Advent International acquires stake in Fleury

A physician's group with ownership of a major portion of Fleury S.A., Brazil's second-largest diagnostic services provider, recently sold a minority stake in Fleury to global private equity investment firm Advent International.

With the signing of the agreement, Advent gains 13 percent of Fleury, which will keep 28.3 percent of the company. Bradesco Seguros, which owns 16.4 percent of Fleury, will maintain that percentage of ownership while the remaining 42.3 percent of Fleury will, as it has been for some time, be owned by public investors.

The transaction is still subject to closing conditions, but is expected to be done by the fourth quarter of this year.

Fleury began in 1926. The company offers an array of diagnostic services in laboratory medicine, diagnostic imaging, pathology and other medical diagnostic services to hospitals and laboratories throughout Brazil.

Fleury served more than 8 million patients in 2014 and conducted 54 million medical tests at the 153 patient service centers the company operates. In total, the company offers about 3,500 clinical, pathological and imaging tests in 37 diagnostic areas and medical specialties including cardiology, gastroenterology, gynecology, maternal-fetal medicine, neurology, urology, genetic counseling, endocrinology and hematology.

"The demand for diagnostic medicine is growing steadily in Brazil as a result of the country's expanding access to health care services, aging population and increasing focus on preventive medicine, and Fleury is strongly positioned to benefit from these trends," Juan Pablo Zucchini, a managing partner in Advent's Sao Paulo office, said. "We are pleased to have the opportunity to work with the Fleury Board and management team and look forward to applying our global health care expertise and local market knowledge to help the company strengthen its position as an innovative and leading player in the Brazilian health care industry."

Dr. Marcos Bosi Ferraz, Chairman of the Board of Fleury, agreed.

"Health care remains a top priority for the Brazilian population as preventive medicine and early diagnosis are becoming increasingly important areas of focus for patients and insurance providers," Ferraz said.

Advent chief executive officer Carlos Marinelli lauded Fleury's "high-quality medical services," "proven track record of growth" and "highly-motivated management team."

"Advent will bring to the partnership its knowledge and investment experience in the health care sector, and we look forward to working with them as we focus on leveraging our core brands and innovation to enhance the patient experience and drive additional value for our shareholders," Marinelli said.

Since 1996, Advent has invested in 50 companies across the region. The company has been making health care industry investments for more than 20 years.

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