Abraaj acquires majoriy stakes in two Morocco oncology clinics
Abraaj Group, the Dubai-based private equity firm, said yesterday that it had acquired a majority stake in two oncology clinics in Morocco.
The firm did not disclose how it acquired the stakes in Centre de Traitement Al Kindy – the biggest private player in Casablanca, and Clinique Spécialisée Menara in Marrakech. It also did not provide a value for the transactions, only saying that it was acquired through its North Africa Fund.
A spokesman for the company declined to disclose further details.
“This new network for cancer treatment and imaging diagnostics centres in Morocco represents a unique opportunity to bring our significant global healthcare experience into a more specialised field,” said Ahmed Badreldin, Abraaj’s Middle East and North Africa head.
“Through the network, we will build on synergies to optimise provision of quality health care, improve facilities and processes.”
Centre de Traitement, also known as Al Kindy, was founded in 1989 by the doctors Mohamed El Morchid and Abdellatif Bouih.
As well as being the largest cancer clinic in Morocco, Al Kindy serves patients from countries including Mauritania, Mali and Senegal.
Clinique Spécialisée Menara, also known simply as Menara, was created in 2013 and is one of the biggest oncology and imaging diagnostics centres in Marrakech.
Together, the two clinics are expected to treat more than 10,000 patients this year. There are 30,000 to 40,000 new cancer cases reported in Morocco every year.
Abraaj has a history of healthcare investments. Since 2003 it has spend almost $1 billion globally in health care.
Private equity firms such as Abraaj typically buy controlling stakes in unlisted companies and then sell them five to 10 years later after helping them boost their businesses and become more valuable.
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Updated: November 4, 2015 04:00 AM