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Abraaj partially exits stake in Integrated Diagnostics

Abraaj partially exits stake in Integrated Diagnostics
The Abraaj Group, a leading investor operating in global growth markets, today announced the successful exit through one of its Funds of a partial stake in Integrated Diagnostics Holdings (“IDH” or “the Company”) to Actis, the pan-emerging market investor.
IDH is the largest fully integrated private sector healthcare diagnostics service provider - offering services including pathology and molecular diagnostics, genetics testing and basic radiology - in Egypt, North Sudan and Jordan. IDH was established in 2012 as a result of the merger of Al Mokhtabar and Al Borg Laboratories. Abraaj invested in Al Borg Laboratories in 2008 through one of its Funds. Last year, IDH conducted 19.4 million tests and served almost six million patients through its network of 262 branches.
Over the course of its investment, Abraaj, alongside Dr Hend El Sherbini, IDH’s Chief Executive Officer, helped a strong local brand grow into a regional champion. Abraaj’s financial and operational support has enabled the Company to capitalize on organic and acquisitive growth opportunities including opening more than 200 new branches compared to 60 branches at the time of investment, upgrading equipment and IT, recruiting experienced senior executives, improving waste management and disposal practices and enhancing its social responsibility activities.
Since Abraaj’s investment, the number of patients per annum grew from 1 million to 5 million patients and the number of tests per annum grew from 5 million to more than 19 million. The highest accreditation standards were also introduced in the Company including SWEDAC (Swedish Board for Accreditation and Conformity Assessment) and CAP (College of American Pathologists). The growth strategy developed by Abraaj and IDH saw the Company complete five add-on acquisitions, including investing in regional businesses in North Sudan and Jordan, and culminating with the merger that created IDH. The number of employees grew threefold from 890 employees to 3,700 employees today as a testament to the impressive growth in the Company.
With support from Abraaj and Actis, IDH will continue to leverage its scale, strong brand recognition and market leading position to accelerate its growth trajectory in its core and adjacent markets, offering new and complementary services to its customers.
Ahmed Badreldin, Partner and Head of MENA at The Abraaj Group, said: “IDH operates in the private medical services market, which is a resilient and under-served sector that creates the fundamentals for strong growth. Over the past six years, the Company under the stewardship of Dr. Hend, has grown from having a single product in a single market with 60 branches, to having multiple products and operating via 262 branches across its expanded network with a strong focus on quality healthcare delivery. We believe there are substantial growth opportunities to be further capitalized on and look forward to continuing our close relationship with IDH and the leadership team”.
Amr Helal, Managing Director, The Abraaj Group added: “IDH’s ability to provide world class healthcare solutions across a range of rapidly growing countries has been amply demonstrated in the business over the past six years. Focusing on best in class standards, IDH offers its patients a wide range of services that have materially impacted patient and community well-being and provided value add opportunities in the healthcare space.”
Commenting on the investment Rick Philips, Head of North Africa at Actis, said: “We are excited to be joining Dr. Hend and Abraaj as investors in IDH. We look forward to bringing the expertise we’ve gained from healthcare investments in China, India and elsewhere in emerging markets to IDH and supporting the business into its next phase of growth.” Dr. Hend El Sherbini, Chief Executive Officer of IDH Group, commented: ““We are delighted to welcome Actis as a new partner, one that understands our business and brings deep healthcare sector expertise. Partnering with Abraaj over the past six years has enabled us to significantly grow our business through organic and acquisitive growth. With Actis now on board as a new partner, we look forward to continuing our growth trajectory and writing the next chapter in the company’s growth story.”
The Abraaj Group has been investing in Africa for the past two decades and has deployed USD 2.6 billion into the continent across 80 investments. Abraaj also has significant experience in the healthcare sector, having committed over USD 800 million globally in 26 investments since 2003.

Photo Credit: Arabianeye-Reuters