CLASSYS has completed the acquisition of Brazilian medical device distribution group JL Health. It appointed Andrea Lima, former head of Allergan Aesthetics' Brazil business, as the new chief executive officer (CEO).
According to the company on the 5th, JL Health's enterprise value is estimated at about 100 billion won. CLASSYS will acquire 77.5% equity in JL Health. JLHealth wholly owns Brazilian distributor MedSystems.
Along with this, it also secured 100% equity in distribution subsidiaries in Colombia and Argentina. As a result, CLASSYS has established a direct sales system in three key South American countries. The secured customer touchpoints exceed 15,000 locations. The company plans to use this base to expand sales of existing equipment while increasing market share when launching new products.
The acquisition is part of CLASSYS' strategy to expand its business in Latin America. The company sells high-intensity focused ultrasound (HIFU) equipment "Ultraformer" (called Shurink in Korea) in Brazil. It also plans to expand local sales of the radiofrequency (RF) device "Volnewmer" and the new product "Quadsei."
Andrea Lima, appointed as the new MedSystems CEO, has more than 20 years of experience in aesthetic medical devices and healthcare. At Allergan Aesthetics, a subsidiary of U.S. company AbbVie, Lima oversaw the Brazil business.
Choi Yoon-seok, CEO of CLASSYS, said, "Brazil is a market with high growth potential," adding, "We expect improvements in sales and profitability through the acquisition of MedSystems." Choi also said, "Brazil will serve as a key base in the global expansion process, including Volnewmer's entry into China and Ultraformer's entry into the United States."