ECM Partners announces the completion of the acquisition of 68% of the share capital of YGIA Polyclinic Hospital and the assignment of the management of the hospital to the Athens Medical Group.
The acquisition of YGIA Polyclinic has received all the necessary approvals and based on the acquisition agreement the percentage may increase to 75% in the near future.
ECM Partners entrusted the management of the Hospital to Athens Medical Group, the largest Greek group of health services, recognizing its many years of successful presence in the field of health and secondary care in Greece and abroad.
The acquisition of Polyclinic has received all necessary approvals from the Competition Commission, and under the acquisition agreement the percentage may be increased to 75% in the near future.
ECM Partners has entrusted the management of the Hospital to Iatrikou Athinon Group, the largest Greek-owned healthcare services group, in recognition of its long-standing successful presence in the healthcare and secondary care sector in Greece and abroad.
The Athens Medical Group, showing its confidence in the project, will also acquire a minority shareholding in YGIA Polyclinic in the near future.
The Chairman of the Board of Directors of ECM Partners, Savvas Liasis, states: "Having experienced YGIA Polyclinic and its people recently, we are convinced of the excellent development prospects of the hospital. Given our long experience in driving the profitability of key organizations, we are now committed to directly financially strengthening YGIA Polyclinic with additional funds and are focused on achieving its strategic goals within the GHS, always with the best interests of our patients and staff in mind."
Andreas Georgallis, Head of ECM Partners Cyprus and Member of the Board of Directors of YGIA Polyclinic, notes: "We are delighted with the completion of the process, and I would like to thank everyone who contributed to this positive development. I would like to express my gratitude to all the staff members who have contributed to this positive outcome and I would like to express my gratitude to all those who have contributed to the success of this project.
Special mention should be made to our legal advisors Eraklis N. Kyriakides LLC and Reed Smith LLP as well as to our exclusive financial advisor in this transaction, PwC Cyprus, who advised us on this acquisition. "
For his part, Michael Papaiakovou, Portfolio Manager of ECM Partners and Member of the Board of Directors of YGIA Polyclinic adds: "There was a constructive cooperation with all parties that contributed to the successful completion of the acquisition. We have assigned to a very strong team YGIA Polyclinic's management and we now look forward to further enhancing its capabilities."
The CEO of YGIA, Dr. George Zachariades, states that this is an opportunity that ensures the viability of the Organization, while expressing his belief that the acquisition by ECM Partners will contribute decisively to ensure that YGIA remains a leader in the healthcare sector, always for the benefit of the patient, and always committed to the values that have established it as the first choice for its patients for 36 years now."
As of 25th September 2023, YGIA Polyclinic - the largest private hospital in Cyprus with 550 staff members and 180 beds - has been integrated into the General Health System, thus enabling all citizens of Cyprus to have access to top quality medical and nursing services, including the Accident and Emergency Department.
With the completion of the transaction, ECM Partners further implements its strategic objective to play a catalytic role in strengthening and empowering the broader healthcare sector in Cyprus, and in the Mediterranean region in general, as it maintains a majority stake in the Famar pharmaceutical industry from March 2020 with the acquisition of Famar Group's operations in Greece, Spain and Italy with a total turnover of €255 million and 2,000 employees. It also holds a stake in the London-based biotechnology research platform Bio-ReCell, which is focused on rapid and targeted cell isolation for cell and gene therapies.
About YGIA Polyclinic
YGIA Polyclinic was founded in 1983 in the centre of Limassol city and welcomed its first patients in 1987. For 36 years, YGIA has been a pioneer, offering high quality patient-oriented services, applying the most advanced and scientifically proven medical protocols and state-of-the-art equipment. The Management of YGIA has adopted an Integrated Management System that includes the most prestigious international accreditations and certifications (ISO 9001:2015, ISO 14001:2015, ISO 15189:2012, ISO 27001:2013, ISO 45001:2018, ISO 22000:2018, CHKS, Cyber Essentials Plus). Based on these, YGIA Polyclinic is able to ensure the provision of high quality services, medical - nursing and hospitality - service, in the safest environment, both for employees, patients and partner physicians.
About ECM Partners
ECM Partners is an established fund management organization supervised by the Slovenian Securities and Exchange Commission. The Group has long-standing partnerships with leading global investment funds, and has so far invested around €1 billion. It was one of the first institutional investors in the Central-Southeastern European region, where it has established a presence with offices in Cyprus, Greece, Slovenia and Croatia. Since 2019, the Organization has been focused on the development of the wider medical and pharmaceutical sector, initially by acquiring a majority stake in the activities of the pharmaceutical company Famar in Greece, Spain and Italy, and then by acquiring a majority stake in YGIA Polyclinic in Cyprus.