Adelis acquires Finnish healthcare services provider Med Group together with founders and management

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Adelis Equity Partners Fund I (”Adelis”) has agreed to acquire a majority stake in Med Group Oy (”Med Group”) from Terveysrahasto Oy and the company’s two founders, Kustaa Piha and Ali Omar. The founders will retain their roles as CEO and co-CEO and together with the broader management team continue to own a significant part of the company.

Med Group was founded in 2007 and is one of the fastest growing healthcare services companies in Finland. The company caters to the public sector as well as individual customers across Finland. It started its operations within ambulance services in 2007, physician and dentist services in 2008, home care and personal assistance in 2009 and private dental care in 2011. Med Group’s turnover has increased from €5 million to €50 million during Terveysrahasto’s ownership and the company employs approximately 800 people.

“The change in ownership is a natural step in the development of Med Group. Adelis is committed to supporting Med Group’s growth strategy with a particular focus on quality of care, personnel satisfaction and launching new innovative concepts within the healthcare space. Today, the Finnish healthcare system is primarily focused on availability and cost. Despite this we intend to continue to proactively develop the way we produce and monitor quality, as we strongly believe this will pay-off in the long-term. Adelis will be a strong partner as we embark on this journey”, says Med Group’s CEO, Kustaa Piha.

“We are excited about the opportunity to contribute in solving the challenges facing the Finnish healthcare and care sectors. Med Group, with its strong management team and service culture, offers an excellent platform for this. We see growth opportunities in all of the company’s business lines and are particularly excited about the opportunities in the dental and home care & personal assistance areas”, says Rasmus Molander of Adelis.

As part of the transaction, Per Båtelson will invest in the business and take on the roles of Board member and advisor to the management team. Per is the founder and former CEO of Capio and Global Health Partner, Chairman of the Board of Karolinska University Hospital and Humana as well as Board member of Oriola-KD and Unilabs. “Per has been at the forefront of building high performance quality focused healthcare companies for the past 25 years. We believe his know-how, experience and contacts will be invaluable as Med Group now embarks on the next phase of its development”, says Rasmus Molander.

The parties have agreed not to disclose the purchase price. Adelis was advised by KPMG and Dittmar & Indrenius. The sellers were advised by Handelsbanken Capital Markets, Deloitte and Borenius.

For further information, please contact

Kustaa Piha, CEO, Med Group, (+358 50 359 6835)

Rasmus Molander, Adelis Equity Partners, (+46 70 823 7433)

About Med Group

Med Group is a Finnish healthcare company, working to enhance the quality, functionality and efficiency of healthcare services. As a partner to the public sector, Med Group contributes to making certain that equal healthcare services are available for everyone. Med Group’s main fields of activity include ambulance, medical, oral healthcare, home care and personal assistance services. The company employs approximately 800 people with an estimated turnover of €50m. For more information please visit

About Adelis Equity Partners

Adelis is an active investor and partner in creating value at small and medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading lower middle market investment firm in the Nordics. Adelis’ team members have a cumulative 85 years of Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. Our current fund size is SEK 3.7 billion. For more information please visit


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