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Mid Europa Completes the Sale of LUX MED to Bupa

15 April 2013

Mid Europa Partners ("Mid Europa"), the leading private equity firm focused on buyouts in Central Europe and Turkey, announced today that it completed the sale of LUX MED (the "Company") to Bupa, the international healthcare group.

The sale of LUX MED to Bupa was first announced on 21st December 2012, and was subject to regulatory approvals, which were received in the past weeks.  The Company has been valued at €400 million, enabling LUX MED investors to generate returns in excess of 2.5 times their investment. The transaction represents the largest private equity exit in Poland since Mid Europa's sale of Aster in 2010, and the largest private equity transaction in Poland in 2012.

Matthew Strassberg, Senior Partner of Mid Europa responsible for the deal and the healthcare investments at Mid Europa commented: "Since Mid Europa's investment in 2007, LUX MED generated significant value from the successful acquisition and integration of more than ten discreet healthcare providers. During this period, the Company experienced a five-fold revenue increase and quadrupled its patient base. Mid Europa's investment team was intimately involved in the sourcing, financing and execution of the key transactions which make up the Company today. Special credit and a big thank you go to Anna Rulkiewicz, the LUX MED CEO, and her team for the fantastic effort in managing the successful integration of the acquisitions. Together, we have created the undisputed leader in the healthcare services market in Poland. After more than five years under Mid Europa's ownership, we are very proud of where LUX MED is today and are confident that now, as part of Bupa, the Company will continue to lead the market in medical expertise and breadth of its product offering."

Pawel Padusinski, Director in Mid Europa's Warsaw office who led the execution of the transaction commented: "We are pleased that LUX MED continues its strong performance with double-digit revenue and EBITDA growth through 2012 and 2013 as a result of solid organic demand, as well as the on-going consolidation effort. We are happy to note that key LUX MED managers have been retained by Bupa and decided to reinvest in the Company, which demonstrates strong confidence in the future prospects of the business."

LUX MED is the number one provider of private out-patient healthcare in Poland, offering high quality and comprehensive medical services to over 1 million patients across all segments of the Polish market.

Rothschild Healthcare Team acted as exclusive financial adviser to Mid Europa, Linklaters as its legal counsel, PwC as transaction services adviser and L.E.K. Consulting as commercial adviser. Pawel Padusinski, Jan Krzewinski and Artur Sienczewski executed the transaction at Mid Europa.

 

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