Sitra exits Mehiläinen

Branch arrangement commenced in 2001 ends in a Nordic company acquisition

Media release 17.3.2006

Sitra will sell its share in Mehiläinen Oyj together with other principal shareholders to H-careholding AB, which owns a Swedish health care company Careman. In the acquisition, Mehiläinen is valued at €152 million. The buyer will make an offer to all shareholders in Mehiläinen with the same conditions. The completion of the transaction is subject to the approval of the competition authorities.

Together with CapMan, Sitra made its initial investment in the then Sairaalaosakeyhtiö Mehiläinen Oy in 2001.

“We wanted to participate in studying and developing new operating models and structures in health care. The aim was to create a sufficiently comprehensive and credible private alternative,” says Ilkka Kouvonen, Sitra’s Business Director and member of the Board of Mehiläinen.

Currently, Mehiläinen is a respected and leading actor in its branch. The nationwide chain comprises 7 hospitals, 17 full service medical centres, 18 units offering occupational health services and one care service unit. The turnover has risen from €39.5 million to €97.4 million and profit from €3.2 million to €8.4 million.

“Mehiläinen has developed into a credible and strong alternative to private customers, professional and cost-effective actor in occupational health care, and a reliable partner to the public sector,” adds Kouvonen.

As a venture-capital investment, the project has been very profitable for Sitra. Sitra will use the capital refunds to implement new projects, for example, in the health care branch in accordance with its strategy.

Further information:

Sitra, Business Director Ilkka Kouvonen, tel. +358-50-380 8600, firstname.lastname@sitra.fi