Mid Europa’s Diagnostyka buys Olympus Consilio

Diagnostyka did not receive funding from its private equity backer to finance the acquisition, Mid Europa director Paweł Padusiński confirmed in a statement.

Following the bolt-on, Olympus Consilio will change its name to Diagnostyka Consilio. Diagnostyka has stated that it will expand on its investment in Consilio by opening new pathology labs and making further acquisitions in the sector.

Mid Europa and its portfolio companies have been executing a consolidation strategy of the CEE laboratory market. Earlier this week the firm's portfolio company, Alpha Medical, acquired the Czech laboratory business of medical services provider Euromedic.

Not long after Mid Europa bought Diagnostyka in 2011, the GP acquired Polish lab diagnostics provider Dr n med Teresa Fryda Laboratorium Medyczne as part of its consolidation strategy.

The GP acquired Diagnostyka in February 2011 via its Mid Europa Fund III vehicle, which closed in November 2007 on €1.5bn, making it the largest fund ever raised in the CEE region, according to unquote" data. Diagnostyka is a Krakow-based diagnostic laboratory service provider with a network of more than 50 laboratories. Mid Europa owns the company alongside its founders.

Mid Europa, which focuses its investments predominantly in central and eastern Europe, recently completed one of the largest private equity exits in the region, selling Serbian pay TV provider SBB/Telemach Group to KKR for an estimated €1bn. Mid Europa reaped a 3x blended return on the divestment.

Company
Founded in 2005, Consilio is headquartered in Łódź and employs approximately 30 staff. The company provides pathology examinations to hospitals, clinics and individual medical practices, specialising in histopathology and cytopathology. Histopathology is the microscopic study of disease using tissue samples procured through surgery, autopsy or biopsy. Cytopathology is the study and diagnosis of disease on a cellular level.

According to Mid Europa, Consilio carried out 140,000 histopathology tests and 100,000 cytopathology examinations last year.

People
Jakub Swadźba is the founder of Diagnostyka, while Boguslaw Olborski is the lead pathologist at Consilio. Mid Europa director Paweł Padusiński, associate director Jan Krzewiński and associate Artur Sieńczewski supported Diagnostyka's management in the transaction.

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• Topics
• CEE
• Portfolio management
• Healthcare
• Poland
• Mid Europa Partners