SYNLAB to acquire Laboratorio Médico Polanco and Laboratorio Clinicos de Puebla
SYNLAB is to acquire Laboratorio Médico Polanco and Laboratorio Clinicos de Puebla (LMP & LCR), a network of over 100 diagnostic service points in Mexico.
By integrating LMP & LCR into the international SYNLAB laboratory network, SYNLAB will strengthen its strategic position in the region.
SYNLAB will be ideally structured and positioned for further expansion and integration of bolt-on acquisitions in Mexico and Latin America.
SYNLAB, Europe's leading medical diagnostics services provider, with a presence in five Latin American countries, announces a corporate agreement with Medica Sur to acquire LMP & LCR to increase its presence to Mexico.
With the scheduled acquisition, SYNLAB will incorporate LMP & LCR's dense network of more than 100 diagnostic service points mainly located around Mexico City and Puebla and employing 1,700 people. In 2020, LMP & LCR achieved revenues of MXP 1.3 billion (EUR 55 million), including COVID-19 testing services.
SYNLAB will benefit from LMP's & LCR's excellent reputation gained from their long standing patient-centric approach to diagnostics and commitment to medical excellence. LMP & LCR deliver these high-end diagnostic services directly to patients via their regional network as well as by partnering with local hospitals and third party laboratories. In addition, LMP & LCR provide diagnostic services to corporate clients.
The acquisition of LMP & LCR is an important milestone for SYNLAB's strategy in Latin America. Building up on this newly acquired platform in Mexico and an enthusiastic management team, SYNLAB will bolster cross-border cooperation in the region.
Mathieu Floreani, CEO of SYNLAB, says: "The incorporation of LMP & LCR into the SYNLAB network will further strengthen our position in Latin America. It will provide us with a good platform to expand our services in Mexico and beyond. We are also looking forward to welcoming a highly qualified and talented team to the SYNLAB family. With the support of the whole group, the new management team will continue or even accelerate SYNLAB's growth path in the region."
The acquisition is subject to customary anti-trust approvals, with closing expected in Q4 2021. SYNLAB is well on track to exceed, in 2021, the EUR 200 million M&A target set as mid-term guidance.