Lux Med

Country Poland
Region Mazowieckie
Investor Mid Europa Partners

When Mid Europa Partners invested in the Polish healthcare services business Lux Med in 2007, the company had 14 clinics serving 220 000 patients and generated revenues of less than €40m. During Mid Europa’s six-year investment, it helped transform Lux Med into Poland’s largest healthcare provider by acquiring and integrating more that ten complementary healthcare businesses.

Not only did this increase the size of Lux Med, but it also expanded the company’s scope, taking its services into out-patient care, diagnostics, in-patient and long-term care services. It also grew geographically across the country to serve one million patients through 100 clinics, and established Lux Med as the benchmark for operational excellence in Poland. The group was sold to British private healthcare organisation Bupa in 2013.

Together with Mid Europa we transformed the Polish market and are now the established leader.

Anna Rulkiewicz CEO, Lux Med

What did the business need?

  • Expansion of service offering to build the only nationwide provider
  • Investment in new clinic openings, medical equipment and IT systems, including electronic health records
  • A best-in-class management team

How did private equity backing create lasting value?

  • Consolidated the fragmented healthcare market
  • Integrated several businesses into one legal entity with a single management team
  • Implemented a single IT system
  • Expanded service offering to include: image diagnostics, inpatient services and long-term care
  • Unified best-in-class medical procedures across the entire clinic network
  • Rationalised six legacy brands into two leading umbrella brands

What outcomes did private equity investment achieve?

  • Created largest healthcare provider in Poland, serving over one million patients across 100 clinics
  • Increased employee numbers from 2,000 in 2007 to 8,000 2013 and the largest private healthcare employer in Poland
  • Increased revenues five-fold from EUR 40m to EUR 200m and EBIDA margins from 12% to 16%


increase in number of patients served


increase in revenues to €200m

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