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Will we see a large transaction on the diagnostic imaging market in Poland? Tar Heel Capital Fund (THC) may sell Tomma Diagnostyka Obrazowa next year, Puls Biznesu reports. Tomma may be an attractive target for both sector investors and the next financial investor.
Tomma Diagnostyka Obrazowa: organic growth and acquisitions
When Tar Heel Capital acquired Tomma Diagnostyka Obrazowa in 2014, the company operated 9 imaging diagnostics laboratories. In addition to activities related to the performance of tests, it also dealt with the sale and servicing of equipment. Due to the fact that her business model was not clear, Tomma was not on the radar of many investors at that time.
THC expired other Tomma activities and focused on expanding the network of imaging diagnostics facilities, which currently has 32 points. The development was achieved through organic expansion and acquisition. As we previously informed, in June the company purchased Bonus Diagnosta, which runs two magnetic resonance imaging laboratories in Bydgoszcz.
The company has also changed its business model in order to become independent from the National Health Fund. Currently, revenues from contracts with the fund account for only 20% of total revenues. In 2018, these amounted to PLN 48m, reported Puls Biznesu citing Tomma’s Chief Operating Officer. Last year, the company opened as many as 10 new outlets, so in 2019 it counts on a significant increase in revenues.
Tar Heel Capital will come out of the investment next year?
The fund has an investment horizon in Tomma until 2023. – We will start to think seriously about the exit from the investment next year – revealed Andrzej Rozycki, managing partner in THC, in an interview with the newspaper. Tomma may be an attractive target for both industry investors (such as LUX MED Group or Affidea), as well as for another financial investor. The queue of potential buyers may be long, as the imaging diagnostics market in Poland, according to PMR data, is a very prospective segment. In 2018-2023, the average annual growth rate (CAGR) may reach nearly 6%.