Dubai – Mubasher: Amanat Holdings has acquired Cambridge Medical and Rehabilitation Center (CMRC) for an enterprise value of $232 million (AED 851 million) from emerging market focused private equity company TVM Capital Healthcare.
The transaction, Amanat’s first wholly owned investment in the UAE’s healthcare sector and one of the biggest GCC healthcare deals in recent years, was funded through a combination of cash on hand and leverage, the Dubai Financial Market-listed company said in a statement on Monday.
Cambridge is a provider of post-acute care (PAC) and rehabilitation in the UAE and Saudi Arabia, with over 250 beds across three facilities, two in the UAE and one in Saudi Arabia.
“The acquisition of CMRC offers Amanat a profitable and scalable business. Alongside Sukoon, CMRC has enabled us to create the largest PAC platform in the GCC with nearly 500 beds across Abu Dhabi, Al Ain, Jeddah, and Dhahran and the potential to increase demand-led capacity further,” Amanat’s Chairman, Hamad Al Shamsi, said.
“With this transaction, Amanat has fully deployed its paid-up capital of AED 2.5 billion and now manages close to AED 3 billion in assets. We continue to deliver on our strategic objectives to invest in high yielding assets that are leading the transformation in the healthcare and education sectors delivering further value to our shareholders,” he added.
In 2020, CMRC generated a record high of $75.3 million in revenue, $22 million in EBITDA, and $15.2 million in net income.