BaltCap, the Baltic private equity investor, has acquired a 75% stake in the largest private medical diagnostics company in Estonia, Quattromed HTI
BaltCap, the Baltic private equity investor, has acquired a 75% stake in the largest private medical diagnostics company in Estonia, Quattromed HTI Laborid OÜ. The transaction took place via the holding company MediCap Holding OÜ. The sellers are Estonian private individuals and Finnish biotechnology company FIT Biotech OY. The parties did not disclose the transaction size.
“As the market leader in Estonia, Quattromed HTI Laborid is a great choice for BaltCap’s first investment in medical diagnostics. We believe the healthcare market has a lot of potential and hope that together with the experienced management of Quattromed HTI we will manage to strengthen the company’s position in Estonia further and to expand in foreign markets,” says the Managing Partner of BaltCap Peeter Saks.
“We have more than 15 years of experience in the field of laboratory services and it is our strategy to apply this knowledge outside Estonia,” says the CEO of Quattromed HTI Laborid, Erki Mölder. „As there is a consolidation trend in the Baltic and Scandinavian regions, it is a good time for executing a growth strategy. BaltCap, as the strongest financial partner in the Baltic region, will help us a lot in achieving these goals.”
“FIT Biotech OY became a shareholder of Quattromed HTI Laborid in 2002 and the growth of the company has been very impressive since then. The implementation of upcoming expansion strategies of Quattromed HTI Laborid OÜ will need additional investments, and as FIT Biotech OY is a biotechnology company, a timely divesture is the logical step for us,” says the President and CEO of FIT Biotech OY, Dr Kalevi Reijonen. “FIT Biotech shall now focus even more on the development of an HIV vaccine and GTU technology in the R&D department in Tartu under the management of professor Mart Ustav.”
Quattromed HTI Laborid OÜ operates in the medical services sector serving a large number of Estonia’s general practitioners, private clinics as well as regional and local hospitals. The company’s turnover in 2007 was approximately 50 million EEK and it has 60 employees.
