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Spain’s Nazca Capital to invest €20m in Grupo IMO

22 Dec 2011

Nazca Capital, the Madrid-based private equity firm that spun out of Fortis Bank two years ago, has agreed to buy a majority stake in Spanish radiotherapy company Grupo IMO for €20m.

The deal represents the Spanish firm’s second transaction financed through its Fund Nazca III vehicle.

Grupo IMO offers treatments to almost 5,000 cancer patients annually through a network comprising 11 owned centres located in different regions of Spain.

The company, which employs a team of around 200 professionals, expects to reach sales above €25m this year, with EBITDA of €6.5m, following strong 20 per cent annual growth rates in the last four years.

The investment, which was made through the direct purchase of shares to several shareholders of the company as well as through the subscription of a significant capital increase, will strengthen the group’s balance sheet in order to support ambitious growth plans.

Members of Grupo IMO’s management team have also participated in the deal, reinvesting most of their stakes in the company.

The deal represents Nazca’s fourth this year, following the sale of Guzmán Gastronomía to Miura, the sale of Acens to Telefónica and the acquisition of Eurekakids.

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