EXIT: BaltCap sells Qvalitas and Unimed to leading Nordic healthcare company Mehiläinen
BaltCap Private Equity Fund II (BPEF II) sells the Estonian private healthcare companies – occupational healthcare provider Qvalitas Arstikeskus and dental care chain Unimed Grupp – to Mehiläinen, the leading private provider of health care and social services in Finland. BaltCap exits through selling its holding company DenCap, Mehiläinen acquires 100% of the companies.
BPEF II invested in Unimed and Qvalitas in 2015 and 2016, respectively. During the investment period, both companies successfully expanded their nation-wide clinic networks, upgraded medical equipment and IT-solutions, and strongly improved their service offering.
Martin Kõdar, Managing Partner at BaltCap said they had a unique opportunity to back Unimed in becoming a leading player in Estonian dental healthcare and help Qvalitas to expand its reach as an occupational healthcare provider.
“Under our ownership, both companies have become vital countrywide service providers shaping the long-term development of the health care sector in Estonia. We are grateful to the managements and medical professionals of Qvalitas and Unimed for their contribution and grit,” Kõdar emphasizes. “We also recognize the co-investors EIF, eQ Private Equity and healthcare industry expert Erki Mölder for their support and contribution in making this investment a success,” Kõdar adds.
“The entrance of Mehiläinen marks an important milestone for the Estonian healthcare market and will widen the service offering to patients and to the entire Estonian healthcare,” Oliver Kullman, partner at BaltCap says. “We value the long-term expertise of Mehiläinen in combining traditional medical operations and digital services and trust their vision as a strong strategic partner to Qvalitas and Unimed,” Kullman adds.
Janne-Olli Järvenpää, Mehiläinen’s CEO comments, “Both Qvalitas and Unimed are leaders in their fields in terms of revenue, quality and customer satisfaction. We have been following the development of the companies’ operations for years and have been impressed by both the competence of their experts and the ability of their management to develop the operations. In the future, Mehiläinen’s resources and competence in areas such as combining traditional medical clinics and digital services will support the continuous development of the companies’ quality and customer service.”
Marja-Liisa Alop, the CEO of Unimed emphasized BaltCap´s role as an excellent partner with an essential role in the company´s growth journey. “We were incredibly lucky to have an owner like BaltCap. Their experienced team guided our way out of a very difficult situation and helped to make a remarkable turnaround in Unimed´s development. The strategic backing of BaltCap enabled us to invest in new and existing clinics and was also critical when coping with the Covid-19 crisis. We look forward to working with Mehiläinen to further improve our patients’ satisfaction and provide the best working conditions to our team of professionals.”
“Together with BaltCap, we have greatly matured as a company and a team while going through a significant growth phase. I would like to thank BaltCap team for their partnership and trusting cooperation,” Tõnu Velt, the CEO of Qvalitas says. “We are excited to continue our growth and further our mission with a respected industry leader from the Nordics,” Velt added.
The sell-side advisers in the transaction were Superia (financial), Ellex Raidla (legal) and KPMG. The transaction value and other details are not disclosed. Completion is subject to regulatory approvals.
About BaltCap Private Equity Fund II
BaltCap Private Equity Fund II (BPEF II) is a buyout fund that makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF. The other investors of BPEF II include the EBRD, Baltic pension funds, fund-of-funds and family offices.
For more information see www.baltcap.com
Qvalitas Arstikeskus (Qvalitas Medical Centre) is the largest and most experienced provider of occupational health services in Estonia, founded in 1996. Qvalitas provides professional healthcare services for the prevention, early detection and treatment of disease, covering both general and special medicine. Qvalitas has over 250 employees working in 8 facilities across Estonia and it operates 5 mobile health buses with special medical equipment. Qvalitas provides ca 100,000 appointments annually for their clients, and in 2020 the company´s turnover was EUR 9,1 million. More information: www.qvalitas.ee
Unimed Grupp is the leading dental care provider in Estonia offering a full range of dental treatments and care. Unimed operates seven dental clinics and three dental laboratories in Tallinn, Tartu and Pärnu and employs 402 professionals. In 2020 the company´s turnover was EUR 22 million.
More information: www.unimed.ee
Mehiläinen. Now 111 years old, Mehiläinen is a rapidly developing and growing private provider of healthcare and social care services, offering comprehensive high-quality services to private, corporate, municipal and insurance customers. Mehiläinen provides help, support and care for approximately 1.3 million customers every year across Finland. In 2020 the company had more than 22,300 employees and private practitioners at over 540 locations.
More information: www.mehilainen.fi
Additional information:
Martin Kõdar
Managing Partner
+3726650282
martin.kodar@baltcap.com
www.baltcap.com
BPEF II invested in Unimed and Qvalitas in 2015 and 2016, respectively. During the investment period, both companies successfully expanded their nation-wide clinic networks, upgraded medical equipment and IT-solutions, and strongly improved their service offering.
Martin Kõdar, Managing Partner at BaltCap said they had a unique opportunity to back Unimed in becoming a leading player in Estonian dental healthcare and help Qvalitas to expand its reach as an occupational healthcare provider.
“Under our ownership, both companies have become vital countrywide service providers shaping the long-term development of the health care sector in Estonia. We are grateful to the managements and medical professionals of Qvalitas and Unimed for their contribution and grit,” Kõdar emphasizes. “We also recognize the co-investors EIF, eQ Private Equity and healthcare industry expert Erki Mölder for their support and contribution in making this investment a success,” Kõdar adds.
“The entrance of Mehiläinen marks an important milestone for the Estonian healthcare market and will widen the service offering to patients and to the entire Estonian healthcare,” Oliver Kullman, partner at BaltCap says. “We value the long-term expertise of Mehiläinen in combining traditional medical operations and digital services and trust their vision as a strong strategic partner to Qvalitas and Unimed,” Kullman adds.
Janne-Olli Järvenpää, Mehiläinen’s CEO comments, “Both Qvalitas and Unimed are leaders in their fields in terms of revenue, quality and customer satisfaction. We have been following the development of the companies’ operations for years and have been impressed by both the competence of their experts and the ability of their management to develop the operations. In the future, Mehiläinen’s resources and competence in areas such as combining traditional medical clinics and digital services will support the continuous development of the companies’ quality and customer service.”
Marja-Liisa Alop, the CEO of Unimed emphasized BaltCap´s role as an excellent partner with an essential role in the company´s growth journey. “We were incredibly lucky to have an owner like BaltCap. Their experienced team guided our way out of a very difficult situation and helped to make a remarkable turnaround in Unimed´s development. The strategic backing of BaltCap enabled us to invest in new and existing clinics and was also critical when coping with the Covid-19 crisis. We look forward to working with Mehiläinen to further improve our patients’ satisfaction and provide the best working conditions to our team of professionals.”
“Together with BaltCap, we have greatly matured as a company and a team while going through a significant growth phase. I would like to thank BaltCap team for their partnership and trusting cooperation,” Tõnu Velt, the CEO of Qvalitas says. “We are excited to continue our growth and further our mission with a respected industry leader from the Nordics,” Velt added.
The sell-side advisers in the transaction were Superia (financial), Ellex Raidla (legal) and KPMG. The transaction value and other details are not disclosed. Completion is subject to regulatory approvals.
About BaltCap Private Equity Fund II
BaltCap Private Equity Fund II (BPEF II) is a buyout fund that makes equity investments in innovative companies based in the Baltic region focusing on buy-and-build opportunities. BPEF II was established in cooperation with the European Investment Fund (EIF) involved in the project through the Baltic Innovation Fund (BIF). The BIF is an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania and EIF. The other investors of BPEF II include the EBRD, Baltic pension funds, fund-of-funds and family offices.
For more information see www.baltcap.com
Qvalitas Arstikeskus (Qvalitas Medical Centre) is the largest and most experienced provider of occupational health services in Estonia, founded in 1996. Qvalitas provides professional healthcare services for the prevention, early detection and treatment of disease, covering both general and special medicine. Qvalitas has over 250 employees working in 8 facilities across Estonia and it operates 5 mobile health buses with special medical equipment. Qvalitas provides ca 100,000 appointments annually for their clients, and in 2020 the company´s turnover was EUR 9,1 million. More information: www.qvalitas.ee
Unimed Grupp is the leading dental care provider in Estonia offering a full range of dental treatments and care. Unimed operates seven dental clinics and three dental laboratories in Tallinn, Tartu and Pärnu and employs 402 professionals. In 2020 the company´s turnover was EUR 22 million.
More information: www.unimed.ee
Mehiläinen. Now 111 years old, Mehiläinen is a rapidly developing and growing private provider of healthcare and social care services, offering comprehensive high-quality services to private, corporate, municipal and insurance customers. Mehiläinen provides help, support and care for approximately 1.3 million customers every year across Finland. In 2020 the company had more than 22,300 employees and private practitioners at over 540 locations.
More information: www.mehilainen.fi
Additional information:
Martin Kõdar
Managing Partner
+3726650282
martin.kodar@baltcap.com
www.baltcap.com
