Nazca acquires majority stake in Grupo IMO

Amy King
20 December 2011

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Nazca Capital has acquired a majority interest in Spanish radiotherapy services provider Grupo IMO via the purchase of shares and a capital injection.

The company's founder and key members of its management team have reinvested most of their stakes alongside Nazca's investment, worth around €20m, giving Grupo IMO an estimated value of €50m.

The investment was made through its Fund Nazca III vehicle and represents Nazca Capital's fourth deal of the year. Nazca's third fund closed on €200m and includes international institutional investors such as Alpinvest. The vehicle has completed two investments to date, including the acquisition of Grupo IMO.

Investment will support growth and allow the company to expand its network of healthcare centres.

Company
Founded 20 years ago, Grupo IMO offers radiotherapy services to almost 5,000 patients a year through its network of 12 healthcares centres in various regions throughout Spain and abroad. The company has a team of 200 specialists offering cancer treatments that use the latest irradiation techniques. Grupo IMO expects to record revenues of over €25m by the end of the year and EBITDA of €6.5m, following annual 20% growth rates over the last four years.

People
José Samblas is chairman and founder of Grupo IMO. Carlos Carbó is a partner at Nazca and led the deal for the private equity firm alongside investment director Ignacio Portela.

Advisers
Company - Finae Partners (Corporate finance), Garrigues (Legal).
Equity - Herbert Smith (Legal and fiscal due diligence), PwC (Financial and commercial due diligence).