PineBridge acquires 50% stake in Romatem and enters rapidly growing Turkish healthcare sector
PineBridge Investments Middle East (PBME), a global multi-asset class investment manager with regional headquarters in Bahrain, has acquired a 50% equity stake in Romatem, the leading physical therapy and rehabilitation services chain in Turkey with a well- recognized brand name.
Talal Al Zain, CEO of PineBridge Investments Middle East, said, “We are pleased to partner with Romatem’s professional and entrepreneurial management team. Romatem is a well-managed company and in a short period of time has become Turkey’s leading physical therapy and rehabilitation services chain.
“Founded in 2005 by two leading specialist medical doctors, Romatem has successfully grown from a single facility in Samsun, a city on the North Coast of Turkey, to a network of four facilities in three major Turkish cities. Today, Romatem has a team of approximately 325 professionals, and in 2013, it provided over 347,000 treatments to approximately 52,000 patients by offering sophisticated treatments and employing the latest technology. The team brings extensive experience in the delivery of world-class patient care, and with its entrepreneurial drive, has created an impressive business that contributes to this specialized segment of the healthcare industry. Romatem represents our first healthcare investment with the compelling opportunity of rapid organic and inorganic growth.”
Wael Aburida, Chief Investment Officer of PBME said, “Our partners at Romatem embody the commitment, drive and dedication to excellence we look for in each investment. Our investment will support Romatem to rapidly grow across Turkey over the coming years to secure and maintain their leadership position, while putting in the governance and enhancements to human capital to scale the business.”
Aburida added, “Romatem fits squarely within our investment strategy which is to invest in growing companies across the Middle East, Africa, and Turkey that are active in social infrastructure, demand driven sectors or industrial and manufacturing. We are continuously sourcing investments in growing companies that offer sustainable, long-term returns and contribute to meeting the needs of the population and economic growth of the region.”
Dr. Köksal Holo?lu, Chairman, co-founder and CEO of Romatem said, “We are very excited about our strategic partnership with PineBridge and believe that the firm is the ideal partner to grow Romatem into a global brand recognized for delivering world-class and innovative physical therapy and rehabilitation services. Since our first interaction, the PineBridge team has been focused on how we can build a strong and sustainable business and have already enhanced the value of our business. We look forward to working with PineBridge to grow our business in Turkey as well as expand internationally, including the Middle East and North Africa regions.”
The investment by PineBridge Investments Middle East will support Romatem’s growth strategy, which includes establishing further hospitals and clinics across Turkey as well as expansion into international territories. With the support and added value of PineBridge, Romatem will expand its footprint and enhance its brand recognition to attract domestic and international patients seeking the highest quality and most effective physical therapy and rehabilitation services.
PineBridge is an existing investor in Turkey, and one of PineBridge’s funds is the largest shareholder of Ulusal Faktoring A.?, a non-bank financial services company, since 2011. Ulusal Faktoring is one of the fastest growing factoring services businesses, providing financing to small and medium-sized companies across Turkey.
For more information, please contact:
Managing Director, Global Marketing & Communications
PineBridge Investments Middle East
+973 1 711 1811