Madrid-headquartered private equity fund Nexxus Iberia has announced that its Private Equity Fund I, FCR has completed its seventh investment by acquiring Portuguese business Mercurius Health.
Founded in 1998, Mercurius Health is a specialized B2B provider of radiotherapy and nuclear medicine services to oncology clinics and hospitals in both the private and public sectors.
Mercurius currently supports almost 60 per cent of Portugal’s private provision of radiotherapy services and employs over 100 radiotherapy and nuclear medicine specialists.
Based in Lisbon, Mercurius has operations in Portugal and Africa and provides services to radiation oncology clients across Europe.
Given the increasing use of radiotherapy in providing cancer treatments, the rapid development of new technology in the sector and the shortage of skilled professionals needed to implement such technology in the clinical environment, Nexxus expects that there will be high demand for Mercurius’s specialised services.
Nexxus is co-investing with a group of professionals with extensive clinical and managerial experience in the industry who will lead the project and accelerate its international expansion.
Maite Ballester, partner at Nexxus Iberia, said: “Mercurius Health has all the elements of the sort of growth project we look to invest in. The company is the market leader in Portugal with a proven and solid business model which can be replicated in many other countries to support oncology providers of care to offer radiotherapy where previously this was not possible.”
Alejandro Diazayas, partner at Nexxus Iberia, added: “Mercurius Health operates in a non-cyclical industry with strong fundamentals. The management team of Mercurius Health has the background and experience to lead the execution of our expansion plan. We are confident the company will be transformed into a European leader in its field within our holding period.”
John Allen, board member at Mercurius, said: “We are excited to have partnered with Nexxus Iberia for this project. It not only secures us the funding required to execute an aggressive growth strategy but will also allow us to promote new state of the art clinical services and data management to our partners so that they can provide outstanding radiotherapy services to their patients. Nexxus’ team industry knowledge and experience in internationalization of companies will be key assets for the success of our project”.
Nexxus Iberia was advised by Cuatrecasas, PwC and Attalea Partners. Abreu Advogados advised the co-investors.
Cuatrecasas' team was coordinated by M&A and private equity partner Mariana Norton dos Reis, together with associate Rui Bello da Silva and tax partners Gonçalo Bastos Lopes and Alicia de Carlos. The Abreu Advogados team was coordinated by partner António Pina and included honorary partner Miguel Teixeira de Abreu.
Nexxus Iberia Private Equity Fund I completed its first closing with €130 million of capital commitments. Typically, the fund seeks to invest in businesses with EBITDA of between €3 million and €5 million.