Since its founding, more than 60 years ago, Clínica Indisa has had among its owners some of the most recognized names in Chilean business: first the Angelini family, then the Marín and Ergas groups.
More than two decades ago, however, a new stage began with the entry of the current controllers, who today are leading a new chapter after the departure of the Fernández Cofré family.
For the last 20 years or so, the ownership of the second largest private clinic in the country by number of beds has been in the hands of five companies. led by Alejandro Pérez, Jorge Selume, Ignacio Poduje (son of Miguel Ángel), Margarita Cofré (widow of Ignacio Fernández) and Juan Antonio Guzmán, together with Julio Dittborn.
In detail, it was in 2001 when the entry of the first batch of current controllers was sealed. That year, Miguel Ángel Poduje, together with Juan Antonio Guzmán, Jorge Selume and Luis Cordero, They bought the participation of the Ergas and Marín groups. The partners were recognized figures: Poduje was a minister during the Military Regime, and Cordero, founder of the UDI and president of the San Sebastián University. Then, Cordero sold his participation to Alejandro Pérez and Ignacio Fernández, giving shape to the pact that has remained unchanged until now.
The recent departure of Margarita Cofré had already been discussed within the pact for months; however, It was last week when the family completed the sale of the last remaining share package.
“The family of Margarita Cofré, widow of Ignacio Fernández, a partner and friend for many years, decided to sell their participation in Indisa to concentrate on other areas. In order not to weaken the shareholding of the members of the pact, their participation was purchased by my family,” Alejandro Pérez explained to Signal DF, who in addition to being part of the pact is vice president of the board.
Stock Market Chronology
The movements on the Santiago Stock Exchange began on January 7, when, through the company Inversiones Portapia SpA, the Cofré family sold US$ 2.14 million in Indisa shares. The next package was six months later: in July it sold US$8.21 million and then, in September, US$1.1 million. The last sale was on October 16, when Cofré sold its remaining 2.6% for US$11.36 million.
As agreed in the pact, the transactions did not move the needle inside the property, and Pérez bought the four packages. In total, the vice president of Indisa paid US$22.76 million for around 6.5% of the property. With this, its participation reached 22.7%, compared to the 16.2% it held at the end of 2024.
“This sale does not mean any change in Indisa’s strategic objectives. In fact, except for Margarita’s family, none of the remaining members of the pact have sold shares. From what I understand, all of them have expressed their interest in maintaining or increasing their respective participations,” Pérez added.
Indeed, the appetite of the rest of the controllers is evident in the records of the Santiago Stock Exchange. In the midst of the capital increase that the company is carrying out, members have reported successive share subscriptions.
Ignacio Poduje and Antonio Guzmán reported purchases of more than $1.5 billion each so as not to become diluted. At the same time, last week Jorge Selume acquired about 0.4% of Indisa for $1,662 million.
With this, and after the closing of the capital increase, the participation was made up of 7.8% in the hands of Selume, 7.3% of Poduje, and 7.2% of Guzmán, in conjunction with Dittborn. In addition to Pérez’s respective 22.7%. In total, they account for around 45% of the property.
A business in recovery
Indisa’s presence in the health industry is mainly concentrated in two clinics, its emblematic headquarters in Providencia and the one inaugurated in 2023 in Maipú, in addition to a clinical laboratory.
Currently, the company’s business maintains a path of recovery in its financial indicators, after complex years marked by the pandemic and due to the recent need for cash derived from the purchase, in January, of 28% of Clínica Las Condes (CLC).
Precisely in this context, the firm decided to carry out a capital increase, a process that this week ended with the total subscription of the shares placed.
“The pandemic hit Indisa hard, especially because the clinic, by mandate of the Government of the time, was dedicated 100% to Covid-19 benefits, without receiving from the State the compensation that would allow them to cover their needs. If we add to that the purchase, at the beginning of this year, of a relevant, but non-controlling, stake in CLC, the shareholders decided that it was reasonable to increase the company’s capital to face future development with a solid financial structure,” Pérez explained.
According to its latest reasoned analysis, the forward strategy is clear: “The administration has focused its efforts on guaranteeing the growth of activity in both clinicsincrease occupancy, control costs and strengthen cash flows.”
Along these lines, general manager Martín Manterola, who replaced the historic Manuel Serra in September of last year after 20 years in office, has registered progress.
On the one hand, the consolidation of Clínica Maipú has had a “positive evolution, especially relevant during this period”; while, in terms of efficiency, the company carried out a consultancy to implement project management and organization methodologies, and has also already cut 70 jobs, equivalent to 2.3% of the workforce.
When analyzing its figures, the first green shoots are also observed. In the first half, the firm’s billing showed an increase of 11.7% compared to the same period in 2024; Ebitda increased by 27.1%, reaching $14,429 million, and profits more than doubled, registering $6,974 million.
