HomeResearch & Knowledgeback to HomeStrategyback to Research & KnowledgeEMI: For the track recordback to Strategy

Case Study

EMI: For the track record

By Benoit F. Leleux and Bryony Jansen van Tuyll

16 pages

April 2009

Reference: IMD-3-2028

In Feburary 2006, Luc Gerard and Gerardo León, comfortably ensconced on their office sofa, were able to take a quiet moment to reflect which was a rare treat these last few months. A US$15.8 million investment had been staring them in the eyes for a while. Within the context of their previous employers, this amount would not have sounded out of place or even material. But for the first time, the two partners were talking about playing with their “own” money. The stakes were significantly higher! A few months earlier, they had joined forces to launch one of the first private equity funds in Colombia. Luc originated the idea: After a globetrotting corporate career engineering and managing mergers and acquisitions for others, he could no longer resist the urge to do his own deals. With their reputations and extensive networks in the corporate world, it would be easy to find potential deals. But finding the funds was a different story; this was a reputation-based business and they had no real personal track records. They would have to start from scratch and rapidly establish one to have a chance of raising the money. One company that looked particularly interesting was EMI (Emergencias Medicas Integrales), a Colombian healthcare company providing emergency services at home. While it had a respected brand, strong operations and healthy finances, it was clearly undermanaged and presented great value-creation opportunities through product development and geographic expansion. A minor problem, however, was that they did not have the money to acquire the company, let alone fund new acquisitions. A last-minute co-investor had saved the day, but they now faced decision time. Was EMI the company that would help them unlock the safes of the local institutional investors they wanted for their private equity fund? Would they be able to generate enough value and visibility quickly through this deal and establish themselves as deal makers? How should they treat this unexpected external investment for the deal? Was this taking them in a very different direction from the intended fund vehicle?

Learning Objective

Building and managing a brand globally in the healthcare industry; Developing a micro health insurance system in Latin America; Globalization of brands; Growth financing and management in a global context; Emerging countries globalization; Building a new private equity vehicle.

Keywords

Private Equity, Growth Financing, Brand Building, Brand Management, Healthcare Services, Medical Services, Health Insurance, Growth Management, General Management, Strategy

Settings

South America
Emergencias Medicas Integrales, Healthcare
2006-2009

Type

Field Research

Available Languages

English

Related material

Teaching note, Video

IMD case studies are distributed through case clearing houses. In order to browse the collection and purchase copies please visit the links below.

The Case Centre

Cranfield University

Wharley End Beds MK43 0JR, UK
Tel +44 (0)1234 750903
Email [email protected]

Harvard Business School Publishing

60 Harvard Way, Boston MA 02163, USA
Tel (800) 545-7685 Tel (617)-783-7600
Fax (617) 783-7666
Email [email protected]

Asia Pacific Case Center

NUCB Business School

1-3-1 Nishiki Naka
Nagoya Aichi, Japan 460-0003
Tel +81 52 20 38 111
Email [email protected]

IMD retains all proprietary interests in its case studies and notes. Without prior written permission, IMD cases and notes may not be reproduced, used, translated, included in books or other publications, distributed in any form or by any means, stored in a database or in other retrieval systems. For additional copyright information related to case studies, please contact Case Services.

Contact

Research Information & Knowledge Hub for additional information on IMD publications

This case study is part of a series

EMI: For the track record
Etiqueta Negra: Growth, brand building and private equity in Latin America
Ondademar: Catching the next wave...
Ondademar: Catching the next wave… (Abridged)
Tribecapital Partners (Colombia): Private equity in Latin America
Tribecapital Partners (Colombia): Private equity in Latin America (Abridged)

This case study is part of a series

EMI: For the track record
Etiqueta Negra: Growth, brand building and private equity in Latin America
Ondademar: Catching the next wave...
Ondademar: Catching the next wave… (Abridged)
Tribecapital Partners (Colombia): Private equity in Latin America
Tribecapital Partners (Colombia): Private equity in Latin America (Abridged)

Keep reading

Article

What tramp shipping can teach strategic management

Here are three strategic lessons from the tramp shipping industry.

Annual prognoses and corporate strategy - 2025 Trends

Why the market for new year predictions is broken and how executives can better use forecasts to discern the implications for their companies.

Future Readiness Strategy

By Simon J. Evenett

in I by IMD

Article

Why leaders don’t engage in strategic thinking

Strategic thinking is key to success. Overcome common excuses and develop the skills to navigate change, drive innovation, and prepare for future business challenges.

Leadership Strategy

By Michael D. Watkins

in I by IMD

Article

Leadership 2025 - 5 Key Behaviors - Tania Lennon

The increasing pace of disruption and change means leaders need to cultivate behaviors that support their sustained success. From building strategic flexibility to broadening stakeholder connections, here is our expert guide to leading in an age o...

Leadership Disruption Strategy

By Tania Lennon

in I by IMD

8 January 2025

Article

How luxury brands can build strategic resilience in 2025

Officially, brands executives continue to display confidence that big luxury will shrug off the 2024 downturn as a cyclical one. They see it as the product of the combined collapse of real estate prices in China and a return to normalcy after the ...

Luxury Strategy Branding Innovation

By Stéphane J. G. Girod

in Forbes.com

3 January 2025

Article

Here’s what we predicted for 2024… how did we do?

Did our predictions for 2024 come true, a turbulent election year, bitcoin and CBDC, COP29 and electric cars, China, EU integration and Euro football

Finance Future Readiness Geopolitics Strategy Sustainability

By Robert Hooijberg, Arturo Bris, David Bach, José Parra Moyano, Michael R. Wade, Julia Binder, Howard H. Yu, Simon J. Evenett, Alyson Meister, Salvatore Cantale and Stefan Michel

in I by IMD

Book Chapter

The strategic imperative

In a world where change is the only constant, the strategic imperative for sustainability is not just a theoretical construct – it’s a call to action. This section of the book delves into the core strategies that will enable businesses to thrive i...

Business Transformation Innovation Strategy

By Julia Katharina Binder and Knut Bjarne Haanaes

in Binder, Julia Katharina (Ed.); Haanaes, Knut Bjarne (Ed.) / Leading the sustainable business transformation: A playbook from IMD, pp. 59-62 / Hoboken: Wiley, 2025

Book Chapter

Framing the conversation

In late 2020, as the world began to emerge from the worst of the COVID-19 pandemic, Wärtsilä, a Finnish corporation specializing in power systems, made a bold decision. Despite being a well-established company with a strong track record in...

Strategy Leadership Disruption

By Julia Katharina Binder and Knut Bjarne Haanaes

in Binder, Julia Katharina (Ed.); Haanaes, Knut Bjarne (Ed.) / Leading the sustainable business transformation: A playbook from IMD, pp. 1-7 / Hoboken: Wiley, 2025

Article

In the field with the International Olympic Committee

How can a non-profit organization implement a carbon accounting system to promote sustainability in sports without impacting culture and collaboration?

Sustainability Accounting Strategy

By Florian Hoos, Giovanni-Battista Derchi and Valerie Keller-Birrer

in In the Field

19 December 2024

Case Study

NTT at a crossroads (B): Mapping growth options

Strategy General Management Digital Disruption

By Patrick Reinmoeller

Leadership 2025 - 5 Key Behaviors - Tania Lennon

By Tania Lennon
in I by IMD 8 January 2025

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Leadership

Disruption

Strategy

Browse all topics

How luxury brands can build strategic resilience in 2025

By Stéphane J. G. Girod
in Forbes.com 3 January 2025

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Luxury

Strategy

Branding

Innovation

Browse all topics

The strategic imperative

By Julia Katharina Binder and Knut Bjarne Haanaes
in Binder, Julia Katharina (Ed.); Haanaes, Knut Bjarne (Ed.) / Leading the sustainable business transformation: A playbook from IMD, pp. 59-62 / Hoboken: Wiley, 2025

Summary

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Business Transformation

Innovation

Strategy

Browse all topics

NTT at a crossroads (B): Mapping growth options

By Patrick Reinmoeller
Case reference: IMD-7-2352 ©2024

Summary

Building on NTT (A), the case starts with NTT’s CEO having narrowed down strategic growth options with the board to prepare NTT for the future. Past international investments in AT&T Wireless and KPN to tap into foreign markets had resulted in billion $ write offs and stopped international acquisitions. However, after reviewing the disruptive changes facing the ICT industry and considering the shareholders’ views, CEO Miura committed to internationalization. The B case details NTT’s growth strategy focused on internationalization, while considering the need for new capabilities and technologies. It provides more insights into NTT, its opportunities and the Japanese experience with M&As and ends with Miura’s determination to quickly grow through international expansion to prepare NTT for the future.

Reference IMD-7-2352

Organization Nippon Telegraph and Telephone

Industry Services, Telecommunications;Information Technology

Available Languages English

Contact

Research Information & Knowledge Hub for additional information on IMD publications

Related topics

Strategy

General Management

Digital

Disruption

Browse all topics