Horizon Capital, a U.S. private-equity firm investing in high growth companies in Ukraine and Moldova has sold its minority stakes in Ukraine’s largest healthcare network Dobrobut, both companies announced in a joint press release on March 25.
Horizon Capital didn’t disclose the details of the transactions, but the firm previously invested in Dobrobut in April 2019 through its $200 million Emerging Europe Growth Fund III (EEGF III).
Launched in 2017, EEGF III was focused primarily on IT and export-oriented companies in their market.
Dobrobut was an exception in this portfolio but a successful and profitable one according to Lenna Koszarny, Horizon Capital’s founding partner and CEO.
“Dobrobut is an exception to our export-oriented focus and one that we were proud to back during a very exciting phase in its development,” Koszarny wrote in the press release.
Thanks to this investment, Dobrobut acquired the Boris and Dr. Sam clinics in Kyiv and completed the construction of a new flagship hospital, becoming Ukraine’s leading private healthcare provider.
Horizon’s latest fund builds on the success of its previous funds: the $370 million EEGF II launched in 2008 and $132 million EEGF I launched in 2006.
The fund has made 12 investments in core sectors that drive Ukraine’s export boom to access global markets since its launch, the press release said.
EEFG III covers a wide range of Ukraine’s fast-growing, export-oriented companies in IT, light manufacturing, e-commerce, consumer goods and financial services.
The fund has backed Genesis, a global IT product company; Intellias, a fast-growing large IT services company; Yarych, a leading biscuits producer; Liki24, a drug ordering and delivery service; and MAKEUP Group, a European player in the e-commerce market for beauty products, among others.
Horizon Capital manages over $850 million in assets from investors with a capital base exceeding $350 billion. Backed by over 40 institutional investors, its Ukraine-focused funds have invested over $650 million in 140 companies employing over 46,000 people in Ukraine and Moldova according to the press release.
