Business Forum • 7 May, 2024 at 4:58 PM
Abris Capital Partners (“Abris”), the ESG transformation specialist private equity investor and B Corp, has signed an agreement to sell 100% of the shares in Scanmed S.A. (“Scanmed”), a leading private healthcare provider in Poland, to American Heart of Poland Group backed by Gruppo San Donato, an Italian hospital group. The transaction is subject to Polish antimonopoly clearance.
Headquartered in Warsaw, Scanmed is the largest privately owned diversified in-patient group in Poland, operating 37 facilities across the country, including seven hospitals and 18 medical centers, and employing around 1,300 physicians. Abris acquired the business in 2021 with a plan to build a national healthcare champion by improving and growing the group's service offering in areas including cardiology, oncology, orthopedics and ophthalmology, and by expanding its country-wide geographic coverage.
Wojciech Lukawski, Partner at Abris Capital Partners, commented: “This has been an exceptional value creation story over the past three years, as we have worked hard to transform Scanmed into the highest quality, fully diversified in-patient healthcare services provider in Poland. Through a combination of operational improvement, organic growth and the consolidation of several add-on acquisitions, the company has significantly exceeded the original investment case.”
Early in the investment period, Abris took the decision to recruit a new management team, bringing in a CEO, CFO and COO with a proven track record of business improvement and organic growth, to deliver a clear strategic vision. In addition, the Supervisory Board was strengthened with independent experts providing strong supervision over the highest industry and ESG standards integration. This enabled the group to build full independence and position itself for growth as a consolidation platform.
During Abris' ownership, the company has introduced new therapeutic areas; grown the scale of multi-profile hospitals; delivered financial and operational synergies and cooperation between different units; and increased commercial revenues to complement publicly funded activities. The company has also focused on ESG-driven transformation and accelerated capex spending in critical areas to achieve the highest medical and operating standards. As a result, the quality of services and customer experience has increased, with patients now receiving much better, more coordinated and quicker treatment.
During its investment, Abris also supported Scanmed with an ambitious buy-and-build program, completing the add-on acquisitions of ARS Medical in 2022, Med-Lux in 2023, and Centrum Rehabilitacji in Chorzów and Vital Medic in 2024. These transactions enabled the group to continue delivering its above-market growth strategy by increasing its footprint and number of facilities, treating over 560 000 patients annually, expanding into new regions of Poland and covering a more diverse range of therapeutic areas. The company is an important player within the Poland's national healthcare system, cooperating successfully with the National Health Fund.
Pawel Gierynski, Managing Partner of Abris, said: “Over the past three years, we have supported the creation of a versatile, regional provider of high-quality healthcare services in Poland. The combination of our ESG expertise and healthcare sector knowledge has enabled us to lead the transition towards best-in-class medical services and patient experience, as well as focusing on integrating the highest ESG standards. It has been a privilege to partner with experienced managers and the first-class medical team at Scanmed. We are confident they will have the opportunity to greatly contribute to the further development of the American Heart of Poland, not only in Poland but also across Europe.”
Andrzej Podlipski, CEO of Scanmed, added: “We would like to thank Abris for their enormous contribution to what has been a highly productive partnership over the past three years. As a group, we have focused hard on the quality of our facilities and services, on strengthening our long-term relationships with local communities, and on creating a better working environment for medical personnel. We now look forward to working with the American Heart of Poland and Gruppo San Donato, which will be a fantastic home for the top-notch medical team we have built and will enable us to continue growing and serving more patients every year.”
Healthcare is one of the five strategic sectors that Abris focuses on. It is underpinned by a rapidly ageing population in Poland and increasing government healthcare spending aimed at improving the quality of services and the comprehensiveness of care. Abris' previous investments in the sector include Matexlab, a Swiss vendor of innovative aesthetic medicine products, and Dentotal Protect, the leading distributor of dental consumables, instruments and equipment in Romania and Bulgaria.
Abris Capital Partners is the leading ESG transformation specialist private equity fund manager, focused on mid-market opportunities in the major countries of Central Europe. Established in 2007, Abris seeks to identify and partner with the most successful and dynamic mid-market businesses in Central Europe, which can benefit from an input of capital and management expertise at both strategic and operational levels, while driving growth through ESG transformation. Abris was certified as a B Corp in May 2023. With investment capital of almost €1.3 billion, Abris has obtained financial backing from many leading global investment institutions including corporate and public pension plans, financial institutions, funds of funds and US university endowment funds. Abris has a long-term investment horizon and usually targets transactions in which it is able to acquire a majority or sole ownership position. The Abris advisory business operates using teams based in Warsaw and Bucharest.