Advised on financing


DEG; PBZ - Intesa San Paolo,Croatian Reconstruction and Development Bank - HBOR

Germany, Croatia

Proposed financing

Medikol d.o.o.

The largest private provider of diagnostic and other out-patient services in Croatia Croatia

Provided valuation services to Medikol d.o.o.


Medikol is the largest private provider of comprehensive, high-quality diagnostic and other out-patient services in Croatia. The company operates from 4 locations: Zagreb, Čakovec, Split and Rijeka. The Company's planned expansion includes new location in Osijek in January 2011, new polyclinic in Čakovec and new Medical Complex (polyclinic) in Zagreb in 2011. The principal services of the Company include: PET/CT, MRI, CT, other radiology (mammography, coronography, etc).

The strategy of the Company is to become the leading private specialized out-patient service provider in Croatia and the region. Poliklinika Medikol, sought to raise EUR 26.0 million for the construction of a new medical center in Zagreb, Croatia (Medical Centre Medikol — "MCM").

Unique Selling Points

Maintain its lead position in the sector with the continuing provision of high quality state of the art diagnostic services with national coverage by introducing higher level of services and increased levels of specialisation.

The Investor

The first phase of the project of EUR 26 million was financed through debt financing in the local markets. The lead bank was PBZ - Intesa Sanpaolo who provided EUR 20 million refinancing for the land purchase and phase 1 of the construction works. The supporting bank was Croatian Reconstruction and Development Bank - HBOR (using funds from the European Investment Bank) who invested EUR 6 million in debt for completion of the Phase 1 construction works and equipment financing.

The deal

The entire project consists of additional phases which will be completed in the near future. In addition the financial consortium sought to introduce new improved levels of corporate governance into the company in order to enhance reporting and decision making in accordance with EU directives.

Our team worked with Jurgis and Slaven in a very complexly structured process to see our investment plans become reality. I can honestly say that, in my case, the whole experience proved to me that some of the best friendships can materialise from the highs and lows of the tough business situations we all regularly go through.

The whole team rapidly focused on the project as if it was the most important objective. The process was intensive, round the clock, and at times required massive strategic thinking. That’s all a part of IMAP’s offer. Now, I am sure that once the task is set before them, it will be carried out with great dedication and with fullest commitment to the client. Medikol team was forced to think outside the box, but we were very comfortable working with them.

Boris Sruk