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Bucharest
August 17, 2022
BUSINESSBUSINESSCOMPANIESECONOMY

Dental imaging network DigiRay, which is majority-owned by Black Sea Fund, acquires Dental Scan clinics, strengthening its presence in the Bucharest market

The company aims to expand by 15 clinics in 2022 through both organic growth and acquisitions

 

 

  • The company enters the Bucharest market through the transaction with Dental Sca
  • Clinics in all Romanian cities with more than 40,000 inhabitants
  • Two other transactions in due diligence
  • Plans for organic growth and acquisitions to expand with 15 more clinics in 2022

 

Dental and maxillofacial imaging network DigiRay which is majority-owned by Black Sea Fund, has bought Dental Scan clinics thus expanding in Bucharest with two more units. The company has currently 14 clinics and by the end of the year, it could reach 21-26 units both through its openings and through acquisitions.

DigiRay is a dental and maxillofacial imaging clinics network founded in 2011 by the doctor Cristian Pop in Zalău. At the end of 2020, DigiRay attracted Black Sea Fund as an investor, which bought the majority stake.

 

 Plans: Clinics in all Romanian cities with more than 40,000 inhabitants

 

The acquisition of Dental Scan, which has two clinics in Bucharest (in Floreasca and Obor) is part of DigiRay’s strategy to expand to all Romanian cities with more than 40,000 inhabitants.

 “This acquisition strengthens DigiRay’s position in the Bucharest market, an extremely important market for us that we have wanted to reach for many years. We are also in talks with two other companies and hope to complete these transactions as soon as possible. We have big growth targets by the end of the year, but also for 2022, with Black Sea Fund’s support being essential for the company’s expansion,” says Cristian Pop (photo), founder, and CEO of DigiRay.

Currently, DigiRay has a network of 14 clinics in Zalău, Satu-Mare, Baia-Mare, Cluj-Napoca, Târgu-Mureș, Bistrita-Nasaud, Sibiu, Craiova, Constanta and Bucharest. The company also has a dental laboratory in Cluj-Napoca.

 

 Two other transactions in pipeline

 

DigiRay will open seven more units by the end of December in Botoșani, Suceava, Galați, Brăila, Râmnicu -Vâlcea and Pitești. The network could end the year with 21- 26 units, the number depending on the timing of the completion of the deal with the two Dental Scan clinics and two other deals that could also be completed in 2021 for Bucharest and Cluj-Napoca.

“DigiRay is a company that has grown a lot this year and will maintain this rhythm in 2022. If this year the network expanded by about ten clinics, next year the entrepreneurs intend to add about 15 units, through organic growth and acquisitions. Also, since October they have exceeded their operating profit target, which reconfirms the confidence we placed in them a year ago,” says Matei Păun, co-founder of Black Sea Fund, the investment fund that owns a majority stake in DigiRay.

 

 

 

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