On November 10, 2020, Atrys Health announced an agreement with MCH Continuation Fund (“MCH”) to acquire its 91.7% stake in the Lenitudes company, “100% of the Equity of Lenitudes at 17.1 million euros, including loans from MCH shareholders amounting to 7.8 million euros. The payment to MCH for the acquisition of its 91.7% stake in Lenitudes will be made by delivering ATRYS shares at a value of 7.25 euros per share, which will entail the issuance of 2,253,337 new shares, thus incorporating MCH as one of ATRYS ‘reference shareholders with a two-year lock-up. “
The operation became a reality last Friday, when ATRYS proceeded to carry out the acquisition of 95.01% of the company Lenitudes, the total amount of which amounts to 16,646,226 euros of which 16,460,980 euros will be paid to MCH with the issuance of 2,270,480 ATRYS shares issued at a price of 7.25 euros and the rest of the price has been paid in cash to the minority shareholder.
In 2019 the Lenitudes Group, which has radiotherapy diagnosis and treatment “sites” in Sta. Maria Da Feira, Oporto, Braga and Évora, carried out more than 100,000 medical events, including: 15,000 nuclear medicine examinations, 30,000 medical events radiation therapy and 50,000 diagnostic imaging acts. With this acquisition, ATRYS begins its European expansion with the entry into Portugal which will be its second market on the continent. The purchase of Lenitudes also expands its presence in Portuguese-speaking markets, following the acquisition last August of the Brazilian Axismed and ITMS with a subsidiary in Brazil last July 2020.
The operation will give Atrys a critical mass in the field of radiation oncology in Europe as it will have seven linear accelerators facilitating the centralized planning of high precision radiotherapy treatments and will strengthen the R&D area in the field of oncology. The integration of Lenitudes will allow Atrys to introduce in Portugal its services in the field of online diagnostics, high precision radiotherapy treatments, pathology and genetics diagnostics and AI services.
It is estimated that in 2021, Lenitudes will provide ATRYS with a consolidated turnover of 16 million euros, a Adjusted EBITDA of € 4.0 million and a position of net financial debt of 10 million euros after the divestment of a series of real estate assets whose sale will be used exclusively to reduce the company’s debt, which represents an adjusted EV / EBITDA valuation under IFRS of 6.77x.