Qualicorp Expands

Brazil’s Qualicorp has agreed to buy a 60% position in a pair of businesses from health benefits manager Grupo Alianca, spending more than BRL100m ($49m), it says. It will pay BRL100m immediately for the stake in Alianca Administradora de Beneficios de Saude and GA Consultoria, Administracao e Servicos, and an additional amount in 2014, to be determined based on 2013 Ebitda. The units booked BRL251m in Ebitda in 2011, and Qualicorp claims to be paying a 9.5x Ebitda multiple. Alianca founder Elon Gomes de Almeida will hold 40% of the units, and keep his position as CEO. Qualicorp has the option to buy the remaining 40% after 5 years.