Fleury Closes $41m Femme Buy to Build Brazil’s Women’s-Health Network
BRAZIL · HEALTHCARE
Saturday, May 30, 2026 — 03:00 BRT — By Adele Cardin
—The close: Grupo Fleury concluded its acquisition of the FEMME women’s-health laboratory chain on Friday after the antitrust regulator’s final approval earlier in May.
—The price: The enterprise value of R$207.5m ($41.3m) implies a 5.5x EBITDA multiple, falling to 3.3x with the expected synergies factored in.
—The asset: FEMME runs 12 units across São Paulo with about 400 women’s-health specialists on staff and reported R$287m ($57m) in revenue in 2024.
—The series: The Femme purchase is Fleury’s 22nd acquisition since 2017 and its first dedicated to a single-gender clinical specialty.
—Latin American impact: The deal anchors Brazil’s largest dedicated women’s-health diagnostic platform inside a publicly listed integrated-care operator with 582 national units.
Brazilian diagnostic-services group Fleury closed its acquisition of FEMME Laboratório da Mulher on Friday, completing the R$207.5m ($41.3m) deal after the antitrust regulator CADE’s final approval on May 11. The Fleury Femme acquisition is the largest single addition to the group’s portfolio since the 2022 Hermes Pardini deal and the first focused entirely on women’s-health diagnostics.
The Fleury Femme acquisition terms
The enterprise value of R$207.5m, equivalent to about $41.3m at the current Banco Central do Brasil reference rate of R$5.03 to the dollar, implies a 5.5x EBITDA multiple based on 2024 figures. After expected synergies, that drops to a 3.3x multiple, in line with Fleury’s recent acquisition discipline.
The price is subject to the usual adjustments at close, including the deduction of net debt at completion. Fleury (FLRY3) acquired 100 percent of the shares of GIP Medicina Diagnóstica, the parent company of FEMME.
UBS BB advised Fleury, and Itaú BBA advised FEMME.
The deal was first announced on November 4, 2025, and CADE’s final approval came through on May 11, 2026. The closing on May 29 completed all corporate and regulatory steps in the transaction.
What the Fleury Femme acquisition brings
FEMME Laboratório da Mulher operates 12 units in São Paulo and Osasco, focused exclusively on women’s clinical analysis, diagnostic imaging, ambulatory medicine, and vaccination. The brand has been a fixture of São Paulo’s diagnostic market since its founding and reported R$287m ($57m) in revenue in the twelve months ended in 2024.
The laboratory’s medical staff numbers approximately 400 specialists in women’s health, with a particularly strong gynaecologist referral base. FEMME received B Corp certification in 2023, a rare credential in the Brazilian healthcare sector.
Founder Rogério Ramires stays with the company as senior advisor, with a continuing role on medical-community relations. The L Catterton private equity fund, which bought 60 percent of FEMME in 2018, exits with the Fleury deal.
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Why the Fleury Femme acquisition matters for Brazilian healthcare
Women already represent 62 percent of Fleury’s client base, against 38 percent men. The FEMME addition consolidates that demographic strength into a dedicated brand, sitting between Fleury’s premium primary brand and the more accessible A+ tier.
The wider healthcare backdrop has been supportive. The Brazilian Ministry of Health expanded its 2025 mammography recommendation to women aged 40 to 49, with a shared decision model between patient and physician.
The change has structurally lifted demand for women’s-health diagnostic services and is the kind of regulatory tailwind that supports the Fleury acquisition thesis.
For investors, Citi analysts Leandro Bastos and Renan Prata noted that while the deal is not transformational for Fleury at around three percent of market capitalisation, it adds to the five complementary acquisitions made since 2024, totalling R$481m ($95.6m) in enterprise value.
Fleury Femme acquisition in the wider M&A series
The Femme buy is Fleury’s 22nd acquisition since 2017 and the second in a single week, with the group also having concluded the R$34m ($6.8m) purchase of Laboratório São Lucas, a smaller operator in the São Paulo interior. The pair brings the group to 582 total clinical units across Brazil.
In São Paulo state alone, Fleury now operates 142 units. The combined portfolio creates the largest privately operated diagnostic network in Brazil and one of the largest in Latin America, with the Femme women’s-health brand operating as a vertical specialist inside the group.
Fleury closed the third quarter of 2025 with net income of R$476.1m, up 31.5 percent year on year. The Femme close lands the group’s M&A programme on solid earnings footing for the rest of 2026, with further smaller deals expected in second-tier Brazilian state capitals.
How much did Fleury pay for FEMME?
The enterprise value is R$207.5m, or about $41.3m at the current Banco Central do Brasil rate of R$5.03 per dollar. The transaction is subject to standard closing adjustments including net debt at completion.
What does FEMME do?
FEMME Laboratório da Mulher provides clinical analysis, diagnostic imaging, ambulatory medicine, and vaccination services exclusively for women, through 12 units in São Paulo and Osasco. It reported R$287m ($57m) in revenue in 2024.
Will FEMME keep its brand?
Yes. Fleury has stated the FEMME brand will be preserved alongside the group’s existing labels, with the women’s-health specialty positioning maintained.
Founder Rogério Ramires stays as senior advisor.
For broader Latin American healthcare investment context, read our piece on CAEME’s $8bn Argentine pharma research pledge. For more on Brazilian corporate M&A, see our coverage of the Saudi royal investment in Inter de Limeira.
The Rio Times — Saturday, May 30, 2026 — 03:00 BRT — By Adele Cardin
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