Assertion Partly supported AI assessment confidence: 75% certainty 4/5 debate potential 1/5

Bitar: 3x1 grew a Venezuelan pharma asset from #6 to #2

Rodrigo Bitar · Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442) · Apr 28, 2025 · at 13:18

Rodrigo Bitar, co-founder of 3x1 Partners, discusses executing roll-up strategies in Venezuelan private equity with Ted Seides.

0:00 / 0:14exact quote · 14.8s

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“So we followed that playbook and we began acquiring a company that was the number six in the market. And in the span of a little bit less than three years, it's become the number two pharmaceutical manufacturer. So that's meant about a tripling or quadrupling of the size of the company in three to four years.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

The claim, plainly

3x1 Partners acquired the sixth-largest pharmaceutical company in Venezuela and grew it into the country's second-largest pharmaceutical manufacturer within less than three years, tripling or quadrupling its size.

a quote alone can be ambiguous, so this restates it with the references and context of the conversation around it resolved. AI-written; the tape below the player is the source.

Assessment

The claim bundles three core assertions: (1) 3B1 Partners (phonetically transcribed as 3x1 Partners) acquired a Venezuelan pharmaceutical manufacturer, (2) the company advanced from the sixth-largest to the second-largest manufacturer within three years, and (3) the company tripled or quadrupled in size. The first two legs are substantially corroborated: 3B1's Guacamaya Fund acquired Calox International C.A. in December 2021, subsequently executing major add-on acquisitions (Pfizer's Venezuelan manufacturing assets in 2022 and Vivax Pharmaceuticals in 2024), and Calox was confirmed as Venezuela's second-largest pharmaceutical laboratory by 2025. However, while press profiles and company announcements cite the progression from #6 to #2, third-party audited financial figures and historical CIFAR/CAVEFAR market-share tables quantifying the precise baseline rank of #6 and an exact 300%–400% expansion in revenue or volume remain unverified in public records.

Venecápital and Debates IESA reported that 3B1 Guacamaya Fund acquired Calox International C.A. in December 2021.
Calox International acquired Pfizer's Venezuelan manufacturing assets and product lines (2022) and Laboratorios Vivax Pharmaceuticals (2024).
Calox executive management and industry reporting confirmed the company attained the #2 market position among Venezuelan pharmaceutical manufacturers by 2025.
Independent historical market-share rankings confirming the exact baseline position of #6 prior to December 2021 and audited growth figures confirming a 3x-4x size increase are not publicly disclosed.

Checked against

[1] df.cl [2] octus.com [3] debatesiesa.com [4] scribd.com [5] toroadvisors.com [6] noticierodigital.com [7] elfarandi.com [8] df.cl

"CIFAR" "Calox" ranking OR posicion OR mercado farmaceutico Venezuela "Calox" "3B1" OR "Guacamaya" Venezuela "Rodrigo Bitar" pharmaceutical Venezuela "Calox" "ranking" Venezuela farmaceutico OR "laboratorio" CIFAR OR CAVEFAR "Calox International" ranking Venezuela "segundo" OR "sexto"

assessed as of 2026-09-02

This assessment is an AI reading of a public statement, made against the cited references with the confidence shown. It can be wrong. The quote, the tape and the references are all on this page; if something is off, use report an error below. full disclaimer →

Mentioned

3x1 Partners Rodrigo Bitar Venezuela

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Rodrigo Bitar Apr 28, 2025 ▶ 10:13 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Assertion Not checkable as stated

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Rodrigo Bitar Apr 28, 2025 ▶ 26:05 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

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Rodrigo Bitar Apr 28, 2025 ▶ 8:59 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Assertion Not checkable as stated

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Rodrigo Bitar Apr 28, 2025 ▶ 21:15 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Disclosure

Bitar: 3x1 acquired Pfizer's Venezuelan assets at ~3.5x to 4x EBITDA

“And then we subsequently acquired the assets of Pfizer in Venezuela. And then we subsequently last year acquired local assets Of a company called Vivas Pharmaceuticals, and the multiples were all around there.”

Rodrigo Bitar Apr 28, 2025 ▶ 21:23 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Bitar: 3x1 grew a Venezuelan pharma asset from #6 to #2

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