The largest assisted reproduction company in the world is Spanish and has just been sold for 3,000 million euros

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3,000 million euros. Finally, and if everything goes as agreed, the New York fund Kohlberg Kravis Roberts will pay 1,000 million more than expected just a couple of months ago, when IVI, the Valencian multinational world leader in assisted reproduction, announced that it was going up for sale. But what is the Valencian Infertility Institute and why is someone willing to pay that kind of money for it?


The Spanish healthcare giant. In 1990, a group of professionals from the Clinical Hospital of Valencia (somewhat dissatisfied with the model of assisted reproduction offered at that time) decided create a private group to introduce in Spain practices and procedures that they had learned in the United States. Since then, led by Antonio Pellicer and José Remohí, the Valencian Institute of Infertility has played a very important role in the development of assisted reproduction technologies.

since in 93 they got the first pregnancy in Spain (the second in the world) using testicular sperm because the father had had a vasectomy. They have not stopped introducing new procedures in the country, achieving throughout the 2000s the first healthy children of couples with HIV (2002), cystic fibrosis (2002) and spinal muscular atrophy (2003). Since 2004, it is a university institute linked to the University of Valencia and, since 2017, with the merger with RMANJ It is the largest assisted reproduction group in the world.

We are already designing children (more or less): the secret is not in the modification, but in the genetic selection

The IVI, in numbers. Today, the IVI have more than 65 clinics in 11 countries, invoices around 300 million euros per year and has closed 2021 with an ebitda (net profit) of 135 million euros. That is, the final price represents 21 times the annual benefit obtained. However, it is in line with other purchases in the sector. In the middle of last year, Vitrolife bought the company of assisted reproduction Igenomix, which invoices 90 million euros per year, for 1,250 million.

A hotly contested sale. From the beginning it was taken for granted that the sale process would be closed quickly. a dozen backgrounds they had shown their interest in the company (Carlyle, CVC, KKR, PAI Partners, Bain Capital, Blackstone, Partners Group or Permira) and the question was not only financial, but also strategic.

Therefore, according to industry sourcesit seems that the recent purchase by KKR of GeneralLife (also in the field of health and fertility) and, above all, the fact that the founders, Antonio Pellicer and José Remohí, will continue to lead the project with around 20% of the company’s shares.

3,000 million euros. Finally, and if everything goes as agreed, the New York fund Kohlberg Kravis Roberts will pay 1,000…

3,000 million euros. Finally, and if everything goes as agreed, the New York fund Kohlberg Kravis Roberts will pay 1,000…

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