IGNIA Fund I Co-leads US$6.0 Million Investment in Primedic, Mexican Healthcare Provider to the Base
Thursday, September 4, 2008
Monterrey, Mexico, Sept. 3 /PRNewswire
IGNIA Fund I, LP announced today that it has committed US$3.0 million to Primedic SAPI de CV as co-lead in a US$6.0 million first round of financing for the Company. Primedic, formerly known as Transparencia Medica, is a leading provider of healthcare services in Monterrey, currently operating three clinics and one radiological imaging facility. This funding will enable Primedic to rapidly expand operations to other cities in Mexico and to attain national coverage.
Primedic provides access to unlimited primary health care and selected medical technology services and specialists through an innovative membership program which is affordable to urban individuals and families who earn less than US$3,500 per person per year, the base of the socio-economic pyramid (BoP). “With this investment, IGNIA seeks to provide a cost-effective and quality solution to help bridge the wide gap faced by the majority of Mexicans as they deal with the inefficiencies of public health services, and the high cost of private healthcare,” said Alvaro Rodriguez Arregui, co-founder and Managing Partner of IGNIA. “By bringing the right partners to the right company, we will enable Primedic to help transform the lives of millions of Mexicans.”
Primedic was founded in 2000 by Dr. Paulino Decanini, an internationally recognized doctor who has been a pioneer in public health and a practicing surgeon for over 15 years. Dr. Decanini, who will continue to guide the vision of Primedic as Chief Medical Officer, was recently named by the global organization Endeavor as one of its prestigious Endeavor Entrepreneurs for his visionary initiative in establishing the company.
“IGNIA understands the needs of the low income population and how to rapidly scale businesses in this market,” said Dr. Decanini. “I was approached by most of the top private equity funds operating in Mexico, and I chose IGNIA because of their hands on approach, deep knowledge of the BoP, and commitment to building the company over for long term.”
Tango, a US-based private investment company, is investing the remaining US$3 million of equity capital. Tango is currently one of the largest shareholders of Waldo’s, a Mexican retailer with over 300 stores. “We are delighted at this opportunity to partner with IGNIA to bring our experience in consumer retail business in Mexico to healthcare,” said Scott Beck, Tango Chief Executive Officer. “It reinforces our commitment to a country we deeply believe in.” Beck has over 25 years of multi-unit retail experience and has previously managed and operated Blockbuster Entertainment Corporation Worldwide, Boston Chicken, Inc., and Einstein/Noah Bagel Corp in the United States.
IGNIA and Tango recently recruited Fernando Garcia Rochin, former Chief Financial Officer of Waldo’s, to serve as Primedic’s Chief Operating Officer and Chief Marketing Officer. “Primedic has tremendous potential to scale rapidly and become a premier national company. I am excited to bring my experience in administration, operations, information systems and team-building to an enterprise that will contribute to changing the future for Mexican families,” commented Garcia.