Provectus Capital Partners, a Croatia-based private equity investor focused on Southeast Europe, has acquired a majority stake in a diversified private healthcare platform in Bulgaria, comprising the Haelan network of five outpatient medical centres, leading paediatric clinic First Children’s Consultative Clinic, and two hospitals, Skin Systems and City Clinic St George.
The group brings together Bulgaria’s largest outpatient network and two complementary hospitals, providing patients with access to a broad range of healthcare services across outpatient and inpatient settings. Together, these businesses employ approximately 650 professionals and generate more than €20m in annual revenues.
“We believe the group combines a high-quality portfolio of healthcare assets with a clear opportunity to build Bulgaria’s leading private healthcare provider,” said Marko Galić, partner at Provectus Capital Partners.
Over the past several years, Provectus has executed buy-and-build strategies in private healthcare to develop one of Croatia’s leading healthcare groups.
“We believe many of the value creation levers that proved successful there are equally applicable to these businesses,” said Galić.
The transaction, Provectus’ first investment in Bulgaria, sees a capital increase to support the group’s next phase of growth, alongside the partial sale of shares by the existing shareholders, led by Invenio, a private equity investor with a track record of building regional champions across Bulgaria, Romania and Serbia. Invenio will remain invested as a significant minority shareholder, with both investors and management supporting the group’s development through a combination of organic growth, targeted outpatient investments and selective acquisitions.
“In Provectus, we have found a partner whose deep experience in building private healthcare platforms makes it ideally placed to support the group’s next stage of development,” said Tihomir Dyankov, CIO & partner at Invenio Partners.”
The platform’s aim is to continue expanding its network, investing in existing clinical capabilities and broadening access to high-quality healthcare services for patients across Bulgaria.
“We are excited to welcome Provectus as our new shareholder,” said Luka Chichov, group CEO. “We look forward to working alongside both shareholders as we continue executing our growth strategy.”
