UAE, 22 May 2012: TVM Capital MENA has announced the recent final closing of its TVM Healthcare MENA I fund at $50m. Crescent Enterprises, a wholly owned subsidiary of the Crescent Group of companies in the UAE, and a group of entrepreneurs from the MENA region managed by Dubai-based Alcazar Capital, amongst others, have joined the fund as investors alongside the three founding investors, the International Finance Corporation of the World Bank, GE Healthcare, a subsidiary of General Electric Company, and The Olayan Group of Saudi Arabia.
TVM Capital MENA is the first international private equity house with a focus in healthcare to establish operations in the MENA region. The fund currently has two portfolio companies, ProVita International Medical Center, which has been established in Abu Dhabi for over 12 months and is in the process of setting up a second facility in Al Ain; and Bourn Hall Clinic which operates in the Middle East and India and is due to open its MENA reference centre in Dubai in June 2012. Both companies are consistent with the strategy of involving leading global operators to provide unique and specialized healthcare services in the Middle East.
Badr Jafar, Managing Director of the Crescent Group and CEO of Crescent Enterprises, commented "The fund is a sound platform for making attractive healthcare investments in the MENA region and India. Crescent Enterprises, through its portfolio company Clinical Pathology Services (CPS), has been a leader in the provision of high-quality healthcare diagnostic services within the region. The partnership with TVM recognizes and expands the crucial role that private sector development now plays in the healthcare sector. Alongside TVM, we are looking forward to engaging with the healthcare community in an attempt to bring high quality healthcare services, state-of-the-art products and medical technologies to the region."
Dr. Helmut M. Schuehsler, Chairman and CEO of TVM Capital MENA said: "We are excited about the final fund closing which was achieved amidst a still very difficult time in fund-raising for fund structures like ours. When we reopened the fund for a limited number of new investors from the region several months ago, we were impressed by the strong interest and the calibre of investors, such as Crescent Enterprises, and a group of high-powered entrepreneurs managed by DIFC-based Alcazar Capital, who joined our founding investors IFC (World Bank), GE Healthcare and the Olayan Group. This investor group provides deep connections in many countries across the MENA region and is a powerful element in our investment strategy."
The first TVM Capital MENA investment, ProVita International Medical Center ("ProVita"), represents a groundbreaking healthcare initiative for the region as the first healthcare provider to offer state of the art long-term care for ventilated patients, and those requiring continuous medical and nursing intervention for serious medical conditions, in a non-hospital setting. ProVita currently operates one facility in Abu Dhabi and is in the process of setting up a second facility in Al Ain.
The second investment, Bourn Hall Clinic, opened its first in-vitro-fertilization (IVF) clinic in Kochi, Kerala, India in September 2011 and is expecting to open additional facilities in Delhi and Dubai. The 20,000 sq ft facility at Sheikh Hamdan Center in Dubai is the reference centre for the MENA region. The founders of Bourn Hall invented IVF in 1978 with the first successful birth of a child conceived through an IVF procedure. As the ultimate testament of Bourn Hall's world-leading expertise in the field of fertility, its founder, Dr. Bob Edwards, was awarded in 2010 the Nobel Prize in medicine and a Knighthood in 2011 for the invention of IVF.
About Crescent Enterprises Limited
Crescent Enterprises, a wholly-owned subsidiary of the Crescent Group which includes Crescent Petroleum, has wide and diversified operations and interests in a multitude of industries, including Ports and Logistics, Aviation, Real Estate and Construction, Project Implementation, IT Commerce, Mineral Processing, Healthcare and Private Equity.
The Crescent Group has diversified business interests in the energy and non-energy sectors. While its wholly-owned subsidiary Crescent Petroleum is a regional market leader for over 40 years in its traditional business of Oil & Gas, Crescent Enterprises focuses on pioneering businesses in the non-energy sector. Crescent Enterprises is headquartered in the United Arab Emirates with significant international presence. The Crescent name has been respected in the region for over 40 years for its adherence to strong values and business ethics.
Crescent Enterprises' diversified status originates from its corporate strategy aimed at creating multiple drivers of growth anchored on its time-tested core competencies: recognized regional status, management's knowledge of the culture and business practices of the region, unmatched distribution reach, superior brand-building capabilities, effective supply chain management and acknowledged service skills. Crescent Enterprises aspires to drive each of its businesses towards the highest
standards of international competitiveness by consciously contributing to enhancing the appeal of the larger value chain of which it is a part.
About TVM Capital MENA Ltd.
TVM Capital MENA Ltd. is a private equity firm focusing on growth capital investments in health care in the Middle East and North Africa (MENA). TVM Capital MENA operates out of the Dubai International Financial Center and is licensed and regulated by the DFSA.
The team of TVM Capital MENA is affiliated to TVM Capital worldwide which currently manages around US$1.3bn from more than 50 international investors. The investment professionals draw upon the experience, international approach and demonstrated success of about 80 exits from almost 120 investments. Exits include nearly 40 initial public offerings on the NASDAQ, and the London, Frankfurt, Zurich and Vienna Stock Exchanges and 25 trade sales and mergers. TVM Capital operates with regional but highly integrated teams from its European and U.S. headquarters in Munich and Montreal, respectively, a representative in Boston, and the Dubai-based operating base for the Middle East, North Africa and India.
The TVM Capital MENA team therefore combines long-standing international investment experience and operating track records with extensive networks in, and knowledge of, the MENA region.
More information please visit: www.crescententerprises.ae
For press information contact:
Nadia AlQassab
SAHARA Communications
Tel: +971 4 3298996
Fax: +971 4 3298995
P.O. Box: 73310
Email: nadia@saharagcc.com
Website: www.saharagcc.com
© Press Release 2012
