A consortium of INVL Private Equity Fund II, IFC and ACP investing in leading Polish private healthcare group POLMED
INVL Private Equity Fund II, the largest private equity fund in the Baltics, managed by the Invalda INVL Group, together with the International Finance Corporation (IFC), a member of the World Bank Group, and Accession Capital Partners (ACP) have signed an agreement to invest in POLMED. POLMED is one of Poland’s largest private providers of multi-profile medical services. The consortium will provide expansion capital to finance the acquisition of KN Group, a leading privately-owned oncology centre. Upon completion, this will mark one of the first two acquisitions by the INVL Private Equity Fund II.
Founded in 1999, POLMED has grown into one of the Poland’s leading private healthcare groups, generating revenues of more than EUR 100 million in 2024. The company operates across outpatient care, imaging diagnostics, home and stationary rehabilitation. With a network of 38 of its own facilities and 2,000 employees, it collaborates with over 4,000 medical partners across Poland, serving over 4 million patients annually and providing services to over 3,500 corporate clients.
The add-on acquisition target, Radomskie Centrum Onkologii (RCO), Gamma Knife Centre and Radom Family Centre (RFC) (together – KN Group), was founded in 2011, and is a leading private oncology centre in Poland. It owns three facilities in Radom, and Warsaw, employing over 700 people and operating 150 beds, including 14 chemotherapy chairs. The target is run by world-class neurosurgeon prof. Mirosław Ząbek and Dorota Ząbek, who will both continue working for the company.
Transaction is subject to merger approval from the Polish Office of Competition and Consumer Protection and other conditions precedent. INVL Private Equity Fund II, IFC and ACP, will each hold significant minority stakes in the combined entity, while POLMED’s founder and president Radosław Szubert together with co-founder and vice-president Romuald Magdoń will remain the majority shareholders and continue leading the company. A strong founder leadership, backed by the support and proven expertise of the investors, will accelerate POLMED’s next growth phase.
Radosław Szubert, founder and president of POLMED, commented: “The connection with the Neurosurgery Clinics perfectly fits into the strategy of POLMED, which aims to increase the complexity of the Group’s services with the patient in mind and to ensure the best possible comfort during diagnostics and therapy. The inclusion of the oncology hospital and the Gamma Knife is part of the strategy implementation. Patients will be provided with an increased amount of services offered by the POLMED Group, which will translate into their comfort of treatment.
On behalf of KN Group, vice president Dorota Ząbek commented: “Both the hospital in Radom and Gamma Knife fulfil the tasks set by patients. We offer both diagnostics and comprehensive oncological treatment at the highest global level. By joining the POLMED Group, we benefit our patients by enhancing the availability of advanced oncological treatments.”
Luke Staniczek, Investments Lead in Poland at INVL Private Equity Fund II, noted: “Our journey with InMedica proved that with the right support, a healthcare provider can grow into a national leader and deliver outstanding results for everyone – shareholders, patients and healthcare ecosystem as a whole. We are confident that POLMED, its founders and their team all have the same potential in Poland, and we look forward to supporting their growth and building our success story together.”
„IFC is supporting POLMED’S transformation into an integrated, digitally enabled healthcare platform,” said Ary Naïm, World Bank Group Country Manager for Poland. “This will help expand access to quality care and improve the availability of specialized services in line with the country’s evolving healthcare needs”.
Piotr Sadowski, Partner at ACP, said: “The impressive growth of POLMED is a testament to the strength of the leadership team, which we look forward to working with. Our rich experience in the healthcare sector gleaned through investments including Medicales, Optimapharm, Amethyst and LUX MED mean we understand the importance of improving patient outcomes, and we are well placed to support the team to do this.”
INVL Private Equity Fund II was represented by Baker McKenzie (legal advisor). Advisors on the deal also included CIC Corporate Finance (M&A for POLMED), EY/EY Parthenon (financial, tax and commercial due diligence), Norton Rose Fulbright Dyczkowski and Partners (legal for ACP (documentation and due diligence)), MJH Moskwa, Jarmul, Haładyj i Partnerzy (legal for POLMED/vendor due diligence), Hogan Lovells International (legal for IFC), Pekao Investment Banking (M&A for KN Group), Domański Zakrzewski Palinka (legal and tax for KN Group).
About INVL Private Equity Fund II
The INVL Private Equity Fund II, the largest private equity fund in the Baltics, which held its first closing in February 2025 at EUR 305 million aims to build a diversified portfolio by acquiring majority or significant minority stakes in high-growth companies with investment of EUR 10 million to EUR 60 million. The fund focuses on businesses with strong potential to grow and compete amid intensifying global competition, targeting opportunities in the Baltic countries, Poland, Romania and the broader Europe Union.
The fund is managed by INVL Asset Management, the leading Baltic alternative asset manager, which is a part of the Invalda INVL Group with over 30 years of experience. The group’s companies manage EUR 2 billion in assets across various investment strategies, including private equity, forests and agricultural land, renewable energy, real estate, and private debt. Additionally, the group provides family office services in Lithuania, Latvia and Estonia, manages pension funds in Latvia and invests in global third-party funds.
About POLMED
Founded in 1999, POLMED has grown into one of the Poland’s leading private healthcare groups, generating revenues of more than EUR 100 million in 2024. The company operates across outpatient care, imaging diagnostics, home and stationary rehabilitation. With a network of 38 of its own facilities and 2,000 employees, it collaborates with over 4,000 medical partners across Poland, serving over 4 million patients annually and providing services to over 3,500 corporate clients.
About the International Finance Corporation (IFC)
IFC — a member of the World Bank Group — is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2025, IFC committed a record $71.7 billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet. For more information, visit www.ifc.org.
Accession Capital Partners (ACP)
Accession Capital Partners (ACP) is investing from its fifth fund AMC V SCA SICAV-RAIF which closed at EUR 336 million in June 2024. ACP has been operating in Central Europe since 2000 through its offices in Vienna, Warsaw, Bucharest, Budapest and Prague. To date, the group has raised commitments of more than EUR 1.2 billion in five dedicated growth capital funds. The funds are backed by reputable institutional investors, including the European Investment Fund, the International Finance Corporation, the European Bank for Reconstruction and Development and a number of banks, family offices, funds of funds, pension funds and insurance companies from Europe, the US and Asia.
Contact person for further information:
Vytautas Plunksnis, Head of Private Equity at INVL Asset Management,
vytautas.plunksnis@invl.com
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