Dubai-listed healthcare firm Amanat Holdings has bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare. Amanat said the deal was its first wholly owned investment in healthcare in the United Arab Emirates and was one of the biggest healthcare deals in the Gulf region in recent years. Cambridge provides post-acute care and rehabilitation in the UAE and Saudi Arabia, with more than 250 beds across three facilities.
With this transaction, Amanat had fully deployed its paid-up capital of 2.5 billion dirhams ($681 million) and now managed close to 3 billion dirhams in assets, Amanat Chairman Hamad al-Shamsi said in a statement. Cambridge marks the third exit for TVM, a private equity business that invests in the Middle East and North Africa region and in South East Asia.
The private equity business, which invests in companies involved in long-term care and rehabilitation, is increasing its focus on Saudi Arabia as the kingdom opens up to foreign investors, said Helmut Schuehsler, chairman and chief executive of TVM Capital Healthcare.
Reporting by Saeed Azhar and Hadeel Al Sayegh; Editing by Stephen Coates and Edmund Blair
Can't stop reading? This and all news articles are property of their creators, many are not owned or provided by Private Equity Insider. As an event organizer and community platform, we curate content from reliable sources for your suggested reading, and advise you to read the full articles from the referenced authors and sources.