Serbian medical technology distributor Magna Pharmacia has secured expanded bank financing as its parent, Magna MedTech Group, continues to build a healthcare distribution business with annual turnover above €250 million across Southeast Europe.
A consortium of European banks led by Czech lender Česká spořitelna increased existing credit facilities for Magna Pharmacia and arranged new financing for Magna MedTech Group. International law firm CMS advised the lenders on the two cross-border arrangements. The transaction values, maturities, interest rates and collateral arrangements have not been disclosed. The available information also does not specify whether the new facilities directly financed the group’s latest acquisition or the amount of additional debt assumed.
The financing supports a regional healthcare investment platform controlled by Czech private investment group EMMA Capital, which acquired 65% of Magna Pharmacia in 2024. The Serbian distributor subsequently became the foundation for acquisitions in Romania, Montenegro and Bulgaria.
Acquisitions expand the group across four markets
Founded in 1993 by Jasna Stanivuk, Magna Pharmacia supplies medical equipment and services to Serbia’s healthcare sector. Stanivuk retained a 35% minority stake after EMMA Capital’s investment. The company represents international medical technology manufacturers including Abbott Laboratories, GE HealthCare and Zimmer Biomet, providing an established domestic distribution business from which the group has expanded into neighbouring markets. Magna MedTech acquired Romanian diagnostic equipment distributor Diamedix, whose annual revenue was approximately €67 million. Laboratory diagnostics and related supplies accounted for most of Diamedix’s business.
The group then acquired 65% of Montenegro’s Urion. Urion generated approximately €13 million in revenue in 2024, providing an established distribution operation in the Montenegrin market. The latest reported expansion took place in September 2026, when Magna MedTech acquired 70% of Bulgarian healthcare distributor RSR Group. The Bulgarian company generates approximately €70 million in annual turnover and operates in surgical equipment, diabetes care, ophthalmology and other specialist medical segments.
Regional operations generate more than €250 million annually
Following the acquisitions, EMMA Capital reports that Magna MedTech operates in nine countries and generates annual turnover exceeding €250 million. The figure relates to the enlarged regional group following the Bulgarian transaction, rather than to Magna Pharmacia’s Serbian operations alone. Serbia remains the group’s largest market, contributing 51% of total turnover. Romania and Bulgaria each account for 22%, while Montenegro represents 4%.
The acquisitions have expanded the group’s geographical reach and product portfolio, combining medical equipment distribution, diagnostic products and supplies for healthcare providers across multiple national markets.
The strategy brings together established local distributors, international medical technology manufacturers and investment backing from EMMA Capital. The enlarged operation provides a regional platform for procurement and distribution, while retaining business operations in the countries where the acquired companies were established.
Bank financing supports cross-border expansion
The latest arrangements involve both an expansion of existing facilities for Magna Pharmacia and new financing for Magna MedTech Group. Their structure reflects the financing requirements of a distribution business operating across several jurisdictions. Medical equipment distributors often need working capital to purchase imported equipment, diagnostic products and inventories before receiving payment from customers. Hospital procurement cycles, public-sector payment practices, foreign-exchange exposure and supplier agreements can all affect cash flow.
A larger distribution group may be able to increase purchasing volumes, diversify its customer base and negotiate broader distribution agreements with international manufacturers. However, acquisitions also bring integration expenses, additional debt obligations and more complex financial reporting and regulatory compliance requirements. For lenders, the relevant financial considerations include consolidated cash flow, leverage, inventory financing, the quality of receivables and the ability of subsidiaries to support group obligations. The undisclosed terms of the Magna MedTech financing leave the size and structure of the group’s additional borrowing unclear.
Serbian distributor provides a base for regional investment
Magna MedTech’s development began with the acquisition of an established Serbian business and expanded through purchases of national distributors in other Southeast European markets. The model differs from establishing a new foreign-owned distribution subsidiary because it builds on existing companies, customer relationships and market positions. The group’s operations create business activity in corporate management, procurement, technical services, logistics and regional healthcare distribution. Its combination of equipment sales, diagnostic supplies and medical consumables also provides several product categories across its markets, although the financial contribution of each segment has not been disclosed.
Southeast Europe’s fragmented healthcare distribution market offers private equity investors opportunities to acquire established national businesses and combine them into larger regional groups. The commercial performance of such platforms depends on whether expansion produces sustainable profitability, alongside higher turnover, while managing integration costs and working-capital requirements. With reported annual turnover above €250 million, Magna MedTech has established a substantial regional operation. The latest bank financing supports the group’s expanded structure as it manages the financial and operational requirements associated with its acquisitions.
