Quattromed HTI Laborid – Laboratory services

Medicap Holding / Quattromed is a leading medical laboratory services provider for a large number of general practitioners, private clinics as well as regional and local hospitals in Estonia, Finland and Lithuania. BaltCap invested in Estonian based Quattromed in 2008 acquiring a majority ownership in a buyout transaction. During BaltCap’s ownership the Company grew significantly in Estonia and expanded internationally to Lithuania and Finland by increasing its revenues more than four-fold. In July 2013 BaltCap exited the Company to synlab, the leading European provider of laboratory services. At the time of exit the Company had more than 200 employees and provided more than 5 million laboratory tests per year to general practitioners, medical institutions and private individuals.

Revenue and EBITDA development

Quattromed HTI investment thesis

• BaltCap acquired 74% of Quattromed HTI from founders and a biotech company in 2008 in a proprietary process
• Opportunity to consolidate a fragmented market
• Clearly scalable service based business model in a healthcare sector niche
• Resistance to macroeconomic cycles

Value creation

• Institutional corporate governance set up, new CEO introduced
• Add-on M&A in Estonia and Lithuania; organic growth to Finland through a landmark contract with Terveystalo, the largest private healthcare provider in Finland
• Significant economies of scale achieved
• Acquisitions financed with debt to optimise capital structure