Founded by Mikael Lönn in 1994, M & M Medical has become one of the leading providers of acute care and radiology services in Sweden. The company provides a high quality service, both to patients covered by the State Insurance Scheme and to private patients, while at the same time, it places emphasis on reducing costs. Its highly efficient facilities have helped to significantly cut treatment waiting times.

Of the 75 per cent of the shares acquired by HSBC Private Equity from Mikael Lönn, 10 per cent will be transferred to key individuals in M & M Medical. In 1997, turnover was SEK112 million and it made a profit after tax for that year of SEK11.6 million. During 1998, the company continued to grow and the budgeted turnover for 1999 is SEK250 million.

Mikael Lönn, chief executive, commented: "M & M needs a strong partner that can provide the company with long-term support as competition in our marketplace intensifies. HSBC's experience across Europe in this sector, gives M & M access to knowledge and experience, as well as a vastly increased financial resource. HSBC's participation in the company gives M & M the opportunity to grow through offering the market, safe, efficient medical services of high quality."

Andy Thesen, director, HSBC Private Equity, commented: "We believe M & M Medical has established a winning concept. Since private medical care currently amounts to less than 10 per cent of the total budget for the health and medical services in Sweden, there remains tremendous scope for the expansion of the service across the country. We look forward to supporting the growth of the company in this developing field and helping it unlock its excellent potential."

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