July 3 (SeeNews) - U.S.-based middle market private investment firm Highlander Partners said that it is acquiring a majority stake in Romanian medical services provider Ares Group for an undisclosed sum.
Highlander intends to accelerate growth by introducing new facilities around the country while also enhancing capabilities at existing Ares facilities, it said in a press release on Tuesday.
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These efforts should significantly increase access to high-end interventional cardiology care for patients across Romania, which is currently limited, Dallas, Texas-based Highlander Partners added.
"We believe that together with our new partners we will be strongly prepared to bring the business to the next level and expand our services to the entire country, while continuing to innovate in the field of endovascular medicine in Romania. Given the Highlander team’s extensive medical services investment expertise, we are convinced that we will have both a strong financial and strategic partner," Ares founder and CEO Oren Iancovici said.
The founders of the business, Oren Iancovici and Iulian Plescan, will continue to serve in their roles of chief executive officer and chief development officer, respectively.
"We have spent two years assessing a variety of opportunities in Romania and are extremely pleased to announce our first investment in the country. Ares possesses all the qualities that we have been seeking. It is a market leading business led by an exceptional management team, participating in a space – private pay healthcare – that will become increasingly demanded as the Romanian economy continues to develop," Highlander Partners director Ben Slater said.
Highlander Partners president and CEO Jeff Hull added that the investment firm sees tremendous growth potential in Ares and is equally motivated by its social impact.
Ares is a private provider of interventional cardiology procedures founded in 2013 and headquartered in Bucharest. IIs medical team is operating in five locations in Bucharest, Constanta and Cluj. Along with interventional cardiology procedures, Ares Centers also perform interventional radiology procedures.
Highlander Partners has approximately $2 billion (1.77 billion euro) of assets under management. It focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Highlander Partners implements a 'buy and build' investment approach, creating value by helping companies grow both organically and through acquisitions.
($=0.8836 euro)