Nexxus Iberia invests in Vivo Diagnostico, and independent diagnostic imaging service provider in Spain

The third investment by Nexxus Iberia Private Equity Fund II (‘Fund 2”) involves the majority acquisition from its original founder and management team, who will reinvest in the project and will continue leading the company

Nexxus Iberia, a Spanish Private Equity firm with c. €500m AuM, has finalised the acquisition of a majority stake in Vivo Diagnostico, company dedicated mainly to diagnostic imaging services and genetic analysis. The business, which generated over €20 million in revenue in 2023 is focused on a network of company-owned clinics in Andalusia, Madrid, and Aragón, accounting for over half of its operations. It also provides services throughout the rest of Spain and Portugal via mobile diagnostic imaging, outsourcing services to hospitals, PET/CT diagnostics, teleradiology services and a genetic laboratory.

The company has established itself as a leading independent platform in Spain with preventive care and wellbeing of its patients at the core of its business purpose. Vivo has developed a company based on innovation, science, people and simplicity to provide integrated diagnostic services. The group employs more than 200 professionals, performs + 400.000 tests annually and counts with a network of more than 100 specialized doctors.

Vivo is the result of the integration of several independent clinics. The team at Vivo Diagnostico has a strong track record in the industry and in integrating and growing businesses. In this journey, the company has developed a solid value-for-money positioning and excellence in operation and innovation.

The company benefits from an expanding diagnostic services market in Spain backed by strong underlying fundamentals including ageing demographics, increasing treatment rates, increasing waiting lines and the need of public administrations to outsource services to specialized providers.

“Healthcare is one of our preferred verticals at Nexxus and Vivo gathers what we seek in our investments: ambitious management teams, markets with long-term trends and opportunities to add value from our side in terms of inorganic growth and digitalization.”Los servicios sanitarios y el cuidado de la salud es uno de nuestros sectores preferidos en Nexxus, y Vivo reúne todo lo que buscamos en nuestras inversiones: equipos directivos ambiciosos, mercados con tendencias crecientes a largo plazo y oportunidades para aportar valor mediante el crecimiento inorgánico y la digitalización”.

Oscar Brihuega, General Manager of Vivo, statesVivo has always stood out for being at the forefront of diagnostic services since its beginnings: we were pioneers in high-tech mobile units and we were also the first to offer at-home saliva PCR testing at the worst moment of the pandemic. We have always combined the technical and personal excellence of all our healthcare professionals with the most innovative and disruptive ideas. And that is why I have found in Nexxus the perfect partner, not only because they support us with their financial soundness, but also because they back the ambitious pipeline of preventive diagnostic innovation projects we are developing. For me, of in fact, it feels like going back to my PhD days in Cambridge, when the sky was the limit and I dreamed of disrupting diagnostics to prevent patients from ever becoming patients: by detecting as many pathologies as possible at an early stage.”.

In fact, it feels like going back to my PhD days in Cambridge, when the sky was the limit and I dreamed of disrupting diagnostics to prevent patients from ever becoming patients: by detecting as many pathologies as possible at an early stage.

Nexxus Iberia was advised on the transaction by Pinsent Masons (legal, tax, labour), Deloitte (financial due diligence), LEK (commercial due diligence), EY (ESG due diligence), Aon (insurance), while Ramon y Cajal (legal), Socios Financieros (M&A) advised the sellers.