The Romanian healthcare operator MedLife has bought 90% of the shares in Bucharest-based Ghencea Medical Center.

This is Medlife’s 18^th acquisition and the first one of 2018. The group has accelerated its expansion in the last two years by opening new clinics and buying smaller competitors. It purchased the Anima network of clinics at the beginning of 2017, and introduced the Sfanta Maria brand for laboratory test services in 2016.

“This transaction is the first step towards the acquisition-based development of the company's medium-cost network that runs under the Anima and Sfanta Maria brands,” Mihai Marcu, president and CEO of MedLife, said.

Ghencea Medical Center includes two clinics, one in Bucharest and one in Magurele. It employs 135 people, both medical and support staff. Last year, Ghencea Medical Center reported a turnover of RON 8.7 million (EUR 1.8 million) and expects a 20% increase in 2018. The center covers over 25 medical specialties, including pediatrics, gastroenterology, neurology, cardiology, psychiatry, urology, and dermatology. It has a contract with the Bucharest Health Insurance House (CASMB) for the reimbursement of medical services.

The current shareholders of Ghencea Medical Center will continue to ensure the management of the company, MedLife said.

MedLife, whose majority shareholder is the local family Marcu, reported a pro forma consolidated turnover of RON 638 million (EUR 137 million) in 2017, up 27% on 2016.

Medlife listed on the Bucharest Stock Exchange at the end of 2016.

editor@romania-insider.com