OUR PHILOSOPHY

Making the difference by investing in high impact sectors

Significant potential growth in the education and healthcare sectors

HEALTHCARE

  • Steady increase in penetration of Healthcare plans

  • +47 million beneficiaries of private plans

  • +600 Healthcare plans operators

  • +6.000 hospitals

EDUCATION

  • +50 million students in basic education

  • +30 million students graduated in high school not enrolled in Post-Sec

  • +2.000 universities

  • +35.000 schools

Strong macro fundamentals

  • Low penetration, high fragmentation, pent-up demand

  • Aging population and attractive demographics

  • Among top 3 desired services by Brazilians

  • Low quality of the public system

Resilient sectors & recurring revenues

  • Anti-cyclical, resilient businesses in downturns, with long cycle revenue models

    • Education (4-12+ years  cycles)

    • Healthcare (“subscription model”)

  • High predictability of revenues and costs

  • Predictable cash flow generation

Known value
creation levers

  • Known (and similar) key value generation levers (revenues, costs, capex, organic growth and M&A)

  • Team has extensive experience executing theses levers in similar contexts

Powerful social impact

  • Investments in Healthcare and Education create relevant impact on society (improved services, higher income and salaries)

  • Teman has ESG guidelines for evaluating and monitoring its investments

1

Start acquiring leading player
as initial platform

  • Minimum scale

  • Strong brands

  • Established processes

  • Attractive deal standalone

2

Improve initial platform performance

  • Management & Governance

  • Revenues (Pricing, Volume, Mix)

  • Cost and SG&A

  • Capex & Working Capital Same site expansion (if applicable)

 

Initial platform priced so that returns are sufficient without expansion

3

Expand Aggressively
(3 main opportunities)

  • Organic (new lines)

  • Organic (new units)

  • M&A

4

Capital allocated according to

needs / attractiveness of funds

– Not everything up-front

5

Opportunity to exit at higher valuation

  • Value perception of the Platform

  • Synergies with potential strategic buyers

  • New business verticals and regional footprint

  • High standards of corporate governance