The Abraaj Group (‘Abraaj’ or ‘The Group’), a leading investor operating in global growth markets, announced the acquisition of a majority stake, through its Funds, in Polyclinique Taoufik S.A. (‘Clinique Taoufik’ or ‘the company’), a leading private hospital in Tunisia.
Based in Tunis, Clinique Taoufik was one of the first private healthcare institutions established as part of efforts to modernize Tunisia’s healthcare system. The hospital currently treats 75,000 in- and out-patients per year, offering services such as general surgery, heart surgery, neurosurgery and obstetrics. The company also has an emergency service, a radiology center and laboratory dedicated to patients of the hospital.
Clinique Taoufik is a leading private hospital in Tunisia in terms of brand recognition and revenue. With 164 beds, the hospital is the second largest in terms of bed capacity. With Abraaj’s financial and operational support, it aims to consolidate this position by further increasing patient capacity and adding new services, upgrading and renovating the hospital, and investing in human resources and training.
To implement its growth strategy for Clinique Taoufik, Abraaj will draw on its extensive experience in the healthcare sector, gained from investing in businesses across the Middle East, North Africa and Turkey, including Acibadem, a leading healthcare group in Turkey, Unimed in Tunisia and Integrated Diagnostics Holdings in Egypt.
Ahmed Badreldin, Partner and Head of Middle East and North Africa at The Abraaj Group, said: “Our investment in Clinique Taoufik marks our sixth investment in Tunisia and enables us to execute our wider strategy of acquiring robust and innovative businesses in critical sectors such as healthcare. We are backing a company with strong growth potential as the North African population is expected to reach 190 million by 2020, with life expectancy also on the rise, contributing to increasing demand for quality healthcare services.”
Adel Goucha, Director at The Abraaj Group, added: “Clinique Taoufik is well-positioned as one of the leading private hospitals in the Tunisian healthcare sector, an industry which made up almost seven per cent of GDP last year. We look forward to working closely with the clinic’s management to implement its expansion plans and capitalize on the growing market opportunities this sector presents.”
Leila Kefi, Chief Executive Officer of Clinique Taoufik, said: “We are excited to partner with the Abraaj team, who will help to accelerate Clinique Taoufik’s growth, and further build on our leading position in the healthcare delivery sector. We are confident that Abraaj’s strong experience in the healthcare industry and wider region make them the ideal investor for us.”
Abraaj has a strong track record of investing in Tunisian companies, with its portfolio including Moulin d’Or, a highly successful baked goods company; Unimed, a leading player in sterile form pharmaceutical products; and Plastic Electromechanic Company (PEC), which specializes in plastic injection, the assembly of electrical equipment and harnesses, and medical products.