Businessman Erghin Hagicalil, the majority shareholder in the Romar group, one of the top three providers of healthcare services domestically, says he is in talks with a British investment fund for the sale of a 30% stake.
"It is my intention to give up 30% of stock to an investment fund. We're in the final phase, after the due diligence process," Erghin Hagicalil, who owns 99% in Romar, told ZF. He chose not to reveal the name of the investment fund with which he is in talks.
Romar group of firms, including 5 entities operating in the domain of private healthcare services, was appraised by Deloitte audit and consulting services firm at around 9 million euros, according to Romar information.
The company generated turnover worth almost 10 million euros and had a profit margin of 14-17% last year, according to the preliminary figures offered by Romar. EBITDA last year hit 1.33 million euros. For this year, Centrul Medical Romar has budgeted turnover growth by over 20%. The company had around 800 employees at the end of last year, the quoted sources added.
Romar operates centres in Bucharest, Ploiesti, Iasi, Roman, Hunedoara, Galati, Buzau, Constanta, but also works with around 80 partner centres domestically.
The company's plans for 2007 include investments worth above 5 million euros in the opening of another six or seven centres across the country. "The centres will complement our national network. We tend to grow horizontally, but we're also diversifying our range of healthcare services (...)," says Liliana Hagicalil, the general medical manager of Romar.
The money needed for the company's expansion will come both from the company's own funds, but also the sale of the 30% stake in Romar stock.
At the same time, the company intends to expand the Romar brand abroad, a step that may be taken in the next two years.
As regards investments in a large hospital, Liliana Hagicalil says she is not confident such a move would be successful.
The company's medium-term plans also include floatation on the Stock Exchange.
The company's rivals on the market of private healthcare services are Medicover, MedLife, Centrul Medical Unirea, Medsana, Medcenter and Sanador. The market is estimated to be worth around 200 million euros.
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