Atrys Health begins its European expansion with the acquisition of Portuguese group Lenitudes

The biomedical company Atrys Health has begun its European expansion with the acquisition of the Portuguese group Lenitudes, an operation valued at more than 17 million euros. Lenitudes, based in Santa Maria de Feira, operates in the health sector and offers a complete range of medical services, such as radio-diagnosis, nuclear medicine, radiotherapy, and chemotherapy.

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Atrys Health, focused on precision medical diagnosis and treatments and a pioneer in the fields of telemedicine and state-of-the-art radiotherapy, thus continues its growth process after having recently acquired other companies. Lenitudes joins the purchases in recent months of the Institute of Cellular and Molecular Studies (ICM), a Galician genetic and genomic diagnostic laboratory; the Brazilian Axismed and the Chilean ITMS.

This inorganic growth strategy in Europe and Latin America is supported by the capital increase of 33 million euros it made at the end of last year and the bond issue of June 2019. The Catalan biomedical company has been listed on BME Growth, formerly the Alternative Stock Market (BME), since 2016, and its main shareholders include Inveready and Grupo Caser. Given this determined commitment to its expansion and the reinforcement its business has received with the pandemic, venture capital funds such as Permira and Macquire have recently shown interest in the Catalan biomedical company, with the intention of knowing its short-term business plan.

To acquire Lenitudes, Atrys has reached an agreement with the Spanish fund MCH, acquiring its 91.7% stake in the group. The integration is expected to take place during the first quarter of 2021. It is estimated that the Portuguese group will contribute a consolidated turnover of 16 million euros in the 2021 fiscal year; an adjusted EBITDA of four million euros and a net financial debt position of ten million euros.