DUBAI – Amanat Holdings has announced the acquisition of a 60% stake in Human Development Company (HDC), a provider of special education and care (SEC) services in Saudi Arabia covering educational, medical, and rehabilitation services, for an initial consideration of SAR220.3 million (AED215.3) and a contingent consideration of up to SAR47.1 million payable subject to future earnings growth.
HDC has a presence across six provinces and caters to over 3,000 beneficiaries through a network of nine schools, 22 daycare centres and specialised rehabilitation medical clinics.
The transaction is in line with Amanat’s strategy and strengthens both its Healthcare and Education platforms by expanding their reach to cater to People of Determination.
The SEC sector is underserved regionally with strong underlying growth drivers, and Amanat aims to lead the development of this sector to enhance quality and access to this vulnerable segment of the population. HDC’s commitment to a high-quality service offering and its proven scalable business model make it well-positioned to be a leading driver in the development of the SEC sector in the region.
Through the Transaction, Amanat will partner with a pioneering leadership team led by the founder of HDC, Dr. Omar Al Modayfer, a Senior Consultant Psychiatrist specialising in child and adolescent psychiatry and family therapy.