Abu Dhabi-based Gulf Capital says it has completed the sale of the region’s largest diagnostic imaging network Metamed.
The company has been sold to Ray Lab, which is a consortium of buyers that includes Mediterrania Capital Partners, Cairo Scan for Radiology & Labs and a number of European development financial institutions. These include Deutsche Investitions-und Entwicklungsgesellschaft (DEG), Dutch Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Société de Promotion et de Participation pour la Coopération Economique (Proparco) and the European Bank for Reconstruction & Development (EBRD).
Gulf Capital was advised by HC Securities & Investments, Gibson Dunn & Crutcher and Matouk Bassiouny. Ray Lab, Mediterrania Capital Partners and Cairo Scan were advised by Zaki Hashem & Partners Law firm.
During Gulf Capital’s ownership, Metamed grew its total number of centres three-fold, from 10 to 30 centres across Egypt, Saudi Arabia and Jordan.
Metamed’s services were also expanded to include adjacent healthcare offerings, such as clinical and anatomical pathology, nuclear medicine services and women's healthcare.
During this period, sales in Egypt grew by five times from the entry level and profitability by 4.3 times.
In Saudi Arabia, sales doubled and profitability grew by 2.5 times.
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