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Pátria Investimentos’ Olhos do Brasil Acquires Grupo Inob (em português)

August 18, 2017

Pátria Investimentos’ platform company Hospital de Olhos do Brasil has acquired ophthalmology company Grupo Inob for an undisclosed amount. Olhos do Brasil has bought seven clinics and specialized hospitals to date.

(Brazil Journal) No último ano, silenciosamente, o Pátria Investimentos vem construindo um império da oftalmologia.

A gestora já comprou sete clínicas e hospitais especializados e colocou todos sob uma holding, a Hospital de Olhos do Brasil, que já se apresenta como “a maior empresa do setor na América Latina”.

O faturamento combinado das empresas adquiridas já chega a R$ 700 milhões, e a meta é faturar R$ 1 bilhão em 2018.

A estratégia do Pátria é conhecida no mercado financeiro como um ‘roll up’: o investidor escolhe um setor pulverizado e sai comprando empresas até construir massa crítica, pagando parte em dinheiro e parte em ações da holding.

É um modelo que já foi tentado na Brasil Brokers e na Brasil Insurance, por exemplo, e que sofre – às vezes de forma letal – se os interesses dos novos sócios não forem bem alinhados.

No caso da Olhos do Brasil, os médicos continuam à frente das clínicas e deixam de se preocupar com as áreas-meio. Além disso, passam a contar com a expertise do Pátria para achar um comprador para a holding ou levar o negócio para a Bolsa quando tiver musculatura suficiente.

A mais recente aquisição foi há dez dias, quando a holding fechou a compra do Grupo Inob, que tem dois hospitais em Brasília focados em processos de alta complexidade. Desde abril de 2016, a Olhos do Brasil já comprou o Instituto Olhos de Freitas, a DayHorc e a Clínica Villas, na Bahia; o Hospital Oftalmológico de Brasília (HOB); e o Hospital de Olhos Santa Luzia, em Alagoas.

Amaury Guerrero, ex-CEO da operação brasileira da Alcon – a divisão oftalmológica da Novartis – foi contratado neste ano para comandar o negócio.

Ao contrário da medicina diagnóstica, que já conta com diversos competidores consolidados e listados na Bolsa, os hospitais oftalmológicos ainda são um ‘oceano azul’ para investidores.

Trata-se de um negócio em que se ganha na consulta, no exame e nas cirurgias, que são normalmente de baixa complexidade.

“O paciente faz tudo em um lugar. Normalmente, são cirurgias rápidas e com certa escala. Não tem as margens dos procedimentos de alta complexidade, mas, por outro lado, corre-se muito menos risco de estouro de custo e é mais fácil de padronizar processos”, diz uma fonte que conhece o setor.

No ano passado, a UnitedHealth, dona da Amil, comprou a rede de 18 clínicas oftalmológicas do então presidente do Einstein, Claudio Lottenberg, por R$ 200 milhões. Meses depois, Lottenberg assumiu a presidência da UnitedHealth no Brasil.

A experiência mais recente do Pátria com um ‘roll up’ não faz brilhar os olhos.

A Alliar, empresa de medicina diagnóstica criada pelo Pátria com o mesmo modelo da Olhos do Brasil, nunca valeu mais que os R$ 20/ação de sua estreia na Bolsa, em outubro do ano passado. O papel chegou a cair para R$ 11,80 em março e hoje negocia na faixa dos R$ 16,50.

Pátria Investimentos’ Olhos do Brasil Acquires Grupo Inob (em português) was last modified: August 22nd, 2017 by Editor
AcquisitionsGrupo InobHealthcareHospitalsM&AMergers & AcquisitionsOlhos do BrasilOphthalmologyPatria Investimentos
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