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Mid Europa Sells Lux Med

21 December 2012

Mid Europa Partners ("Mid Europa"), the leading private equity investor in Central Europe and Turkey, announces that it has entered into an agreement to sell LUX MED sp. z o.o., LMG Forsakrings AB (together, "LUX MED") and LUX MED Diagnostyka sp. z o.o., (together with LUX MED, the "LUX MED Group" or the "Company"), the leading provider of healthcare services in Poland to Bupa. The transaction, which is expected to close in the first half of 2013, values the Company at €400 million (PLN 1,625 million) and will enable LUX MED investors to generate returns of approximately 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 is the largest private equity transaction in Poland this year.

Matthew Strassberg who is responsible for healthcare investments at Mid Europa and led the firm's investment in LUX MED commented: "LUX MED was Mid Europa's first investment in healthcare. The intense experience gained over the past six years nurturing this Company has been fundamental to our success in expanding our healthcare portfolio across Central Europe and Turkey. Under the strong leadership of Anna Rulkiewicz and her team, the LUX MED Group has successfully acquired and integrated a number of businesses and has become the undisputed leader in Polish healthcare, currently serving over a million patients, providing out-patient, diagnostics, in-patient and long-term care services. We are very pleased that such a strong and reputable company as Bupa has recognized the unique strategic value we have built and has decided to back the Management team as it seeks to take the business to the next level."

Pawel Padusinski, Director in Mid Europa's Warsaw office who, together with Jan Krzewinski, has been involved with LUX MED throughout the investment cycle and led the execution of the transaction, noted: "Since 2007, we have worked closely with the Management to acquire and fully integrate more than ten discrete healthcare providers. We have made significant investments in medical personnel, customer care, a new IT platform and new facilities, including the opening of a new hospital in Warsaw. With the recent rebranding completed, we are delivering a fully integrated leader in the Polish healthcare services market."

Anna Rulkiewicz, the CEO of LUX MED commented: "Mid Europa has been a visionary investor whose unique strategic guidance and strong financial commitment allowed us to transform our business into the undisputed leader in the Polish healthcare services market. On behalf of the entire LUX MED team, I want to thank Mid Europa for its support and contribution to our success. At the same time, we would like to extend an enthusiastic welcome to Bupa. With its long-term strategic horizon and tremendous sector experience, we anticipate Bupa will make a major contribution to our Company and to the improvement in the quality of medical care in Poland."

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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