Facilitated by Milo Dvorak
16. 9. 2024
Published by e15.cz on 14 September 2024
Jiří Šmejc's investment group, Emma Capital, completed a major acquisition, taking over 65% of Serbia's largest medical equipment distributor, Magna Pharmacia.
65% of Serbia's largest medical equipment distributor, Magna Pharmacia. The acquisition was confirmed by Emma Capital'sspokesperson, Pavel Zuna.
Emma Capital has owned 60% of Greek pharmaceutical distributor Profarm since 2020. Zuna denies that Emma Capital is building a large regional holding, stating limited synergies between Magna Pharmacia and Profarm.
The deal was considered more of an interesting business opportunity.
Magna Pharmacia's founder, Jasna Stanivuková, retained a 35% stake and remains in the company’s leadership.
The final purchase price could increase, depending on this year’s financial results, which might trigger an additional bonus payment.
Emma Capital is exploring similar investments in the region but does not currently view healthcare distribution as a major division of its business, unlike the gaming industry, energy, and e-commerce. Magna Pharmacia, founded in 1993, has grown into one of Southeast Europe’s largest medical distributors.
Jasna Stanivuková is ranked as one of the wealthiest individuals in Serbia, with an estimated wealth of €530 million (over CZK 13 billion). Magna Pharmacia’s turnover is reported at €150 million (approximately CZK 3.8 billion), though there are allegations of non-transparent state contracts, particularly during the pandemic.
Other Czech businessmen are also targeting Serbia, especially in the real estate, technology, and fast-moving consumer goods sectors.
Czech investor interest in the region has been increasing, according to Tomáš Kindl from Datasite, a company involved in mergers and acquisitions.
Recent Czech acquisitions in the region include Mattoni 1873 acquiring a minority stake in Knjaz Miloš, and IT group Seyfor purchasing a majority in M&I Systems.
Emma Capital's acquisition of Magna Pharmacia is one of its largest recent deals. Other significant investments this year by Emma Capital include the purchase of an 80-megawatt Romanian wind farm for CZK 2.2 billion.
Last year, Emma Capital acquired a majority stake in Poland’s betting company STS for about CZK 4 billion.
In 2022, Emma Capital bought a one-third stake in Croatia’s betting company SuperSport for roughly CZK 3.8 billion.