Euromedic for sale

Warburg Pincus is close to selling Hungarian healthcare firm Euromedic International in a deal reported to be worth between €700m and €1bn, making it the biggest private equity sale in Europe this year and the largest ever in Hungary.

A host of private equity names have bid for the business, which was acquired by Warburg in July 2005 from Dresdner Kleinwort Capital and GE Equity. Potential suitors this time around include 3i, Apax Partners, Mid Europa Partners, Advent International Bridgepoint and Cinven. Bridgepoint is reported to be planning a joint bid with Dubai International Capital.

Euromedic is the largest private provider of diagnostic imaging and haemodialysis treatment services in Central and Eastern Europe, with healthcare centers located in Poland, Hungary, Romania, Russia, Croatia, Bosnia-Herzegovina, Greece, Turkey and the Czech Republic. The majority of the company’s centers are located within, or adjacent to, public hospitals.

Last year it achieved revenues of €139m, with €28m EBITDA. For the coming year it predicts revenues will rise to €284m with EBITDA of €64m, and for the following year to €467m and €119m respectively, following a 64% EBITDA growth per annum between 2005 and 2007.