Medical education group Afya, through its subsidiary Afya Participações, has acquired Sociedade Padrão de Educação Superior (UNIFIPMoc and Fip Guanambi).
The aggregate purchase price (enterprise value) was 360 million reais (£50.2 million), including the assumption of a net debt of 31.1 million reais. The equity value was paid in cash.
UNIFIPMoc and Fip Guanambi form a post-secondary education institution with government authorisation to offer on-campus, undergraduate courses in medicine in the states of Minas Gerais and Bahia. Their reported net revenue last year was 110 million reais .of which 59% came from the medicine course. The 2024 projected net revenue for UNIFIPMoc and Fip Guanambi is 121 reais million at full maturity, with medical courses representing 73% of this amount.
The acquisition will add 160 medical school seats to Afya, increasing its total number to 2,303. There are 40 additional seats pending approval, which, if approved by the Ministry of Education, will result in a potential additional payment of up to 50 million reais.
Afya is headquartered in Nova Lima in Southeast Brazil.
Date published: 4 June 2021