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The Integral Capital Group fund announced a deal to enter the Bulgarian in vitro fertilization clinic "Adella", which is actually indirect - through Embryos, one of the leading IVF clinics in Romania. The fund became a majority shareholder in it at the beginning of the year. Known as Adella Fertility Clinic, it was established in 2018 and is a modern center for in vitro procedures in Sofia, which offers a full range of services in the field of gynecology, reproductive health, infertility and endoscopic surgery. The founder of "Adella" Penko Penkov will remain in the company as a partner and minority shareholder. Associate Professor Alexander Timev from the Urology Clinic at the University Hospital "Alexandrovska" and the Medical University of Sofia is also joining the board of directors of the clinic. The deal is likely to be made through the other shareholder in the clinic - the company "Correct-DE Bulgaria" of Tsvetan Makaveev, which holds 65%. Embryos was also founded in 2018 by three doctors, offering IVF and many other reproductive health services at its clinic in downtown Bucharest. Following the investment from Integral in February, the company announced that it would expand its services in Romania - its first satellite clinic in Buzau is due to open in October, and another in another Romanian city in early 2026. The Adela deal is also part of the expansion plan in the region. The Romanian company's revenue has been growing in recent years, reaching ˆ8.1 million in 2024 with a net profit of ˆ1.85 million. Adela Clinic's revenue for 2023, the last reported year in the Commercial Register, is 4 million leva. Integral was founded in 2019 by Bulgarian Stefan Tsvetkov and managed by him together with Barna Papai, Marko Hinich and Evtim Cesnovski, and is financed by European institutions such as the EBRD and the EIF, as well as the IFC. Its focus is on small and medium-sized companies in sectors such as consumer goods, healthcare, industry, technology, media and telecommunications, etc. Its first investment in Bulgaria was in 2020, when it entered the then leading local TV provider Bulsatcom. In 2022, the fund invested in the company for selling food and drinks through vending machines Breaktime, in the semantic software developer Ontotext, and in the manufacturer of the Econic One electric smart bicycles - Eljoy. The second fund is currently operating, in which the goal is to raise about 150 million euros. Embryos is not Integral's first investment in the Romanian healthcare sector. In 2022, the fund entered the local chain of clinics Medima Health, specializing in imaging diagnostics and radiology, by investing with the local fund Morphosis Capital. In Bulgaria, one of the largest investors in healthcare is the Invenio fund, which has merged its assets into the Haelan healthcare group. The main idea behind it is to become a national provider of healthcare - outpatient, inpatient, mobile teams, rehabilitation, home visits, telemedicine. The most popular company in the group so far is "Policlinica Bulgaria", and the first deal was for "Skin Systems", the multi-profile hospital in Doganovo, next to Elin Pelin. In early September, the group acquired a majority stake in the only private hospital in Montana - "City Clinic - Saint George".

 

 

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