Major French industrial gases group Air Liquide has entered the Colombian home healthcare sector after acquiring a majority stake in Oxymaster. Financial terms and the size of the equity share were not disclosed.

Headquartered in Bogotá, Oxymaster specializes in home treatment and support for patients suffering from respiratory conditions. The company, which has more than 240 employees and serves over 21,000 patients, generated revenues of around €9 million in 2016.

Franҫois Jackow, member of Air Liquide’s executive committee supervising healthcare activities, said the acquisition allows the group to develop its business in South America, which is a growing market benefiting from an advanced health system.  Air Liquide already has a strong presence in the South American home healthcare segment, notably in Brazil, Argentina and Chile.

The French group said as South America’s third-largest economy, Colombia has strong growth potential, a robust healthcare system and social welfare coverage reaching more than 90% of the population.

Attractive growth potential in the country’s industrial and manufacturing industries enticed Air Liquide to enter the Colombian market for the first time last year. The group announced in January 2016 that it would spend €40 million to build a carbon dioxide (CO₂) production plant and cogeneration unit at Tocancipá to support a contract with Coca-Cola FEMSA, a major bottler of Coca-Cola products and Latin America’s largest beverage company. The plant was due to start commercial production late last year.