Through this transaction, Morphosis Capital takes a majority stake in Medima Health and forms a strategic partnership with its co-shareholders, renowned radiology professor Dr Gheorghe Iana and seasoned CEO, Vlad Ardeleanu, to build a strong player in the medical imaging sector in Romania.
Medima Health is specialized in complex anatomical imagining through MRI and CT scanning, oncological diagnosis and teleradiology. The company currently operates two modern clinics in Bucharest and has a team of 9 reputable medical doctors, led by prof. Dr Gheorghe Iana, a prominent Romanian radiologist.
Prof. Dr Gheorghe Iana, who is the President of the Society of Neuroradiology and Interventional Radiology and the Head of the Clinic of Radiology and Medical Imaging at the Bucharest University Emergency Hospital and at the Coltea Hospital, holds the position of Chief Medical Officer at Medima Health.
“I believe that the partnership with Morphosis Capital paves the way for an increase in the quality of services provided by Medima and it will allow for an expansion of the range of services, in line with the advanced technological progress in Europe. I am also honored to collaborate in this project with Mr. Vlad Ardeleanu, who has an illustrious managerial career" said prof. Dr Gheorghe Iana, co-shareholder and Chief Medical Officer at Medima Health.
The new business venture will be managed by an experienced CEO and retail expert, Vlad Ardeleanu. Throughout his career, Vlad Ardeleanu served as the Deputy CEO of retail chain Artima, COO of Carrefour Romania as well as CEO of Superbet, a company that he transformed from a family business into an international technology-oriented corporation. Vlad Ardeleanu, also a shareholder in Medima, will be charged with leading the expansion and building the Medima Health brand in Romania and abroad.
“Medima has developed a unique business model combining premier medical expertise with top imaging equipment and infrastructure. Our operations have tremendous market credibility with leading innovations and medical expertise”, said Vlad Ardeleanu, co-shareholder and CEO at Medima Health, adding on his appointment: “I am thrilled to join Medima’s team and to lead the company’s development into the future. I look forward to working with our great team, to build on our strengths and to continue delivering outstanding results for our patients”.
The capital infusion from Morphosis Capital will fuel the expansion of Medima Health clinics in Romania as well as the development of the teleradiology services. Teleradiology enables the transmission of diagnostic medical images from one location to another, where radiologists and physicians can analyze them and provide their expertise remotely. Morphosis Capital’s investment comes at a time when, due to the outbreak of the novel coronavirus, there is an increasing demand for telemedicine and teleradiology services at a global scale.
"We are extremely proud of today's announcement because of the two outstanding professionals and more importantly, extraordinary individuals with whom we are joining forces – professor Gheorghe Iana and Vlad Ardeleanu. We have ambitious goals for turning Medima Health into a regional hub for the second opinion clinic in the radiology niche. I am confident that this unique venture between a reputable radiologist, a well-seasoned CEO and a private equity fund, will benefit many patients in Romania and the region" said Andrei Gemeneanu, Managing Partner at Morphosis Capital.
By integrating the teleradiology component into Medima’s service offering, patients will have access to a reputable network of primary care physicians able to provide the second opinion on complex imagining analysis. All that without burdensome waiting lines and without the need to leave the house. Globally, the adoption of teleradiology solutions has helped bridge the rural-urban disparity as well as has proven to be more effective and cost-efficient.
Medima Health is the second investment for private equity fund Morphosis Capital, which invests between 5 to 10 million euro per transaction, in high-growth Romanian SMEs with international expansion potential. Medima Health becomes the first investment in the medical sector in Morphosis Capital’s portfolio and the first company where the fund holds a majority stake.
The transaction was facilitated by law firms Schoenherr, advising Morphosis Capital and Nestor Nestor Diculescu Kingston Petersen (NNDKP), advising Medima Health. Mazars Romania provided financial and tax due diligence while commercial due diligence was provided by London headquartered leading healthcare consulting firm Candesic.
Morphosis Capital is a Romanian private equity fund with 50 million euro committed capital. Established in December 2018 by four Romanian entrepreneurs, Simona Gemeneanu, Gabriela Dumitru, Dragos Petre, and Andrei Gemeneanu, the Fund aims to contribute to the development and transformation of the Romanian SMEs.
The European Investment Fund (EIF), the main financing platform for European SMEs, co-financed through the Regional Operational Programme is the anchor investor in Morphosis Capital while Banca Transilvania, international and local entrepreneurs as well as the founders themselves are the co-investors in the Fund. Morphosis Capital invests between 5 to 10 million euro in high growth Romanian companies from sectors such as FMCG, niche healthcare, technology, and B2B services, which have a strong potential for international expansion and an EBITDA of a minimum half a million euro. Morphosis Capital portfolio includes DocProcess and Medima Health.