UAE-based private equity firm Abraaj Group announced that it has acquired a majority stake in Tunisian hospital Clinique Taoufik.
The firm did not disclose the purchase price of the deal.
Clinique Taoufik, which was one of the first private healthcare institutions in Tunisia, is the country’s second largest hospital in terms of bed capacity. It currently treats 75,000 in- and out-patients per year with a wide range of services.
With Abraaj’s financial and operational support, the hospital aims to increase patient capacity and add new services, upgrade and renovate the hospital and invest in human resources training.
The private equity firm said that it will also draw on its experiences from previous healthcare investments to work on the growth strategy of Clinique Taoufik.
Abraaj’s other investments in the healthcare sector include Turkish healthcare group Acibadem, Tunisian firm Unimed and Intergrated Diagnostics Holdings in Egypt. It recently exited from its investment in the Tunisian pharma company Opalia Pharma S.A.
“Our investment in Clinique Taoufik marks our sixth investment in Tunisia and enables us to execute our wider strategy of acquiring robust and innovative businesses in critical sectors such as healthcare,” said Ahmed Badreldin, partner and head of Middle East and North Africa at The Abraaj Group.
“We are backing a company with strong growth potential as the North African population is expected to reach 190 million by 2020, with life expectancy also on the rise, contributing to increasing demand for quality healthcare services.”
Adel Goucha, director at Abraaj Group, added: “Clinique Taoufik is well-positioned as one of the leading private hospitals in the Tunisian healthcare sector, an industry which made up almost seven per cent of GDP last year.
“We look forward to working closely with the clinic’s management to implement its expansion plans and capitalise on the growing market opportunities this sector presents.”
Abraaj’s current investments in Tunisia include baked goods firm Moulin d’Or and Plastic Electromechanic Company (PEC) that specialises in plastic injection, the assembly of electrical equipment and harnesses, and medical products.