Funds Charme and Miura negotiate the acquisition of Indiba, the company that develops the physical recovery technology with which they are treated different athletes like tennis players Rafa Nadal Y Garbiñe Muguruza or the motorist Aleix Espargaró, as well as the Spanish Basketball Federation, according to what different financial sources have indicated to EL PERIÓDICO DE ESPAÑA, a newspaper that belongs to this group, Prensa Ibérica. Founded almost four decades ago in Barcelona, Indiba is dedicated to the design, manufacture and distribution of equipment for professionals in medicine, physiotherapy and aesthetics. The company has become popular thanks to elite athletes, having contributed to the recovery of famous figures such as Messi, Pau Gasol, Fernando Alonso or Valentino Rossi, among others.
Since 2017, the Catalan firm has been in the hands of the Spanish venture capital manager Magnum Industrial Partners, which became a shareholder at the end of that year, valuing it at around 60 million euros. Now, according to the same sources, the company would be valued between 100 and 150 million of euros. In any case, the transaction is not signed at the moment. Currently, the shareholding is divided between Magnum and the management team, which has a minority stake in the Catalan company. The Spanish venture capital manager bought Indiba from another fund: Minerva Capital, the former Excel Partners, which became a shareholder in 2006.
Indiba is one of the most desired companies by investors And it’s been on your radar for years because it is a pioneer in radiofrequency technology that it develops, which has more and more applications: from physical recovery (sprains, osteoarthritis or pelvic floor) to aesthetic treatments (flaccidity, scars, etc.) and even for the welfare of animals (improves range of motion and helps with painful chronic diseases). According to the financial sources consulted, interest in this company has been growing progressively, being especially intense with the advance of the coronavirus pandemic.
This is because companies related to health and wellness are more than ever in the crosshairs of venture capital, who are looking for businesses that are highly resilient to the ups and downs of the economy. Moreover, many of these companies have grown thanks to the pandemic, as the population is more aware of allocating more resources to well-being and the incorporation of healthy habits. In fact, since the coronavirus pandemic began, 74% of Spaniards are more concerned about their health, according to the IV Barometer on the Self-care of the Spanish population created by Pic Solution.
important growth
In addition to the business niche in which it develops its activity, another of the reasons why a large number of investors have been interested in Indiba is the significant growth that the company has registered thanks to the Spanish venture capital manager. In this sense, Magnum has helped the Catalan company in the professionalization of the business, focusing on innovation, product development and the sales channel, in digital marketing and in promoting the internationalization of the company until it becomes a worldwide benchmark.
In this sense, Magnum is one of the most experienced venture capital investors in Spain in the health business being a pioneer in this niche, having participated in companies such as Orliman (orthopaedics), Geriatrics (nursing homes), Generis (generics), ITA (mental health) or the well-known Teknon Medical Center. Currently, he also owns the Miranza eye clinics and is developing a project to consolidate the hospital business in Murcia through CMVC (Virgen de la Caridad Medical Center).
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As for the buyers, Charme Capital also has extensive experience in the health sector, being a shareholder of companies such as the Italian Bianalisi (clinical diagnostic laboratories), Igenomix (assisted reproduction) or Bellco (dialysis technology in the hands of the multinational Medtronic), among others. With its pan-European and long-term focus, this venture capital firm invests in companies worth between €100 million and €500 million. Miura Capital, for its part, has less experience in the health business, focusing its investments to date exclusively on the dental health niche with investees such as Proclinic or Terrats Medical. Charme and Miura participate jointly in another Spanish company: Gloval, specializing in real estate asset valuation and consulting services.
The coronavirus pandemic has intensified the interest that venture capital had in the Spanish health industry, making it one of the most desired businesses by these investors, who are looking for companies that are resilient to different economic cycles. Despite the fact that the great hospital consolidation in Spain took place years ago, investors are now looking for other types of businesses focused on different medical specialties, pharmacological or bio-health products.
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