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Mid Europa announces the acquisition of LUX-MED

04 July 2007

Mid Europa Partners announced today that it has agreed to acquire up to 100% of LUX-MED S.A. from a consortium of investors led by Cornerstone Partners and including DEG Deutsche Investitions- und Entwicklungsgesellschaft mbH and Accession Mezzanine Ltd, a fund investment company managed by Mezzanine Management Central Europe. The transaction is expected to close in the second half of 2007.

LUX-MED is the second-largest private healthcare provider in Poland offering comprehensive outpatient medical care and diagnostic services to corporate and individual subscribers. The Company, which serves over 200,000 subscribers, operates a network of 14 branded clinics located in the largest Polish cities and cooperates with over 470 affiliated private providers throughout Poland.

Matthew Strassberg, who led the investment for Mid Europa, commented: "We have identified a strong and sustainable growth opportunity in the provision of private healthcare in Poland and believe that our investment in LUX-MED represents an attractive entry vehicle to access this market. With our long-term investment horizon we are well placed to support the management team in their expansion plans, both organically and through acquisitions."

Michelle Capiod, who together with Valerie Unger executed the transaction, added: "We have been very impressed with the quality of the medical and clinical staff and the well invested facilities of LUX-MED. Going forward we intend to support further investments in additional facilities, systems and top caliber medical personnel."

Dave Williams, former CEO and Chairman of Alliance Capital, who originally funded the investment in LUX-MED in 2002 and backed Cornerstone Partners team through 5 years until today's exit, said: "Looking at the development of LUX-MED over the years and working closely with my Polish partners from Cornerstone was an exciting and fruitful adventure.  My partners have done a great job."

Marcin Halicki, the CEO of LUX-MED and a Partner at Cornerstone said: "Under our ownership LUX-MED has quadrupled the number of patients, doubled the employment, opened 10 own-branded clinics and acquired 4 captive clinics. LUX-MED is a leader in the provision of quality healthcare to over 200,000 corporate and individual subscribers nation-wide Anna Rulkiewicz, Management Board member of LUX-MED added: "We welcome the investment by Mid Europa, which with its financial resources and expertise can support the expansion of the business to ensure that our clients continue to receive the best possible service and improved accessibility to our clinics."

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