Erik Hallgren will leave his position as investment manager at Medicover Holding, which was formerly Oresa Ventures, with effect from June 30, to join the investment team of Innova Capital in Poland, where he has been appointed managing director and partner. The move is in line with the restructuring of Medicover from an investment company to focusing exclusively on its healthcare interests. The rest of Oresa Ventures’ private equity team remains with Medicover.
Hallgren joined Oresa Ventures in 1995 when the firm was named Oriflame Eastern Europe and has been involved in the private equity business since it started in 1996. He will still have an involvement with the wind down of Oresa Ventures’ former investments and will work from the Brussels office when effecting these realisations.
There are currently five investments left in the firm’s portfolio, which it is anticipated will take between two to three years to divest. These include Motoractive, a vehicle leasing operator; United Entertainment Co, focusing on the under-developed leisure industry in Poland; Office Depot, an office supply chain; Flanco International, the Romanian retailer of white goods and home electronics; and Beverly Hills Video, a leading chain of video rental superstores in Poland.
Oresa Ventures made the decision to focus exclusively on its largest investment in its portfolio, Medicover in February this year. The firm made its first investment in the company in spring 1995 and gradually increased its holding to 95 per cent, when it decided to concentrate exclusively on Medicover’s developments rather than focusing on fundraising in an increasingly tough environment.
In May, at the annual general meeting of shareholders, the name change to Medicover was approved and the company has been trading under that name since June. Most recently, Medicover acquired the remaining minority shareholding of approximately five per cent in its operating healthcare subsidiary, assuming 100 per cent ownership.
No changes have been made in the legal structure of the company. Fredrik Rgmark continues to serve as managing director, Jonas af Jochnick as chairman and Joe Ryan remains financial director.