The asset manager Inveready, known in Spain for having participated in the success of the telecommunications company MásMóvil (now MasOrange) and for participating in other companies in the sector such as Parlem or Avatel, reinforces its commitment to the private health firm Orgoa. The manager, through GAEA, an investment arm that was born in 2019 with 150 million available capital, has acquired the purchase of the technology company A2B Visual from its investee.
The fund with origins in San Sebastián thus wants to expand its horizons in the insurance sector by diversifying Orgoa, specialized in the management of prosthesis, oncological, and all types of health treatments. Now, with the purchase of A2B Visual, the group will have the technology used by the Galician company to manage claims – like Orgoa –, but mainly originating from automobile insurance companies.
The operation, which amounts to just over 21 million euros, has been carried out with a leveraged buyout (LBO, in the jargon of the sector) in which Caixabank has provided the necessary financing. This financial entity was the same as in 2021 facilitated GAEA to take control of Orgoa by lending 10 million euros.
A2B Visual has three offices located in A Coruña itself, as well as in Lisbon and Sofia. Established in 2006, it has 19 employees and a total turnover in 2023 – the last year available – of practically 10 million euros and profits of almost 2.5 million euros.
Orgoa, for its part, specializes in claims and supplies for health insurance companies, through the technological development of claims management platforms. It offers this service in the fields of prosthetics, hemodynamics, oncology and radiotherapy. Its presence extends to Spain, Portugal and Mexico.
The purchase and sale operation was completed in the last days of last December, advised by the Cuatrecasas law firm. Inveready, A2B Visual and Orgoa were contacted by elEconomista.es, but did not respond by the time this information was published.
Inveready currently has around 1.2 billion euros under managementa portfolio with more than 210 companies. One of its most notable operations was the one carried out with MásMóvil, where the fund divested in 2020 after a decade where it achieved a return 56 times higher than the investment.
GAEA, for its part, has made new investments in recent years. In 2023 it bought Argomániz, a leading company in the manufacture of articulated elements for the rest sector. It is also invested in Uvesco, Padel Group 360 and Conexus Networks, among others.
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