Investment Thesis
Four pillars, one opportunity. Our thesis is that Latin America offers a USD 26 billion TIC market that is structurally fragmented, anchored to globally critical sectors, riding a regulatory wave, and ripe for operational improvement — yet has no regional platform to consolidate it.
Four reinforcing pillars
- 01
A fragmented market with no regional platform
The LATAM TIC market is projected to reach roughly USD 30 billion by 2033, with South America the fastest-growing subregion at about 5.3% CAGR. The top seven players hold less than 8% combined share. No PE-backed regional consolidator exists today.
- 02
Demand anchored to globally critical sectors
LATAM accounts for roughly 41% of global copper, 32% of lithium and 51% of silver; it supplies about 16% of world agricultural exports. Energy-transition investment and a multi-decade infrastructure catch-up cycle add further, durable testing demand.
- 03
A regulatory wave forcing third-party TIC
Regulation is steadily converting optional or in-house testing into mandatory, accredited, third-party work. Mechanisms such as the EU's CBAM and food-safety modernization are tightening access to export markets. Export-dependent industries cannot reach global markets without certification.
- 04
Low digitalization equals operational alpha
Most LATAM laboratories remain pre-LIMS and pre-IoT, with manual workflows and paper-based records. Digitalization can unlock 10–25% cost reductions and 25–40% faster processing. Hundreds of founder-led targets are willing to transition but lack the capital and know-how to do so.
What we look for
Established and accredited
A track record of accredited operation with a clean regulatory and quality history.
Recurring revenue base
Repeat work driven by regulation, contracts or ongoing programmes rather than one-off projects.
Defensible technical position
Scope, capability or client trust that would be slow and costly for a new entrant to replicate.
Committed technical leadership
A team that wants to keep building, with or without the founder remaining long term.
Room to grow
Identifiable constraints — capacity, scope, commercial reach — that capital and systems can remove.
Cultural alignment
A shared view that independence, safety and technical integrity come before short-term revenue.
How we build
- 01
Combine
We bring together strategic TIC companies that serve the highest-need customer segments, offer the strongest synergies and have the greatest growth potential.
- 02
Deepen
We expand technical expertise, accreditation scope and specialist capabilities so each company can solve more complex problems for its clients.
- 03
Accelerate
We help each business grow through strategy, marketing, organic expansion and the Avalix network — opening access to clients and contracts it could not reach alone.
- 04
Replicate
We repeat the model across verticals and countries, offering Latin America one agile, digital, solution-oriented network instead of a fragmented market of local providers.
How we create value
- 01
Digital implementation
Most targets run manual workflows and paper reporting. We deploy laboratory information management systems, automation and reporting tools, and track the impact from the first month.
- 02
Commercial strategy
Targets typically have no commercial budget, limited awareness of complementary services, and ad-hoc pricing. We introduce pricing discipline, segmentation, cross-selling and a dedicated commercial budget.
- 03
Business development
Most targets have no BD function and lack the capital to build one. We fund a BD team and bring multinational accounts, regional contracts and recurring scope.
- 04
Customer-centric approach
We embed with key clients and co-develop methods, scope and service roadmaps, replacing the transactional supplier model.
- 05
Accreditation boost
Expanding ISO 17025 scope and country coverage captures mandatory testing demand that sub-scale labs cannot reach.
- 06
One-group, one-stop model
Clients sign a single regional contract across testing, inspection and certification instead of stitching together many local providers.
Operational improvements and network effects are pursued in parallel, not sequentially.
- Laboratory utilisation and turnaround
- Accreditation scope expansion
- Commercial discipline and pricing
- Shared quality and HSE systems
- Cross-selling across sectors
- Multi-country client coverage
- Data and reporting platforms
What the group makes possible
Cross-selling
A mining client already served for assay work becomes a candidate for environmental monitoring, calibration and inspection services.
Multi-country coverage
Regional and multinational clients can be served under one commercial relationship across several markets.
Shared procurement
Consumables, instrumentation and insurance are negotiated with the scale of the group rather than a single site.
Method transfer
A validated method developed in one laboratory can be extended to others, accelerating scope expansion.
Load balancing
Overflow work can be routed to sister laboratories rather than lost to competitors.
Shared expertise
Technical specialists and approved signatories become a group resource rather than a single-site dependency.
What we deliberately avoid
We do not rebrand acquired companies for the sake of uniformity, strip out technical leadership, or centralise decisions that depend on local regulatory knowledge.
We also avoid growth that compromises independence. Where a commercial opportunity would create a conflict with the impartiality of an accredited activity, the accredited activity takes precedence.
How we think about risk
Founders involvement
We keep founders involved with a minority stake, because their trajectory is what makes each business trusted. They preserve client relationships, technical authority and cultural continuity while we add systems and capital.
Key person that learns current culture and helps to grow
We bring in a key person who learns the current culture and helps the company grow. This protects the business from losing its identity while it builds new capabilities.
Accreditation is the value
We bring in experts to help with accreditation and make sure we protect it. In this industry, accreditation is the value, so licences, scope and quality systems are guarded through rigorous technical diligence.
Acquisition pricing discipline
We walk away from assets priced beyond their fundamentals. Returns come from operational improvement, not from paying a full price upfront.
This page describes strategy only. It does not contain return targets, projections or any offer of securities.
Detailed materials for investors
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