Company
Established in 2013 and headquartered in Belgrade, MediGroup is a private healthcare provider in Serbia with 13 facilities across the country's major cities, providing inpatient, outpatient, laboratory, IVF, ophthalmology and cosmetology services.

People
Mid Europa – Matthew Strassberg (co-managing partner); Csanad Daniel (principal partner).
Blue Sea Capital – Vuk Vukovic (partner); Sasa Galic (managing partner).
MediGroup – Dejan Pešić (CEO).

Advisers
Equity – Sidley Austin, ZSP (legal); EY (corporate due diligence); PwC (financial due diligence).
Vendor – Allen & Overy (legal); Van Campen Liem (legal); BDK (financial due diligence); KPMG (corporate due diligence). 

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• Topics
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• EY (Ernst & Young)
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