Private Equity Eyes Healthcare, Dental and Vet Sectors in CEE

• Jul 16, 2025

Private equity interest in Central and Eastern Europe (CEE) remains strong, especially in healthcare, with growing attention now turning to dental and veterinary services as investors expand into adjacent markets.

For over 20 years, private healthcare has attracted private equity funds in the region. As the middle class grew, many people in Central and Southeast Europe began turning to private care instead of relying on underfunded and often distrusted public systems. Countries like Romania, Bulgaria, and Croatia saw scandals that further weakened public confidence in state-run healthcare.

With rising affluence and competition for skilled workers—especially in tech—companies are offering private healthcare as a benefit to attract and retain talent. This shift continues to fuel growth in private health services.

While overall private equity activity dipped in the region last year, healthcare and biotech were still among the most active investment sectors. In Romania, a survey by Roland Berger found that over 40% of private equity funds plan to prioritize healthcare and IT in 2025.

Big-name investors like MidEuropa Partners, Enterprise Investors, and Innova Capital have helped shape the CEE healthcare market. In April, the largest healthcare deal in the region’s history saw Finland’s Mehiläinen, backed by CVC, acquire Romania’s Regina Maria for €1.3 billion. Regina Maria also owns Serbia’s MediGroup, and together they served over 3 million patients and earned €550 million in 2024.

MidEuropa’s strategy has focused on creating regional champions like Poland’s Lux Med and Slovakia’s Alpha Medical. Diagnostyka, one of its portfolio companies, went public in 2025, raising over €400 million.

Beyond hospitals, investors are targeting dental care due to strong demand and fragmented markets. Innova Capital, Morphosis Capital, and Abris Capital Partners have all made acquisitions in dental clinics and labs across the region.

Veterinary care is emerging as another promising area. With more people treating pets like family, firms like Cornerstone and INVL Baltic Sea Growth Fund are investing in vet care networks, including Poland’s LuxVet24 and Croatia’s Vetti Group.

From core healthcare to dental and pet services, CEE’s private health market remains an attractive, expanding space for investor