Pátria grows in area of diagnostic medicine
Valor Econômico
The private equity fund, Pátria, former shareholder of Dasa, is making fast progress in the consolidation of its company of diagnostic medicine - called Alliar. Founded just six months ago, the company has already acquired four imaging examination laboratories and its earnings amount to nearly R$ 200 million (US$ 125 million). The goal of the manager of funds is to give continuity to the strategy of acquisition until the company gets big enough for an IPO (Initial Public Offer) and compete with Dasa and Fleury, as found out by Valor. Pátria is putting up a network focused mainly in the area of imaging exams, which provide for greater profitability, but it has not been totally ruled out the purchase of medical analysis laboratories.
Alliar bought the diagnostic medical companies of Axial, which has 10 units in Belo Horizonte, Plani owns seven laboratory units in São José dos Campos and Jacareí, in the interior of São Paulo, besides two other companies of diagnostic medicine located in Campo Grande (MS) and Juiz de Fora (MG). The initial strategy of Alliar is to operate in the places where Dasa and Fleury still do not have strong presence. Sought by Valor, Pátria informed it does not comment its investment policy.
The national market of diagnostic medicine generates nearly R$ 12 billion (US$ 7.5 billion) a year and it features 8 thousand companies that together have 19 thousand laboratory units. "Most companies of diagnostic medicine have an average of two units. The national market is extremely spread out regardless of the consolidations driven by Dasa and Fleury", said Gustavo Campana, co-owner of Formato Clínico, consulting firm specialized in the sector.
The latest major moves were made by those two groups. Dasa, largest diagnostic medicine company, has already made 16 acquisitions since 2005, and one of the most important transactions was the association with the Rio de Janeiro chain MD1, owned by businessman Edson Bueno, entered into in August. With the operation, Dasa became a company with earnings of R$ 2.1 billion (US$ 1.3 billion). Three months later, Fleury counterattacked, acquiring the also Rio de Janeiro Lab's, which belonged to the D'Or chain, for R$ 1 billion (US$ 625 million). The combined net income exceeds R$ 1.2 billion (US$ 750 million).