By Brazil Stock Guide – Fleury S.A. (B3: FLRY3) announced the acquisition of FEMME Laboratório da Mulher, a São Paulo-based diagnostics network specializing in women’s health, for an enterprise value of R$207.5 million, marking its latest move in a sector consolidation strategy. FEMME, owned by GIP Medicina Diagnóstica S.A., reported R$286.6 million in gross revenue in 2024 from 12 clinics focused on gynecological, imaging, and preventive careFleury.
The transaction, structured at 0.7x EV/revenue and 5.5x EV/EBITDA, falls to 3.3x EV/EBITDA when synergies are factored in, according to Fleury’s statement to investors. The company emphasized that the deal strengthens its presence in São Paulo’s premium healthcare segment, following a series of targeted expansions in diagnostics and personalized medicineFleury.
“The acquisition of FEMME reinforces our leadership in high-complexity and women’s health services,” said José Antonio de Almeida Filippo, Fleury’s CFO and Investor Relations Officer, in the filing. The company will submit the transaction for CADE’s antitrust review and a shareholder ratification, as required by Article 256 of Brazil’s corporate law.
The deal underlines Fleury’s broader push to integrate specialized outpatient networks and enhance its scale in niche medical segments — a trend gaining pace amid competitive pressure from rivals like Dasa and Alliar. With FEMME, Fleury adds a recognized brand with loyal clientele, aligning with its strategy to capture higher-margin diagnostic demand and expand its ecosystem of integrated healthcare services.
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