Global Finance

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.

South Eastern Europe Fund L.P. (SEEF), advised by Global Finance Group, has reached an agreement to sell its 10.64% participation in Euroins Insurance Group (EIG).

SEEF invested in EuroIns in 2008 in order to assist the expansion and development in the Balkan market. During this period and with the contribution of Global Finance Group, EuroIns increased its sales from €95m to €330m, making it the largest independent insurance company in the Balkans.

Global Finance, founded in Athens in 1991, is a leading private equity firm in Southeastern Europe advising over €850 million of capital raised in eight funds. It has completed over 70 equity investments in Greece, Romania and Bulgaria. Global Finance closely works with management to implement value creating strategies, assist with growth, add-on acquisitions and financing plans.

The South Eastern Europe Fund L.P. (“SEEF”) a fund advised by Global Finance, has announced it has sold its 90.5% stake in Total Soft S.A. (“Total Soft”), the Romanian leader in Enterprise Application Software to Logo Yazilim Sanayi ve Ticaret A.S. (“Logo”). The equity value of 100% of the shares was € 30.25 million. With an EBITDA of € 3.48 million the price paid had a 2015 EBITDA multiple of 8.6x. 

Total Soft, established in 1994, has developed its flagship product, Charisma Business Suite that serves large and mid-size enterprises in almost all business sectors. Starting from its home market Total Soft succeeded in expanding in international markets and now has clients in 35 countries all over the world.

Global Finance Group has been key for the growth of Total Soft by providing management support, industry expertise and assisting in strategic decisions over the past ten years.

George Kourtis, Partner at Global Finance said, “Successful exit from Total Soft showcases our commitment to value appreciation through growth of sales, new product and services development and regional expansion. We assisted Total Soft’s strong management team to focus on Charisma and excel in selective vertical markets with high potential for success internationally. Despite the financial crisis, Total Soft grew over 50% in sales since 2010 and continued to develop innovative applications for its corporate clients.”