{"id":83203,"date":"2026-05-12T12:20:10","date_gmt":"2026-05-12T12:20:10","guid":{"rendered":"https:\/\/www.europesays.com\/cz\/83203\/"},"modified":"2026-05-12T12:20:10","modified_gmt":"2026-05-12T12:20:10","slug":"miliardari-dospiva-a-hascak-se-utkaji-se-svetovou-spickou-o-lekarny","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/cz\/83203\/","title":{"rendered":"Miliard\u00e1\u0159i Dospiva a\u00a0Ha\u0161\u010d\u00e1k se utkaj\u00ed se sv\u011btovou \u0161pi\u010dkou o\u00a0l\u00e9k\u00e1rny"},"content":{"rendered":"

Italsk\u00e1 l\u00e9k\u00e1rensk\u00e1 zna\u010dka Lafarmacia je na prodej a\u00a0krom\u011b \u010desko-slovensk\u00e9 investi\u010dn\u00ed skupiny Penta Investments, kterou ovl\u00e1daj\u00ed miliard\u00e1\u0159i Marek Dospiva a\u00a0Jaroslav Ha\u0161\u010d\u00e1k, se o\u00a0ni zaj\u00edmaj\u00ed tak\u00e9 fondy CVC Capital Partners, PAI Partners a\u00a0TDR Capital\u00a0\u2013 ty pat\u0159\u00ed k\u00a0nejv\u011bt\u0161\u00edm sv\u011btov\u00fdm hr\u00e1\u010d\u016fm.<\/p>\n

Vypl\u00fdv\u00e1 to z\u00a0informac\u00ed agentury Mergermarket.<\/p>\n

Lafarmacia, kter\u00e1 spad\u00e1 pod Hippocrates Holding, zam\u011bstn\u00e1v\u00e1 p\u0159es t\u0159i tis\u00edce lid\u00ed. V\u011bt\u0161inov\u00fd pod\u00edl (osmdes\u00e1t procent) v\u00a0n\u00ed dr\u017e\u00ed francouzsk\u00fd fond Antin Infrastructure Partners, kter\u00fd spole\u010dnost koupil v\u00a0roce 2020\u00a0za 560\u00a0milion\u016f eur (13,6\u00a0miliardy korun).<\/p>\n

Od t\u00e9 doby v\u0161ak \u0159et\u011bzec v\u00fdrazn\u011b narostl ze 120\u00a0pobo\u010dek na sou\u010dasn\u00fdch 629\u00a0a\u00a0d\u00e1l roste. V\u00a0roce 2024\u00a0dos\u00e1hl tr\u017eeb 766\u00a0milion\u016f eur (18,6\u00a0miliardy korun) a\u00a0provozn\u00edho zisku p\u0159ed odpisy (EBITDA) 124,5\u00a0milionu eur (3\u00a0miliardy korun). \u010cist\u00fd dluh skupiny \u010dinil 788\u00a0milion\u016f eur (19,1\u00a0miliardy korun).<\/p>\n

T\u011b\u017ek\u00e9 v\u00e1hy<\/p>\n

Organizaci prodeje fond sv\u011b\u0159il bank\u00e1m Goldman Sachs a\u00a0Mediobanca, p\u0159i\u010dem\u017e samotn\u00e1 transakce by podle informac\u00ed z\u00a0trhu mohla dos\u00e1hnout zhruba t\u0159\u00ed miliard eur.<\/p>\n

Na stran\u011b finan\u010dn\u00edch investor\u016f figuruj\u00ed t\u0159i fondy s\u00a0aktivy ve stovk\u00e1ch miliard eur. CVC Capital Partners spravuje p\u0159es 200\u00a0miliard eur, PAI Partners, jeho\u017e ko\u0159eny sahaj\u00ed k\u00a0bankovn\u00edmu domu Paribas, zhruba 25\u00a0miliard eur a\u00a0TDR Capital kolem 15\u00a0miliard eur. V\u0161echny t\u0159i se specializuj\u00ed na odkupy zaveden\u00fdch platforem (tzv. buyouty) a\u00a0maj\u00ed zku\u0161enosti s\u00a0regulovan\u00fdmi odv\u011btv\u00edmi.<\/p>\n

Penta Investments figuruje v\u00a0procesu jako strategick\u00fd uchaze\u010d, tedy investor, kter\u00fd Hippocrates nekupuje jako finan\u010dn\u00ed aktiva, ale jako sou\u010d\u00e1st vlastn\u00edho podnik\u00e1n\u00ed. Skrze svou l\u00e9k\u00e1renskou divizi Dr. Max je toti\u017e Penta ji\u017e nyn\u00ed jedn\u00edm z\u00a0nejv\u011bt\u0161\u00edch hr\u00e1\u010d\u016f na italsk\u00e9m trhu.<\/p>\n

\u201eIt\u00e1lie m\u00e1 obrovsk\u00fd potenci\u00e1l. V\u00a0It\u00e1lii je na cel\u00e9m trhu cca 20\u00a0tis\u00edc l\u00e9k\u00e1ren. Ka\u017ed\u00e1 m\u00e1 sv\u016fj region\u00e1ln\u00ed monopol, tak\u017ee je kupujete n\u011bco jako not\u00e1\u0159sk\u00e9 kancel\u00e1\u0159e, kdy nelze otev\u0159\u00edt vedle l\u00e9k\u00e1rny jinou do ur\u010dit\u00e9 vzd\u00e1lenosti,\u201c uvedl v\u00a0dubnov\u00e9m rozhovoru pro Seznam Zpr\u00e1vy Byznys<\/a> partner Penta Investments Marek Dospiva.<\/p>\n

<\/a><\/p>\n

S\u00edt\u011b l\u00e9k\u00e1ren byly nav\u00edc dlouho z\u00e1konem zak\u00e1z\u00e1ny a\u00a0liberalizace p\u0159i\u0161la teprve ned\u00e1vno. Penta vstoupila na italsk\u00fd trh v\u00a0roce 2018, kdy Dr. Max otev\u0159el prvn\u00ed l\u00e9k\u00e1rnu.<\/p>\n

Velk\u00fd skok p\u0159i\u0161el v\u00a0listopadu 2023\u00a0akvizic\u00ed italsk\u00e9 s\u00edt\u011b Neo Apotek za 400\u00a0milion\u016f eur, kter\u00e1 Dr. Maxu p\u0159inesla p\u0159es dv\u011b st\u011b provozoven. Dnes jich m\u00e1 Penta v\u00a0It\u00e1lii 250\u00a0a\u00a0je podle vlastn\u00edch slov dvojkou nebo trojkou podle po\u010dtu l\u00e9k\u00e1ren, a\u00a0jedni\u010dkou na online trhu.<\/p>\n

Tis\u00edc l\u00e9k\u00e1ren<\/p>\n

Hippocrates Holding vznikla v\u00a0roce 2018, kdy ji pod vlastn\u00ed zna\u010dkou Lafarmacia spoluzalo\u017eili Davide Tavaniello (b\u00fdval\u00fd \u0159editel UBS) a\u00a0Rodolfo Guarino (d\u0159\u00edve v\u00a0Carlyle Group). Oba z\u016fstali i\u00a0po vstupu fondu Antin v\u00a0\u010dele jako spolu\u0161\u00e9fov\u00e9 a\u00a0pod\u00edln\u00edci, a\u00a0s p\u016fvodn\u00edmi investory dr\u017e\u00ed zb\u00fdvaj\u00edc\u00edch dvacet procent.<\/p>\n

Akvizice Hippocrates Holding by Pent\u011b umo\u017enila p\u0159esko\u010dit n\u00e1kladn\u00e9 a\u00a0pomal\u00e9 skupov\u00e1n\u00ed jednotliv\u00fdch l\u00e9k\u00e1ren a\u00a0men\u0161\u00edch \u0159et\u011bzc\u016f a\u00a0okam\u017eit\u011b se dostat na prvn\u00ed p\u0159\u00ed\u010dku. \u201eBudeme skupovat mal\u00e9, rodinn\u00e9 l\u00e9k\u00e1rny a\u00a0mal\u00e9 \u0159et\u011bzce, ale vedle toho se\u00a0d\u00edv\u00e1me i\u00a0na tohoto velk\u00e9ho konkurenta. U\u017e s\u00a0n\u00edm prob\u00edhaj\u00ed jedn\u00e1n\u00ed,\u201c dodal Dospiva o\u00a0Hippocrates.<\/p>\n

Jedna l\u00e9k\u00e1rna se v\u00a0It\u00e1lii prod\u00e1v\u00e1 pr\u016fm\u011brn\u011b za t\u0159i miliony eur. To by implikovalo kupn\u00ed cenu za st\u00e1vaj\u00edc\u00edch 629\u00a0l\u00e9k\u00e1ren celkem 1,9\u00a0miliardy eur. \u0158et\u011bzec v\u0161ak re\u00e1ln\u011b z\u0159ejm\u011b vlastn\u00ed l\u00e9k\u00e1ren v\u00edc, nebo na n\u011b m\u00e1 p\u0159edkupn\u00ed pr\u00e1vo.<\/p>\n

Penta Investments si je v\u011bdoma hodnoty aktiv a\u00a0je ochotna d\u00e1t vy\u0161\u0161\u00ed pr\u00e9mii. \u201eVelk\u00fd konkurent je prot\u0159el\u00fd mezin\u00e1rodn\u00ed investor a\u00a0jen tak se nechce d\u00e1t. My chceme m\u00edt nejv\u011bt\u0161\u00ed pod\u00edl, chceme b\u00fdt jedni\u010dka a\u00a0m\u00e1me dob\u0159e na\u0161l\u00e1pnuto. Optim\u00e1ln\u00ed po\u010det l\u00e9k\u00e1ren v\u00a0It\u00e1lii tak, aby byla pokryt\u00e1, je podle n\u00e1s zhruba tis\u00edc,\u201c \u0159\u00edk\u00e1 Dospiva.<\/p>\n

Penta provozuje l\u00e9k\u00e1rny pod hlavi\u010dkou Dr. Max, p\u0159i\u010dem\u017e s\u00e1z\u00ed na takzvan\u00fd omnichannel model: kombinaci kamenn\u00fdch l\u00e9k\u00e1ren a\u00a0online prodeje, kdy fyzick\u00e9 pobo\u010dky slou\u017e\u00ed mimo jin\u00e9 jako v\u00fddejn\u00ed m\u00edsta pro z\u00e1silky.<\/p>\n","protected":false},"excerpt":{"rendered":"Italsk\u00e1 l\u00e9k\u00e1rensk\u00e1 zna\u010dka Lafarmacia je na prodej a\u00a0krom\u011b \u010desko-slovensk\u00e9 investi\u010dn\u00ed skupiny Penta Investments, kterou ovl\u00e1daj\u00ed miliard\u00e1\u0159i Marek Dospiva…\n","protected":false},"author":2,"featured_media":83204,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[67,68,16252,607,26228,2381,16188,26229],"class_list":{"0":"post-83203","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-byznys","8":"tag-business","9":"tag-byznys","10":"tag-dr-max","11":"tag-italie","12":"tag-jaroslav-hascak","13":"tag-lekarny","14":"tag-marek-dospiva","15":"tag-penta-investments"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@cz\/116561577493632698","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/83203","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/comments?post=83203"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/posts\/83203\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media\/83204"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/media?parent=83203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/categories?post=83203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/cz\/wp-json\/wp\/v2\/tags?post=83203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}