InMedica
Established: 2004
Country: Lithuania
Region: Lithuania
Investors: INVL Baltic Sea Growth Fund
InMedica (currently known as Meliva) is the largest and leading private healthcare provider in Lithuania, operating a network of 80+ clinics, 5 medical testing labs and 2 lab sample collection sites across 27 cities. InMedica provides a comprehensive range of services across all three levels of medical care – general practice, specialist consultations, outpatient and inpatient surgery, odontology, laboratory diagnostics, vaccinations, mental health and health check-ups.
At the time of exit, the group employed 3,600+ people, including 370+ family doctors, 1,050+ specialist doctors and 250+ dentists, serving over 310,000 registered patients and delivering more than 2.7 million physician visits annually.
Kęstutis Broniukaitis
CEO and Founder - InMedica
It was a great journey with INVL Baltic Sea Growth Fund – over six years we increased revenue 16.5x, a level we would never have dreamed of reaching by ourselves; the Fund Partners encouraged us to think big and helped us complete acquisitions significantly larger and more complex than ourselves at the time.”
16.5x
Group revenue growth over the six-year holding period (from €9mn to €151mn)
15
Greenfield clinics opened during the holding period
27
Add-on acquisitions completed during the holding period
Key achievements
Largest-ever healthcare services M&A transaction in Baltics history
Transformed a top-3 Lithuanian operator with limited coverage into the undisputed market leader – 3x the size of the nearest competitor by the time exit
Network expanded from 18 primary-care clinics at entry to 80+ clinics, 5 medical testing labs and 2 lab sample collection sites across 27 cities
Service offering broadened beyond primary care into specialist consultations, hospital surgery, odontology, laboratory diagnostics, dermatology, plastic surgery and mental health
Patient base of 310,000+ registered patients (over 10% of Lithuanian population) and 2.7m+ physician visits per year by exit
ESG outcomes: NPS of 80 and CSAT of 95 at exit (both well above industry averages, neither was even measured at the time of entry); majority of clinics switched to renewable energy during the holding period; digital initiatives launched, including telemedicine and integrated patient platforms
Exit via sale to Mehiläinen, a leading Finnish healthcare provider, on 5 March 2025
Funding history
Initial investment by INVL Baltic Sea Growth Fund: 26 February 2019 (the Fund’s first investment)
Entry deal structure: full buyout of a previous financial investor and partial buyout of founder-CEO Kęstutis Broniukaitis, who retained operational leadership
Two public bond offerings during the hold to fund add-on M&A and capex
Larger-scale senior bank financing obtained in 2022, with gradual increases in 2022-2024.
alongside the merger with MediCA Group – partially financing the transaction, alongside additional equity from the GP
As a result, the shareholder structure broadened to include AB City (Latvian healthcare/pharma group – former owner of MediCA Group) and Litgaja (founder-CEO vehicle)
Holding period of approximately six years
Employment impact
Headcount grew from below 300 FTEs at entry (Feb 2019) to over 2,200 FTEs at exit (Mar 2025)
Total group employment of 3,600+ people by exit, including 370+ family doctors, 1,050+ specialist doctors and 250+ dentists
Founder-CEO Kęstutis Broniukaitis retained throughout the hold and continuing post-exit under Mehiläinen ownership, along with the rest of InMedica/Meliva Lithuania’s senior management team.
Investors
