Montagu Private Equity is to sell its entire holding in Euromedic International to Waypoint.
Waypoint is already the majority investor in Euromedic through Ares Life Sciences and will now assume full ownership.
Headquartered in Budapest, Euromedic is a provider of Advanced Diagnostics Imaging (ADI) and cancer care (CC) services in Europe. It owns and operates 144 centres across 14 countries. Euromedic’s ADI business mainly comprises magnetic resonance imaging (MRI) and computed tomography (CT) whilst also including other modalities such as ultrasound and mammography. The CC business comprises radiotherapy including linear accelerators, Gamma Knife and Brachytherapy and diagnosis via Positron Emission Tomography – Computed Tomographys.
The company services both public patients funded by national health funds as well as private patients funded by private health insurance or by the patient directly.
Stefan Meister, Waypoint Group chief operating officer, says: "Euromedic is a fantastic business and we are excited about its prospects and potential for further growth. Alongside Montagu and through our excellent team at Ares we have, over our period of joint investment, made significant transformations to the business, selling non-core assets, and investing for growth. With Montagu at the end of its investment cycle we saw an opportunity for further development of a business we understand and value, and so have taken the decision to take full ownership of Euromedic."
Dimitris Moulavasilis, Euromedic chief executive, says: "I'm grateful to both Montagu and Ares for their investment and commitment since 2008. Over the past six years we have strengthened our leading position in the sector, refined our business model and continually improved our operating results. The business is undoubtedly in a stronger place today. I believe that there is still further opportunity to grow Euromedic and am delighted that Waypoint is to continue to support that through its full ownership. I and the management team look forward to working with Waypoint."
Completion is subject to customary regulatory approvals. UBS and Skadden. Arps served as financial and legal advisor, respectively, to Waypoint.
