Livonia Partners invests in Estonia's leading healthcare services provider Medicum

April 2025

Medicum Group, a provider of general and specialized medical services, is bringing on Livonia Partners as a majority shareholder in its companies operating in specialized healthcare, rehabilitation, dental care, and home nursing services. The group will continue under its current management. Medicum’s previous majority owner, Dr. Jaanus Vool, will continue as the owner of Medicum family doctor network.

"We are pleased to support Medicum’s next stage of growth in a fragmented healthcare market, enabling better access to services for Estonians and contributing to an increase in years of healthy life," said Maarja Pärs, Livonia Fund’s investment director.

"We see great potential for Medicum to grow and expand in the local market by providing the best healthcare services close to patients. We value highly Dr. Jaanus Vool’s contribution to the development of Medicum and look forward to continuing close cooperation with him," said Kaido Veske, founding partner of Livonia Partners.

"I feel confident knowing that Medicum, built with a dedicated team, will remain in good and caring hands," said Dr. Jaanus Vool, who has led and developed Medicum Group for 24 years.

"The involvement of an investor is necessary to achieve Medicum’s growth and development goals as a major healthcare provider. We aim to further develop areas where access to healthcare services is currently insufficient, such as rehabilitation and radiology. Medicum will continue to emphasize the synergy between its various healthcare services to comprehensively support patients' health journeys," said Tõnis Allik, who will continue as the CEO of Medicum Group.

According to Peep Jalakas, head of corporate banking at SEB Bank, the financing partner for the transaction, Medicum has stood out with its strong business profile and established leadership. "We are pleased to support the healthcare sector, which has clear growth potential, and to back Medicum, a key healthcare provider with strong business fundamentals and clear growth plans," added Jalakas.

Medicum is one of Estonia's largest non-hospital healthcare providers, operating in Tallinn, Harju County, and Tartu, across five locations in total. In addition to general and specialized medical services, Medicum offers rehabilitation, dental care, and home nursing services. After the completion of the transaction, Medicum Group will include AS Medicum Tervishoiuteenused, Medicum Taastusravi OÜ, OÜ Medicum Dental, OÜ Koduõde, and the clinical software development company OÜ Brivera, employing around 450 people. Founded in 1986, Medicum’s latest clinic was opened a year ago in Stockmann.

Livonia Partners is a pan-Baltic private equity investment firm. Currently investing from a €157 million fund, the Livonia team operates in Estonia, Latvia, and Lithuania. In addition to Medicum, the company has recently invested in Estonia’s leading Baltic-wide EDI and e-invoicing operator Telema, heat pump and green home climate solutions provider Bestair, and unified communication solutions provider Wildix. Fund investors include pension funds from the Baltics and Nordics, such as Swedbank, SEB, LHV, and Luminor, as well as the EBRD and the European Investment Fund (EIF), investing through the Baltic Innovation Fund 2 (an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania, and the EIF), among others.