Nexxus Iberia backs Mercurius Health

Nexxus will deploy an equity ticket of up to €10m this year and will provide additional funding of up to €10m next year to boost the company's growth, Unquote understands. A debt package will also be provided to support the company's international expansion.

The GP co-invested in Mercurius alongside a group of professionals with clinical and managerial experience in the industry, who will lead the business.

Following this acquisition, Nexxus plans to build a platform in the radiotherapy sector with the addition of other strategic companies.

The GP invested in Mercurius Health via Nexxus Iberia Private Equity Fund I, which held a final close on €170m in February 2020. The vehicle targets investments in Spanish companies with EBITDA in the €3-12m range that have the potential to be expanded into Mexico and the US. It has the flexibility to take majority and minority stakes, and uses moderate leverage of around 2x EBITDA. The fund deploys equity tickets of €15-20m and plans to make a total of 8-10 investments in companies with enterprise values of €40-100m.

This is the sixth investment made by the fund and the third inked this year, following its acquisition of Grupo Bienzobas, a provider of specialised oncology care services for insurance companies and hospitals; and its investment in Spanish logistics specialist Maresa Logistica. 

Unquote understands that the GP plans to close one more deal next week. After this seventh investment, the fund will be around 50% deployed.

Nexxus Iberia is part of Nexxus Capital, which has been active in the Mexican private equity market since 1995 and is raising its seventh Mexico-focused buyout fund with a target of $550m. The GP opened its Spanish office in December 2016 with an Iberian team to invest in the Spanish and Portuguese markets, and draw on the support and experience of its Mexican operation.

Company
Founded in 1998, Mercurius Health is a provider of radiotherapy and nuclear medicine services, including PET, and cyclotron-based radiopharmaceutical production to oncology clinics and hospitals in both the private and public sectors.

The company also offers consultancy services, technical cooperation, operational support and training.

Mercurius Health is headquartered in Lisbon, with operations in Portugal, the rest of Europe and Africa.

The company employs 100 radiotherapy and nuclear medicine specialists, and supports around 60% of Portugal's private provision of radiotherapy services.

People
Nexxus Iberia – Maite Ballester, Alejandro Diazayas (managing partners).
Mercurius Health – John Allen, (board member).

Advisers
Equity – Cuatrecasas (legal); Abreu Advogados (legal); PwC (financial due diligence); Attalea Partners (ESG due diligence).

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