SEEF sells its controlling stake in Euroclinic

The South Eastern Europe Fund L.P. (“SEEF”) a fund advised by Global Finance, has announced it has agreed to sell Euroclinic Athens (“Euroclinic”), a leading General and Children Hospital in central Athens through a Management Buyout to a group of its Investors. The transaction included a Share Capital Increase in Euroclinic to improve the Company’s Balance Sheet. Euroclinic is a private 175-bed General Hospital in the center of Athens that serves over 100,000 patients per year and is well known for its patient friendly approach.

Nicolas Plakopitas, who led and participated in the transaction and joined Euroclinic Athens full-time as Vice Chairman, said in a statement: “In the past few years Euroclinic has demonstrated a remarkable turnaround and today’s deal is a very strong vote of confidence in the entire management team and their recent efforts, which will continue to head Euroclinic together with our Board of Directors. We would like to thank all of our Investors for their confidence and support that will allow Euroclinic to continue being one of the top private hospitals in the Athens metropolitan area. Our stronger balance sheet and longer-term outlook will allow us to expand further in the private healthcare market and offer our patients, insurers, doctors and employees the same excellent level of service they have been used to at the best possible cost. Closing this transaction during the lockdown period was challenging but also highlighted the strong support of our shareholders in our plans.”

Euroclinic’s new shareholders apart from management consist of international and local financial institutions including the country’s four systemic banks as well as high net worth individuals.

Euroclinic’s largest shareholder is LPE II LP, which is a fund managed by BMO Global Asset Management’s private equity business (“BMO Private Equity”). BMO Private Equity is headquartered in Edinburgh, Scotland and the investment was led by Richard Nairn. BMO Global Asset Management is an international investor with funds under management of over US $270 billion.