MediGroup starts national expansion via acquisition of healthcare centre Dr. Cvjetković in Novi Sad

Blue Sea Capital is pleased to announce that MediGroup has acquired Dr. Cvjetković health centre, the largest healthcare operation in Novi Sad. Dr. Cvjetković is the leader in private healthcare services in the Vojvodina region with proven track record and tradition spanning over 20 years, rendering almost 80,000 medical procedures annually to its patients.

The acquisition establishes MediGroup’s presence in Novi Sad where it will act as a platform for further acquisitions, service offering expansion and integration of various healthcare services in the Vojvodina region under the MediGroup brand and leadership.

Saša Galić, Managing Partner of Blue Sea Capital, said: “We are pleased to add another high-quality asset to MediGroup. The acquisition marks the next chapter for MediGroup, as it emerges from its leadership position in Belgrade as the first nation-wide private healthcare provider in Serbia.”
MediGroup is the leading private healthcare provider in Serbia with 13 facilities across key cities, providing inpatient, outpatient, lab, IVF, ophthalmology and cosmetology services.

Matthew Strassberg, Co-Managing Partner of Mid Europa, who founded and leads Mid Europa’s healthcare sector practice, commented: “MediGroup represents an ideal entry platform into the burgeoning private healthcare market in Serbia. We expect to leverage our decade-long experience of nurturing the growth of healthcare providers such as LuxMed in Poland and Regina Maria in Romania to accelerate the development of MediGroup.

Our partnership with Blue Sea Capital will ensure that MediGroup continues to have access to their local expertise and execution capabilities while benefiting from our significant sector experience and resources as well as the know-how of Regina Maria’s management team.” Csanad Daniel, Principal of Mid Europa, who led the execution of the transaction added: “With its leading brand and high-quality facilities, MediGroup is poised to capitalize on the significant growth opportunities in the Serbian healthcare market. We are enthusiastic to work together with our partner Blue Sea Capital and MediGroup’s management during the next phase of the Company’s development, supporting it through capital investments for organic and acquisitive growth.” Sasa Galic, Managing Partner of Blue Sea Capital stated: “I am proud of what the Blue Sea Capital team together with the management has achieved since MediGroup’s launch in 2013.

Partnering with Mid Europa, the most prominent investor in Serbia with a unique track record in healthcare investments in Central and Eastern Europe, represents a logical next step along MediGroup’s development path.”

Vuk Vukovic, Partner of Blue Sea Capital commented: “Through its distinctive approach to the provision of healthcare services and its willingness to invest strongly, MediGroup has become a country leader. The partnership with Mid Europa creates a great opportunity to take MediGroup’s development to another level.”

The transaction was executed by Csanad Daniel, Murat Buyumez and Can Karapence from Mid Europa, and by Vuk Vukovic, Mirko Milojevic and Marko Jojic from Blue Sea Capital. Sidley Austin and ZSP acted as legal counsels and PwC and EY as transaction services advisors to Mid Europa. Blue Sea Capital was advised by Allen & Overy, BDK, KPMG and Van Campen Liem.

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