When Jonas af Jochnik agreed with Bengt Beckman to invest in Medicover, the investment was made as one of a number of investments in the ORESA Ventures portfolio. Over time ORESA Ventures’ share of Medicover had increased into a controlling stake.
In 1997, Svenska Handelsbanken in Stockholm advised Jonas af Jochnik and the Board of ORESA Ventures to seek a listing on the Stockholm Stock Exchange to provide capital for further expansion. Soon the Board of ORESA Ventures started deliberations on how to develop the company’s activities. It was recognized that it would be very difficult to support Medicover's growth to its full potential, while at the same time developing a broader venture capital portfolio.
The key choice for ORESA Ventures was whether to sell the Medicover business to an industry investor, and retain the remaining venture capital portfolio, or the opposite, e.g to dispose of the non-Medicover assets, and put full focus on developing Medicover. It was decided to concentrate on developing Medicover and spin off the remaining venture capital portfolio.
As a consequence of this change, Fredrik Rågmark, who until then had functioned as the Managing Director of ORESA Ventures, took over the Medicover CEO role and Joe Ryan who had joined ORESA Ventures as Finance Director in 1996, became Medicover’s CFO .