Centrul Medical Unirea: 10m euros for acquisitions

Private medical services provider Centrul Medical Unirea (Unirea Medical Center – CMU) will invest 10 million euros this year in the acquisition of new clinics outside the capital city, after it announced the takeover of Centrul Medical Motilor in Cluj-Napoca, for 0.5 million euros.
“We also target larger players and are open to all opportunities. In the coming period, we will look for acquisitions in Moldavia and Transylvania, but we are also interested in greenfield acquisitions,” said Wargha Enayati, managing director of CMU.
The funds for these investments will come both from the company’s own resources, and from the 3i investment fund (CMU’s minority shareholder, which holds 47% of shares), as well as from loans.
For the next three months, the company’s target is to complete three facilities, with the CMU network to increase by 6 clinics by the end of the year. “The six new clinics will fetch around 5 million euros in additional revenues,” Enayati also said.
Last year, the medical services provider posted a 7.5 million-euro turnover, up around 30% on 2006. The company operates 8 clinics in Bucharest, and has over 100 partner clinics throughout the country.
Enayati, who founded CMU in 1995, does not rule out a listing on the Stock Exchange within the next two or three years, but is not considering selling any more shares to 3i.
The acquisition of Centrul Medical Motilor in Cluj-Napoca is the first move the company is set to make outside Bucharest. CMU took over 49% of the shares of the Cluj-based company, from the Hancus and from Adi Danciu, and intends to take over the controlling stake within the next few years.