Euromedic raises $8.4m in private placement

Euromedic will expand its activities in Central and Eastern Europe.

Central and Eastern Europe healthcare provider Euromedic International NV has raised a further $8.4 million through a private placement. GE Equity, the private equity arm of General Electric Co, Dresdner Kleinwort Benson Private Equity, and The Global Environment Fund, an American fund dedicated to the environment and healthcare fields in emerging markets, contributed to the investment.

Joseph Priel, chief executive of Euromedic said, “This latest investment will enable the company to realise its plans to expand its activities in the region by setting up the most advanced diagnostic and dialysis centres.”

Janusz Heath, Head of the Central & Eastern European Private Equity team at DrKB said: “This is one of the first companies to benefit from our new Emerging Europe fund. It is an attractive investment prospect because of its strong management and the potential for providing high quality healthcare across Central & Eastern Europe. We are confident that Euromedic can build on its leadership position in Hungary by expanding rapidly throughout Central Europe.”

Euromedic has been active in Central and Eastern Europe since 1991. The company was established by Joseph Priel, chief executive, and Janos Meszaros, chairman of the board. In 1995 they were joined by the Red Sea Group, an Israeli group quoted on the Tel Aviv Stock Exchange.

GE Equity and Dresdner Kleinwort Benson Private Equity first committed to the company in August last year with a joint equity investment of $8m.