Euroclinic Acquired by Advent’s CMU

Pending Romanian regulatory approval, Eureko Asigurari will sell the nation’s first private general hospital to Advent International portfolio company Centrul Medical Unirea (CMU). The acquisition of Euroclinic Medical Centers (Euroclinic) is part of Advent’s strategy of building CMU into Romania’s market leader for upscale medical services.

Euroclinic will keep its own name for market recognition purposes. Romanian patients already insured by Eureko will have access to all CMU services once the transaction is completed.

Euroclinic Medical Centers (www.spitaluleuroclinic.ro)
Euroclinic offers high-end medical services through its private hospital and three medical centers in Romania. The company is based in Bucharest, employs roughly 350, and reported revenues of €8 million in 2009. Euroclinic has seen a successful turn around after posting combined losses of €1.58 million in 2008.

Centrul Medical Unirea (www.cmu.ro)
CMU operates 19 medical clinics, a maternity hospital, and a surgical unit in five Romanian cities, including Bucharest. The clinics provide primary and specialty care, ambulatory services, and diagnostic services such as MRI and CT scans. CMU was founded in 1995 by cardiologist Dr. Wargha Enayati who still owns 20% of the organization.

Eureko Asigurari (www.eureko.ro)
Eureko is the Netherlands’ largest insurance provider, established in 1811 and following a cooperative model. Eureko is active in ten European nations offering health, life, and non-life insurance products. Among the well-known Eureko brands are Achmea, Eureko, Oranto, and Union. Earlier this year the company sold 30% of its shares via an IPO on the Warsaw Stock Exchange.

Advent International (www.adventinternational.com)
Founded in 1984, Advent International is one of the world’s leading global buyout firms, with buyout offices operating in 23 countries. Since inception, The Company’s strategy is based primarily on buyout opportunities and turnarounds in a variety of sectors. Advent employs 280 people including 140 investment professionals.

Advent International has been investing across Central & Eastern Europe since 1994 and has local offices in Warsaw, Prague, Bucharest and Kiev. In April 2008, the firm announced the closing of its fourth fund for the region, ACEE IV, at € 1 billion.