All news 12.01.2015

The EU Investment Fund through its Empower Capital Fund Stands Behind the Large-Scale City Clinic Investment Program

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Empower Capital Investment Fund and Mr. Alexander Minov invest in City Clinic for the establishment of three new hospitals, including a unique Oncological Hospital Facility

City Clinic investment program exceeds BGN 200 million (ca. EUR 98 mln.) – it aims to build a cutting-edge oncology hospital facility in Sofia, expand the existing hospital in Sofia by raising a new building and establish a General Hospital in Varna with a capacity of 150+ beds.

The Empower Capital Investment Fund joins the program under an equity investment. This fund distributes the EU Investment Fund means. This is its very first investment in a Bulgarian company. In addition, a share in the company will have Mr. Alexander Minov, a private investor.

The first step is a BGN 70 million (ca. EUR 34 mln.) investment for the construction of City Clinic Oncology Center in Sofia. The hospital will start admitting its first patients as early as the end of 2015. City Clinic aims to become the largest provider of medical services in the country within the next three years.

City Clinic Oncology Center will have three high-class linear accelerators, 100+ beds and will provide access to unique technologies and IT solutions to cancer patients. Leading oncologists will work in the modern hospital; some of them currently practice in world-famous hospitals across Europe and around the world. City Clinic Oncology Center will provide a wide range of services including medical oncology, radiation therapy and radiosurgery, nuclear medicine, bone marrow transplantation and stem cell therapies, genetic counselling, onco-hematology. The Center has been specifically designed by the HKS – a leading American architectural bureau specialized in designing leading hospital facilities around the world.

 “Our goal is the new oncology hospital to be very first in Bulgaria to provide multidisciplinary treatment of cancer patients”, said Mr. Ilian Grigorov, City Clinic co-founder and CEO.

City Clinic ambition is to provide treatment to Bulgarian cancer patients at the new Oncology Hospital at such a level that will be unmatched by any other cancer center in the region. “We expect even cancer patients from neighboring countries to choose our hospital and get access to such treatment”, said Mr. Andrey Markov, City Clinic co-founder and CEO.

 “We decided to invest BGN 5 million (ca. EUR 2,4 mln.) in the Oncological Hospital project because we believe in City Clinic’s mission to provide affordable medical services of highest quality to as many Bulgarians as possible", explained Mr. Elvin Guri, Empower Capital Director. “Our fund was founded under the JEREMIE program and its mail scope is to support exactly such bold projects – both in healthcare and in other public industries”, added Mr. Guri.

 

City Clinic Investment Consultants are Entrea Capital, a Rothschild partner in Bulgaria, and Djingov, Gouginski, Kyuchukov and Velichkov Law Firm.

 

About the new investors of City Clinic development program:

Empower Capital:

Empower Capital is an investment co-financing fund, established with funds under the JEREMIE program. Together with proven private investors, the Fund will invest EUR 16 million in Bulgarian industrial, technology or service sector companies. The Fund is managed by EMP Invest Bulgaria SA. Empower Capital’s mission is to provide additional capital and management expertise to companies of high potential in building a sustainable leadership position and competitive advantages in their chosen markets and industries. The Fund may invest up to EUR 3 million in a single company or project. The JEREMIE program funding comes from the European Investment Fund.

 

Mr. Alexander Minov:

Mr. Alexander Minov is a private investor, a major shareholder in Risoil Group Company. Risoil Group is represented by several companies with offices in Switzerland, Ukraine, Georgia and Bulgaria. His main sector of interest is trade of commodity goods.