Classys said that it has completed its acquisition of Brazil’s medical device distribution group JL Health and appointed Andrea Gaeta Lima, the former general manager of Allergan Aesthetics’ Brazil business, as CEO of Medsystems, as the Korean aesthetics device maker moves to run a direct commercial operation in Latin America.
JL Health’s enterprise value is estimated at 100 billion won ($68 million), Classys said. Under the transaction, Classys acquired a 77.5 percent stake in JL Health, which fully owns Medsystems. Classys also said it will acquire 100 percent of JL Health’s distribution subsidiaries in Colombia and Argentina as part of a plan to build a direct sales and distribution structure across key South American markets.
In Brazil, Classys said it will use Ultraformer, its ultrasound skin-lifting device, to support uptake of Volnewmer, its radiofrequency device, and speed the rollout of newer products, including Quadessy, another radiofrequency system.
Lima, CEO of Medsystems, has more than 20 years of experience across aesthetic medical devices, consumer products and healthcare. She previously led the Brazil business at Allergan Aesthetics, an AbbVie unit, and was responsible for management across parts of Latin America and Europe.
Classys Representative Executive Officer Choi Yoon-suk said Brazil will add momentum to Classys’ broader expansion plans, including Volnewmer’s planned entry into China starting this year and a planned U.S. launch for Ultraformer next year.
