History

Company background

Affidea is one of the largest healthcare investors and operators through Private Public Partnerships (PPP) in Europe. The company performs best-in-class radiological diagnostic, clinical laboratory and cancer treatment services in 180 wholly-owned medical centers. The company is continually growing and driving treatment delivery to areas where none yet exists.

Affidea is a Dutch holding company that employs more than 3,500 medical professionals. The company operates diagnostic, clinical laboratory and cancer treatment (radiotherapy) centers in Poland, Hungary, Romania, Bosnia and Herzegovina, Croatia, Greece, Italy, Turkey, the Czech Republic, Ireland, Switzerland, Lithuania, Bulgaria, Serbia and Portugal. Affidea's activities are divided into three divisions - Affidea Diagnostics, which operates diagnostic centers, Affidea Cancer Treatment Centres, which provide state-of-the-art comprehensive cancer treatment services, and Affidea Labs, which provide high-quality laboratory investigations. Affidea is audited by E&Y and its centers operate strictly according to the globally accepted standard – ISO 9001.

  

Company origins

Affidea’s solid foundation dating from the early days of change of the Political Systems in Central/ Eastern Europe, combined with the fundamental strength of its business model has ensured the company’s rapid expansion and powerful investor backing.

1999 GE Equity and Dresdner Kleinwort Benson back the founders of the company with an 8 Million USD for a buyout of Elbit – a company operating several diagnostic centres in Hungary. Euromedic International N.V. is formed.
2000 The company raises a further 8.4 Million USD in equity for expansion. The Global Environment Fund of Washington D.C. underwrites the majority of the issue. Euromedic expands its activities to Poland, Bosnia and Herzegovina and Romania and begins operating dialysis centers beside the diagnostic ones.
2002 GE Capital and Dresdner Kleinwort Benson channel an additional 22.5 Million USD investment into the firm, buying out the Red Sea Group.
2005 Warburg Pincus, GE Healthcare and management buyout the three financial investors which have backed the company from 1999. With the support of ING Bank, they finance the company's growth plan, moving it from market-leading positions in Central and Eastern Europe to become a true pan-European healthcare provider.
2006 Euromedic doubles its activities and expands to Russia, the Czech Republic, Croatia, Greece and Turkey.
2007 Euromedic goes west and expands its business into Italy, Portugal, Ireland, Switzerland and the United Kingdom. In addition, the company entered the PET/CT Radiotherapy, Laboratory Diagnostics and Teleradiology markets.
2008 Euromedic acquires Cientia, a large diagnostic chain in Portugal (14 diagnostic imaging centers and 18 laboratories). The Italian operation expands through the acquisition of Italian Iniziativa Medica Group (including the largest MRI center in Europe, with 13 modalities). In addition, the company continues further expansion in Turkey, Ireland and Romania and enters its 15th country of operation in Bulgaria.
Merrill Lynch Global Private Equity (MLGPE), Ares Life Sciences, Montagu Private Equity and Management jointly acquire Euromedic from Warburg Pincus and GE Capital Equity Investments.
Late in 2008 Euromedic opens its first Cancer Treatment Center in Walbrzych, Poland.
2009 After a significant change in management and with the backing of its new shareholders, the company continues its expansion strategy and strengthens its leading position in the growing and resilient dialysis and diagnostic imaging service markets across Eastern and Western Europe.
The company experiences further expansion in the laboratories' division in the Czech Republic and opens its second cancer treatment center in Poznan, Poland.
2010 In October 2010 Euromedic opens its third cancer treatment center in Banja Luka, Bosnia Herzegovina.
2011 In January 2011 Euromedic concludes the sale of its dialysis care business to Fresenius Medical Care AG & Co., the world’s largest provider of dialysis products and services.
As a reinforcement of its focus on core business, Euromedic enters Lithuania as its 15th country of operation and commissions its 4th cancer treatment center in Koszalin, Poland.
2014 Waypoint Capital and Montagu Private Equity agree terms for Montagu to sell its entire holding in Euromedic International to Waypoint. Through its investment partnership, Ares Life Sciences, Waypoint is already the majority investor in Euromedic and now assumes full ownership.
2015 Euromedic International rebrands globally as Affidea. The new brand embodies the values upon which the company was built and are those from which the company will draw strength to grow and evolve further.
2016 Affidea enters Serbia - its 15th country of operations.

 

Public-Private Partnership (PPP)

Behind the three P’s model lies the concept that private companies can often be more efficient and better run than public bodies. It’s no different within the health provision industry. PPP brings together the public sector with a private healthcare provider. The management skill and financial acumen shaped by market forces ensure better value-for-the-money for taxpayers and better service for patients. The government procures the service rather than asset - securing top-grade medical services for the public and good maintenance of the asset by the private sector.

With nearly two decades developing PPP relationships across Europe, Affidea has been a pioneer, delivering much-needed capital-intensive medical facilities with minimal drain on national budgets. Clearly, the demand for Affidea's specialties in radiography and cancer treatment services suggests major advancements of the model and a greater injection of private sector funding into public healthcare.

Affidea has established a unique and highly effective PPP model, which has been embraced by governments across Europe resulting in a network of state-of-the-art Affidea diagnostic imaging, labs and cancer treatment centers. These facilities are fully integrated into existing public healthcare structures.

From Pioneer to Partner

All parties involved in the partnership enjoy major advantages.

The patient wins:

• Anyone, regardless of income, has access to modern high-end medical services that are often unavailable, or in short supply, in the more outdated publicly managed hospitals.
• Affidea's centers are equipped with state-of-the-art technology and open for scheduled examinations, urgent referrals and emergency cases - in some cases around-the-clock.

The state wins:

• A typical center consists of the most advanced equipment continuously upgraded, modernised and fully staffed with trained specialists providing the best possible treatments.
• Affidea funds the equipping and running of the center, removing this burden from public budgets.
• High-quality services are provided to the public on a local price basis.
• In each country of activity, the focus is put on local recruitment to fill high-skill roles, so enhancing local expertise in cutting-edge medical treatments. This also introduces private sector management techniques into the public healthcare sector.

Affidea wins:

• Due to the reliability and high integrity of public health insurance funds, Affidea can accurately forecast revenue and have confidence that it will recoup its investments.
• As Affidea is committed to reinvesting its profits into new medical facilities, it will remain an attractive and dynamically growing company.