Nazca acquires a majority shareholding in Grupo IMO
Nazca Capital has finalised an agreement for the acquisition, through Nazca Fund III, of a majority shareholding in Grupo IMO, a leading Spanish company in the provision of radiotherapy services for the treatment of cancer, with a national market share of 15%.
With an approximate investment of 20 million euros, Nazca Capital will obtain a majority shareholding in Grupo IMO through the direct purchase of shares from different shareholders of the company, as well as the subscription of a significant capital expansion aimed at strengthening the balance sheet of Grupo IMO and supporting its ambitious growth plans.
Dr José Samblás, President and Founder of Grupo IMO along with the main members of the management team of the company participated in the operation, reinvesting a substantial part of their current shares in Grupo IMO.
It is the fourth operation that Nazca Capital has carried out so far this year, after the sale of Guzmán Gastronomía to Miura, the sale of Acens to Telefónica and the purchase of Eurekakids, and the second operation of Nazca Fund III. This acquisition is subject to approval by the Competition Court.
Grupo IMO provides treatments to around 5,000 patients each year through a network of 11 own centres located in Castile-La Mancha, Murcia, Madrid, Alicante and Seville with a team of 200 health professionals, and is the only operator of the market exclusively specialised in the provision of radiotherapy services, which offers it a unique position for the outsourcing of these services by both public and private hospitals.
Since its foundation 20 years ago, Grupo IMO has been a pioneer in the implementation of the most advanced radiotherapy techniques in the Spanish territory. Currently, the group has 16 linear accelerators for undertaking advanced radiation oncology treatments, including equipment with latest-generation technology, such as robotic radiosurgery (Cyberknife) and 2 Tomotherapy units.
Part of the investment made by Nazca Capital has been implemented as a capital expansion, to allow Grupo IMO to maintain its successful growth and strong investment it has been making in recent years in bringing the latest technology for providing radiotherapy cancer treatments to Spain.
Grupo IMO hopes to achieve sales of over 25 million euros in the 2011 financial year, with an operating result of 6.5 million euros, after experiencing strong growth of over 20% annually in the last four years.
Finae Partners acted as financial advisor for the seller. The legal advisors who intervened were Herbert Smith for the buyer and Garrigues for the seller. Additionally, financial and commercial due diligence were carried out by PWC and the legal and fiscal due diligence were carried out by Herbert Smith.