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Advent International to acquire Centrul Medical Unirea

Private equity firm Advent International has agreed to acquire a majority stake in Centrul Medical Unirea, a chain of medical clinics in Romania, from the private equity company 3i and the founders of the business.

The value of the deal was undisclosed. The transaction is subject to Romanian Competition Council merger control approval.
 
CMU provides ambulatory and inpatient medical services through a network of 19 clinics (11 in Bucharest and eight clinics in four other large cities), the maternity Regina Maria, and a surgery unit. 
 
CMU was founded in 1995 by Dr. Wargha Enayati, a German born cardiologist. It has since built a business providing medical services to companies for their employees and to fee-for-service patients.

In addition to corporate subscriptions and ambulatory primary and specialty care, services now include imaging diagnostics, stem cells bank and hospital treatments. CMU estimates revenues of EUR21m for 2010.
 
Emma Popa-Radu (pictured), managing director at Advent International who led the investment, says: “We regard CMU as a solid platform for expansion at a national level in the fast-growing private medical services market. We will continue to support the development that the executive founder, Dr. Wargha Enayati, and his management team have planned in order to drive growth across ambulatory and hospital units. We are also pursuing add-on acquisitions, consistent with our strategy of buy-and-build in fragmented industries.”
 
Advent International has invested in more than 30 healthcare companies worldwide in a broad range of sub-sectors, including pharmaceuticals, healthcare services and medical devices. Investments include Median, a rehabilitation care provider in Germany, Craegmoor Healthcare, the UK’s largest independent provider of specialist care for adults, and Casa Reha, a nursing home group in Germany.
 
Wargha Enayati, CMU’s executive founder, says: “We have admired Advent International’s professional approach for some time and are excited by the prospect of working alongside them. Advent’s healthcare sector expertise coupled with its capability to rapidly deploy resources locally will be extremely valuable as we continue to integrate new acquisitions, open ambulatory and hospital units and launch new medical services. We are confident that CMU will receive strong support from Advent as we continue to expand.”

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