Horizon Capital’s EEGF III Announces Successful Exit from Dobrobut, Leading Private Healthcare Provider in Ukraine

March 25, 2021

Horizon Capital, a leading private equity firm in Emerging Europe, announced today that its $200 million fund, Emerging Europe Growth Fund III, LP (“EEGF III”, the “Fund”), has sold its minority stake in Dobrobut (the “Company”), to existing shareholders – Oleg Kalashnikov, Dobrobut’s Managing Shareholder and CEO, and Concorde Capital. Financial details of the transaction have not been disclosed.

Horizon Capital invested in Dobrobut in April 2019. Fueled by the Fund’s investment, the Company was able to rapidly execute value-accretive strategic projects, strongly accelerating the growth of the business. Over the last two years, Dobrobut completed two lucrative M&A transactions, acquiring Boris and Doctor Sam clinics; is completing the construction of a new flagship hospital; expanded its network of outpatient clinics, as well as strengthened the management team, further cementing its leading position in Ukraine’s healthcare sector.

Lenna Koszarny, Horizon Capital’s Founding Partner and Chief Executive Officer, said: “We are pleased to announce this profitable exit from EEGF III, Horizon Capital’s fund. EEGF III’s focus is primarily to back IT and export champions, with only a select few domestic-oriented investments made. Dobrobut is an exception to our export-oriented focus and one that we were proud to back during a very exciting phase in its development. We are confident that with these strong capital investments made, the future is bright for Dobrobut and for its shareholders who hold a long-term perspective. Dobrobut’s success is largely a testament to Oleg Kalashnikov, Managing Shareholder and CEO, whose vision, drive and passion are the foundation for the results achieved by Dobrobut, and will ensure that the Company continues to set high standards for quality healthcare in Ukraine.”

Oleg Kalashnikov, CEO of Dobrobut, said: “Attracting Horizon Capital to finance our expansion plan was pivotal in realizing our growth strategy and raising the Company to a new level. Horizon has been a valuable partner. We value greatly their professionalism and contribution to working alongside me and the Dobrobut team to further develop our business. We continue to realize our long-term strategy of developing Dobrobut to provide world-class healthcare services in Ukraine.”

Since launching in June 2017, the Fund has backed 12 investments alongside visionary entrepreneurs. Recently, EEGF III has invested in Creatio, a global software company that provides a leading low-code platform for business process management and CRM; Liki 24, an e-commerce platform for medicine delivery; Makeup Group, a fast-growing European e-commerce leader in the beauty segment; Ajax Systems, a leading smart security systems manufacturer; Genesis, global IT product company; Intellias, a fast-growing large IT services company, and other exciting deals.


Horizon Capital is the leading private equity firm in Ukraine and Moldova, backed by over 40 institutional investors with a capital base of over $350 billion, managing four funds with assets under management of over $850 million and a tenure of 25 years in the region.  The firm is an active, value-added growth equity investor, investing alongside visionary entrepreneurs leading transformational businesses in Ukraine and the near region.  Our investment strategy focuses on export champions in technology, e-commerce and other innovative industries.  We are known for our strong team, high integrity and governance, value creation and track record of successful investments. More at www.horizoncapital.com.ua

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