GENNET becomes part of FutureLife
December 2, 2014
Company owners of GENNET and FutureLife agreed to join forces, which should lead to improvements in services provided to clients of both medical groups. The transaction is expected to be settled after its approval by the Czech Office for the Protection of Competition in the first quarter of 2015. Upon completion of the transaction, GENNET will become a part of FutureLife holding while current owners of GENNET will become shareholders in FutureLife and will participate in its development.
Medical holding FutureLife is in majority owned by Hartenberg Holding, in which shares are ultimately owned by Andrej Babiš and Jozef Janov.
GENNET, founded in 1996, is a leading provider of comprehensive care in the field of medical genetics, fetal medicine and assisted reproduction in the Czech Republic. GENNET operates two clinics in Prague, one in Liberec and one in London. In fiscal year 2013, GENNET sales reached approximately 360 million CZK.
“FutureLife Holding, which Mr. Janov managed to build up in such a short time, has a huge potential and additionally brings together our longstanding collaborators and colleagues with excellent expertise. Cooperation with such a strong partner gives GENNET opportunity to implement large projects in medical genetics and other foreign expansion”, said Matěj Stejskal, executive of GENNET.
“After the merger with GENNET, FutureLife reaches a form to which we directed to the whole year. As a leader in genetics in Central Europe, GENNET perfectly complements medical facilities that FutureLife already owns. We are also pleased that the London clinic City Fertility Center, which is part of the transaction, adds FutureLife a western European dimension”, said Jozef Janov, co-owner of Hartenberg.
With the acquisition of GENNET, FutureLife continues to expand in the field of assisted reproduction and artificial insemination. This year, the holding already bought a Prague IVF clinic ISCARE and two Iscare clinics in Slovakia along with companies Reprofit and GynCentrum International that manage clinics of gynecology and reproductive medicine. In the autumn, FutureLife also announced the acquisition of Sanus, a provider of assisted reproduction and a specialist in aesthetic surgery, gynecology and urology, and Vidia Diagnostics, a provider of laboratory services. The total annual turnover of FutureLife together with Gennet is expected to reach approximately 1.4 billion CZK.
Patria Corporate Finance acted as a financial advisor to the owners of GENNET. The law firm PRK Partners provided legal advice to the sellers. Ernst & Young as a financial and tax advisor for the buyer. The law firm Mikuláš a partneři featured as a legal advisor to the buyer.
Hartenberg Holding is a company focused on investments in assets in the Central European Region, primarily Czech Republic, Slovakia and Poland. Equity commitments from the founders reach 200 million EUR.
We prefer to be a long-term investor in companies we acquire, in some cases we may stay “forever”.
Shareholders of Hartenberg Holding are Mr. Andrej Babiš and Mr. Jozef Janov.