Brazil's XP acquires controlling stake in eye hospital
Summary
SAO PAULO, June 1 (Reuters) - A private equity fund managed by Brazilian digital broker XP Inc acquired a controlling stake in eye hospital CBV for 200 million reais ($37.48 million), XP’s executives said on Monday. XP plans to use CBV as a platform for consolidation in a sector spread across 5,000 clinics all over the country and annual revenues around 8 billion reais, XP’s partner Chu Kong said in an interview with Reuters. The deal is the latest sign of consolidation in the once fragmented Brazilian healthcare system, a trend previously seen with laboratories, hospitals and oncology practices. Brasilia-based CBV is the first acquisition by XP’s recently launched private equity fund, which raised 1.3 billion reais from more than 5,000 investors in February to invest in middle-sized companies. Founded by physician Marcos Avila in 2004, the hospital posted revenues of nearly 80 million reais last year, making 100,000 appointments and 7,000 surgeries.
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