Adavium said the acquisition will transform the firm into the largest Brazilian medical equipment and diagnostics company in the country as measured by sales and number of customers across both specialties.

The company has also raised $21m fund from investors such as Henry Crown and Company affiliate CVF, as well as from its other existing major investors, including Venrock, Aberdare Ventures and Arboretum Ventures.

The company will use the funds to finance the acquisitions and strengthen strategic capabilities throughout the firm.

Adavium Medical CEO Dr Fred Aslan said: "We have spent the past several years evaluating and acquiring the best Brazilian companies that, together with our team and capabilities, would create the undisputed commercial and manufacturing leader.

"We are now the partner of choice for international companies with premium products. We also develop and manufacture proprietary products that bring the benefits of high-end technologies to the very large, but often ignored, value segment of the Brazilian market that requires affordable options."

Adavium operates two business segments, including medical devices and clinical diagnostics.

Medical devices segment produces products related to esthetics, dermatology, plastic surgery, vascular surgery and gynecology. Clinical diagnostics segment produces equipment and reagents used by clinical laboratories.

In addition, the company has recruited GE Healthcare Latin America former CEO Claudia Goulart as the COO and president for its diagnostics division.

Goulart said: "As a board member, I have witnessed Adavium Medical’s growth from a start-up to the Brazilian leader in medical equipment and diagnostics and I am thrilled to assume a full-time leadership role."

Image: Adavium Medical has acquired clinical diagnostic companies Alka Tecnologia and Hemogram Industria e Comercio. Photo: courtesy of stockimages /