Montagu offloads Euromedic

Alice Murray
01 October 2014

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Montagu Private Equity has sold its entire holding in Euromedic International to Ares Life Sciences.

The deal saw majority investor Waypoint Capital retain control of the company, as Waypoint is an investment partner of Ares.

Previous funding
Montagu invested €70m in Euromedic in September 2008, according to unquote" data, alongside Merrill Lynch Global Private Equity (MLGPE) and Ares. The deal came just five months after MLGPE and Ares fully acquired the company from Warburg Pincus for €800m.

Euromedic first received private equity investment in January 1999, according to unquote" data, when Dresdner Kleinwort and GE Capital injected €6.9m into the company. In December 2000, a consortium of investors comprising Global Environment Fund, Dresdner Kleinwort and GE invested a further $8.4m in Euromedic. All three investors pumped a further $22.5m into Euromedic in January 2002.

The trio sold their holding in the company to Warburg Pincus in July 2005. Warburg then exited the company to Ares and MLGPE in August 2008 for €800m, generating a 3x return.

Company
Budapest-headquartered Euromedic provides diagnostic imaging, cancer detection and cancer treatment services. It operates 144 diagnostic and cancer treatment centres in 14 countries throughout Europe. The company employs 3,000 professionals.

Euromedic's diagnostics imaging businesses focus mainly on magnetic resonance imaging and computed tomography, as well as ultrasound and mammography. The cancer care business focuses on radiotherapy including linear accelerators, Gamma Knife and Brachytherapy.

People
Michal Chalaczkiewicz is a director at Montagu. Dimitris Moulavasilis is CEO of Euromedic. Stefan Meister is COO of Waypoint.