ECM Partners takes over Ygia Polyclinic Private Hospital
07:00 - 06 December 2023
ECM Partners announced that it has acquired 68% of the Ygia Polyclinic Private Hospital’s share capital and assigned the Athens Medical Group to manage it.
The acquisition has been authorised by the Committee for the Protection of Competition, while based on the acquisition deal, ECM Partners has the option to increase its stake to 75% in the future.
The Athens Medical Group is the largest Greek interest health services provider, with many years of successful presence in the field of health and secondary care in Greece and abroad. It is noted that the Group intends to acquire a minority stake in Ygia Polyclinic in the immediate future.
Board Chairman at ECM Partners Savvas Liasis noted: “Having experienced the Polyclinic and its people lately, we are convinced about the hospital’s excellent growth potential. Equipped with our vast experience in increasing the profitability of vitally important organisations, we are now dedicated to immediately financially reinforcing Ygia Polyclinic with fresh capital, and are focused on achieving its goals through the GHS (general health system), always with the best interests of the patients and our staff at heart.”
Andreas Georgallis, Head of ECM Partners Cyprus and Member of the Ygia Polyclinic’s Board of Directors, added: “We are delighted to complete this process and I would like to warmly thank everyone who contributed to this positive development. Our legal advisers Eraklis N. Kyriakides LLC and Reed Smith LLP deserve a special mention, as does our exclusive financial adviser in this transaction PwC Cyprus, who guided us through this acquisition."
On his part, Porfolio Manager at ECM Partners and Member of the Ygia Polyclinic’s Board of Directors Michalis Papaiacovou stated: “It was a constructive collaboration with the parties that contributed to the successful completion of the acquisition. We have set up a very strong team to manage the Polyclinic and now look forward to further reinforcing its capabilities.”
Ygia Polyclinic’s CEO, Dr George Zachariades, said the acquisition will ensure the organisation’s sustainability, adding that he was convinced it would help the hospital remain a leader in healthcare, “always in the best interests of the patient, and always true to the values that established it as the first choice for its patients for the past 36 years”.
As of 25 September 2023, Ygia Polyclinic – which is Cyprus’ largest private hospital with 550 members of staff and 180 hospital beds – joined the GHS, offering all members of the public access to top quality medical and nursing services, as well as an A&E department.
The hospital’s acquisition is part of ECM Partners’ broader plan to become a leader in the healthcare sector, in Cyprus as well as the Mediterranean region. It previously (in March 2020) acquired a majority stake in the Famar Group, acquiring the pharmaceutical group’s activities in Greece, Spain and Italy with a total turnover of €255m and some 2,000 employees.
It also has a share in the biotechnology research platform Bio-ReCell, which is based in London.
Ygia Polyclinic was founded in 1983 in Limassol’s town centre. It accepted its first patients in 1987.