Euroclinic Group: Sale agreement and share capital increase
The South East Europe Fund LP (SEEF) fund, which is advised by Global Finance, announced the agreement for the sale of the Euroclinic Group to a team of investors with the participation of the company’s Management (Management Buyout).
The new shareholders of Euroclinic include international and local financial institutions, including the four major Greek banks, as well as the fund managed by BMO Global Asset Management.
An extremely important strategic agreement, which revolutionizes the Greek private healthcare market, was announced by the South East Europe Fund LP (“SEEF”), which is advised by Global Finance. The agreement concerns the sale of the Athens Euroclinic, leading General and Children’s Hospital in the center of Athens, to a team of its investors with the participation of the company’s Management (Management Buyout).
This transaction included a forecast for share capital increase at Euroclinic to further improve its balance sheet.
Commenting on this development, Mr. Nikolas Plakopitas, who headed and participated in the transaction and joined the Athens Euroclinic as Vice-Chairman of the Board, stated, “In the last years, Euroclinic has demonstrated a remarkable recovery course, which today’s agreement validates, since it is a vote of confidence for the management team and its efforts in the last years. This team will continue to run Euroclinic, along with our Board, which will remain the same. We would like to thank all our investors for their trust and support, allowing Euroclinic to continue to be among an elite group of hospitals in the center of Athens. The more robust balance sheet and our long-term prospects will allow us to expand further in the private healthcare market and offer our patients, insurers, doctors and employees the same top-level environment and services they were used to, at the lowest possible cost. Finalizing the transaction amid the lockdown was a major challenge for us; however, at the same time, it demonstrated the strong support of our shareholders for our plans.”
The new Euroclinic shareholders consist of the management team, but also international and local financial institutions, including the four major Greek banks.
The largest Euroclinic shareholder is LPE II LP, which is a fund managed by BMO Global Asset Management (BMO Private Equity). BMO Private Equity is registered in Edinburgh, Scotland, and head of the investment was Mr. Richard Nairn. BMO Global Asset Management is a global investor managing funds over 270 billion dollars.