INVL Private Equity Fund II, known as one of the largest private equity funds in the Baltic region and managed by the Invalda INVL Group, has officially entered into an investment agreement with POLMED. This strategic partnership also includes the International Finance Corporation (IFC), a member of the World Bank Group, and Accession Capital Partners (ACP). POLMED stands out as one of the largest private providers of multi-profile medical services in Poland, with a significant presence in the healthcare sector.
The consortium’s primary objective in this investment is to provide expansion capital to finance the acquisition of KN Group, a leading privately run oncology center in the country. Upon the successful completion of this transaction, it will represent one of the first two acquisitions executed by INVL Private Equity Fund II.
Founded in 1999, POLMED has rapidly progressed to become one of Poland’s foremost private healthcare groups. The company has successfully generated revenues exceeding EUR 100 million in 2024, reflecting its robust growth and impact on the healthcare landscape. POLMED operates across multiple healthcare segments, including outpatient care, imaging diagnostics, and various rehabilitation services, both at home and in clinical settings. With a comprehensive network of 38 owned facilities and a workforce of approximately 2,000 employees, POLMED collaborates with over 4,000 medical partners throughout Poland. The group serves more than 4 million patients annually, while also catering to the needs of over 3,500 corporate clients, underscoring its extensive reach and commitment to delivering high-quality healthcare.
The add-on acquisition target, KN Group, comprises Radomskie Centrum Onkologii (RCO), the Gamma Knife Centre, and the Radom Family Centre (RFC). Established in 2011, KN Group has emerged as a premier private oncology center in Poland, offering specialized services and care for cancer patients. This group operates three state-of-the-art facilities located in Radom and Warsaw, employing over 700 highly skilled staff members. The facilities boast a capacity of 150 beds, including 14 dedicated chemotherapy chairs, which emphasizes their commitment to providing comprehensive oncology care. KN Group is under the expert leadership of renowned neurosurgeon Professor Mirosław Ząbek and Dorota Ząbek, both of whom will continue to play integral roles in the management and operations of the center following the acquisition.
This deal is contingent upon obtaining merger approval from the Polish Office of Competition and Consumer Protection, as well as satisfying other necessary conditions that may arise during the process.
Upon the completion of the merger, INVL Private Equity Fund II, along with IFC and ACP, will each hold a significant minority stake in the newly formed entity. POLMED’s founder and president, Radosław Szubert, along with co-founder and vice president, Romuald Magdoń, will maintain their positions as majority shareholders, continuing to lead the company.
Advisors/counsel: INVL Private Equity Fund II was represented by Baker McKenzie (legal advisor). Advisors on the deal also included CIC Corporate Finance (M&A for POLMED), EY/EY Parthenon (financial, tax and commercial due diligence), Norton Rose Fulbright Dyczkowski and Partners (legal for ACP (documentation and due diligence)), MJH Moskwa, Jarmul, Haładyj i Partnerzy (legal for POLMED/vendor due diligence), Hogan Lovells International (legal for IFC), Pekao Investment Banking (M&A for KN Group), Domański Zakrzewski Palinka (legal and tax for KN Group).
KEY QUOTES:
“The connection with the Neurosurgery Clinics perfectly fits into the strategy of POLMED, which aims to increase the complexity of the Group’s services with the patient in mind and to ensure the best possible comfort during diagnostics and therapy. The inclusion of the oncology hospital and the Gamma Knife is part of the strategy implementation. Patients will be provided with an increased amount of services offered by the POLMED Group, which will translate into their comfort of treatment.”
Radosław Szubert, founder and president of POLMED
“Both the hospital in Radom and Gamma Knife fulfil the tasks set by patients. We offer both diagnostics and comprehensive oncological treatment at the highest global level. By joining the POLMED Group, we benefit our patients by enhancing the availability of advanced oncological treatments.”
KN Group Vice President Dorota Ząbek
“Our journey with InMedica proved that with the right support, a healthcare provider can grow into a national leader and deliver outstanding results for everyone – shareholders, patients and healthcare ecosystem as a whole. We are confident that POLMED, its founders and their team all have the same potential in Poland, and we look forward to supporting their growth and building our success story together.”
Luke Staniczek, Investments Lead in Poland at INVL Private Equity Fund II
“IFC is supporting POLMED’S transformation into an integrated, digitally enabled healthcare platform. This will help expand access to quality care and improve the availability of specialized services in line with the country’s evolving healthcare needs.”
Ary Naïm, World Bank Group Country Manager for Poland
“The impressive growth of POLMED is a testament to the strength of the leadership team, which we look forward to working with. Our rich experience in the healthcare sector gleaned through investments including Medicales, Optimapharm, Amethyst and LUX MED mean we understand the importance of improving patient outcomes, and we are well placed to support the team to do this.”
Piotr Sadowski, Partner at ACP
