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Qatar First Investment Bank acquires a stake in a Leading Turkish based healthcare provider

QFIB signs agreement with Memorial Health Group
August 27, 2010, Doha: Qatar First Investment Bank ( QFIB ) announced that along with ARGUS Capital, a London based private equity house, acquired a 40% minority stake in Memorial Health Group (MHG), one of the leading healthcare providers in Turkey.

MHG began operations in February 2000 and is among the top two 'class A' healthcare groups in Turkey, offering high quality service with well respected physicians and state-of-the-art equipment. MHG offers a full range of medical services covering 41 branches of medicine including, but not limited to, general surgery, cardiology, cardiovascular surgery, organ transplants, neurosurgery, da Vinci robotic surgery and orthopaedics.

MHG's main hospital complex is located in Okmeydani in Istanbul, a 55,000 square meter facility with a 214 bed capacity. In addition, MHG also operates two other complexes, one on the Asian side of Istanbul in Atasehir district with 143 bed capacity and the other in the Bahcelievler on the European side with a 114 bed capacity. MHG also operates a complex in Antalya with a 132 bed capacity in addition to two outpatient polyclinics both located in Istanbul.

A proven market leader, MHG was the first hospital to receive the Joint Commission International Accreditation in 2002 and has since renewed in 2005 and 2008. It was also the first private hospital to carry out liver and kidney transplantation and blood-type incompatible pediatric liver transplantation.

Commenting on the agreement, Abdullah Bin Fahad Bin Ghorab Al Marri, Chairman of Qatar First Investment Bank , said: "Healthcare is a key sector for QFIB . It is a growing sector in the MENA region and is resilient to economic downturns due to the necessity of the services. Turkey, being the largest Islamic country in Europe and the Middle East, is an extremely important market. The acquisition of a stake in Memorial Health Group, the leading Turkish healthcare provider with a growing number of patients nationwide, is a clear indication of our intention to diversify and establish ourselves in a number of key growth industries."

"This is our second deal in the health care sector and we are confident that our stake in Memorial Health Group will result in significant growth. The company has a proven track record of success. Their market share and future plans make them exactly the type of company we look to invest in," he concluded.

QFIB and ARGUS Capital were advised by Daruma Corporate Finance on this transaction, the leading healthcare advisory company in Turkey. As the originator of the deal Daruma Corporate Finance contributed to the success of this acquisition by aligning the interests of all parties concerned through the negotiation, due diligence and closing processes.

Turgut Aydın, President and Chairman of Memorial Health Group said: "We are pleased to welcome QFIB into the group as an investor and advisor. QFIB enjoys a sound reputation as a fast growing bank with a diverse shareholder base. Their experience and unique expertise will undoubtedly benefit Memorial Health Group as we endeavor to continue developing our offer in Turkey and abroad. QFIB shares our vision in maintaining MHG's leadership position in the growing healthcare sector."

Managing Partner of ARGUS Capital, Ali R. Artunkal commented, "We consider the investment in Memorial as our landmark entry to the Turkish market which we have been actively focusing on in the past three years, and we are excited about Memorial's remarkable development and future growth potential which we shall work together with our partners, the Aydin Family, QFIB and Memorial's management to realize."

-Ends-

About Qatar First Investment Bank
Qatar First Investment Bank is the first, non affiliated Shari'ah compliant investment bank to be regulated by the Qatar Financial Centre Regulatory Authority (QFCRA). It launched in March 2009 with an authorised capital of QAR 3.65 billion (US$ 1 billion) and a paid up capital of QAR 1.6 billion (US$ 430 million). Qatar First Investment Bank aims to become one of the leading financial institutions in Shari'ah compliant investment banking in Qatar and the GCC.

With over 1,000 investors from Qatar and the GCC, Qatar First Investment Bank has a solid shareholder base made up of prominent individuals as well as institutional investors. These include financial institutions and banks, governments, pension funds and other strategic investors.

Qatar First Investment Bank has a clear, dynamic and focused strategy and operates to the highest regulatory standards. The bank is managed by a select team of multinational investment professionals, with extensive experience working in the GCC and global financial sectors.

Qatar First Investment Bank offers private equity, strategic investments, asset management and corporate finance advisory.

ARGUS Capital
Established in 1998, ARGUS Capital is one of the largest and most experienced independent private equity funds focusing on the region of Central and Eastern Europe. ARGUS Capital is supported by leading institutional investors and family offices from Europe, North America, the Middle East, and Japan. With total commitments in excess of €400 million in its two funds, ARGUS Capital has invested in thirteen companies in the region, including many leading and well-recognized businesses. Through its eight regionally based investment professionals (Poland, Czech Republic, Hungary, Romania and UK), ARGUS Capital provides buy-out and expansion capital financing to the sellers of companies and management teams wanting to develop their businesses further.

Media Contact:
Samar Atassi
Head of Corporate Communications
Qatar First Investment Bank
Direct: +974 4448 3355
Fax +974 4447 9901
Email: samar.atassi@qfib.com.qa
P.O. Box 28028 Doha, Qatar

© Press Release 2010