Deal to help Amanat control largest PAC platform in GCC
DUBAI/March 01-2021: Amanat Holdings (Amanat), the GCC’s largest healthcare and education investment company, has acquired Cambridge Medical and Rehabilitation Centre (CMRC) for an enterprise value of AED851 million ($232 million) from TVM Capital Healthcare, an emerging market focused private equity firm.
The transaction was funded through a combination of cash on hand and leverage. The transaction marks Amanat’s first wholly owned investment in the healthcare sector in the UAE and one of the biggest GCC healthcare deals in recent years.
Leading post-acute care
CMRC is a leading post-acute care and rehabilitation (PAC) provider in the UAE and KSA. Since inception, CMRC has grown to more than 250 beds across three facilities, two in the UAE, and one in the KSA.
Alongside Sukoon, Amanat’s portfolio company and a major long-term care provider in KSA, CMRC’s scalable business model will be integral to Amanat’s strategy in building a regional PAC platform.
Hamad Al Shamsi (seen in the picture), Amanat’s Chairman said the acquisition of CMRC offers Amanat a profitable and scalable business. “Alongside Sukoon, CMRC has enabled us to create the largest PAC platform in the GCC with nearly 500 beds across Abu Dhabi, Al Ain, Jeddah and Dhahran and the potential to increase demand-led capacity further,” Al Shamsi added.
With this transaction, Amanat has fully deployed its paid-up capital of AED2.5 billion and now manages close to AED 3 billion in assets.
“We continue to deliver on our strategic objectives to invest in high yielding assets that are leading the transformation in the healthcare and education sectors delivering further value to our shareholders,” he added.
Dr Mohamad Hamade, CEO of Amanat, said the company has emerged as winners of a competitive bidding process to acquire this high-profile asset in CMRC, which will constitute the cornerstone of Amanat’s PAC platform.
Hamade said it is a genuinely unique and an established provider with a leading market position and an experienced management team.