Gulf Capital, the UAE-based private equity firm, has sold medical services company, Metamed, to a consortium of international investors in a deal reportedly in excess of $100m.
The deal also includes a “capital injection to accelerate the execution of the business plan,” according to a statement from one of the members of the Malta-based consortium, Mediterrania Capital Partners (MCP).
Metamed is one of the Mena region’s largest diagnostics providers. It was founded in 2009 by Gulf Capital Private Equity Partners as Technogroup Investments Holdings with the mission of investing in diagnostic imaging and related technology.
After a series of acquisitions, Metamed now runs twenty-seven diagnostic imaging centres across Egypt, Jordan and Saudi Arabia.
According to MCP partner Daniel Vinas, the combination of Metamed with Cairo Scan, an Egyptian diagnostics provider in which MCP acquired a stake in 2018, will “create one of the largest diagnostics imaging platforms in emerging markets.
Gulf Capital, meanwhile, is currently looking to divest its holdings in mature assets in order to diversify its portfolio.
In January 2020 Gulf Capital spent more than $100 million to acquire a Mena-based fertility treatment provider IVI-RMA Middle East.
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