TVM: Exit of ProVita to NMC Health
First exit by TVM Healthcare MENA I fund for 160,6 Mio. USD
TVM Capital Healthcare Partners has conducted the first exit by its TVM Healthcare MENA I fund, divesting ProVita International Medical Center to NMC Health plc, for a consideration of 160,6 Mio. USD. NMC Health has entered into an agreement to acquire 100% of the issued share capital of ProVita, the leading provider of long-term medical care in the United Arab Emirats (UAE), for an equity consideration of 160,6 Mio. USD to be paid in cash, from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investment and other minority shareholders. This acquisition is due to be completed by Q3 2015.
TVM Capital Healthcare Partners invested in ProVita in early 2010 after identifying an unmet need for specialist long-term care in the UAE and after the initial 18 months of preparatory work and collaboration with its founder Christina Shawky-Boehme. Shawky-Boehme established a similar business in Germany in 1995 and was the first to bring her international care model to Abu Dhabi. Continuing the total dedication to patient-centric care, TVM Capital Healthcare Partners developed ProVita into a world-class provider in the UAE, with facilities in Abu Dhabi and Al Ain, employing close to 400 doctors, therapists and nurses.
Dr. Helmut Schuehsler, Chairman and CEO of TVM Capital Healthcare Partners, and Chairman of ProVita, commented: “Our investment in ProVita has closed an important gap in the UAE’s healthcare infrastructure and was the first of its kind in the Middle East. The excellent work of the center’s talented management team, physicians, therapists and nurses has made a true difference to the quality of life of our patients and the social fabric of the community. NMC Health is the country’s largest private hospital chain and has been in operation within the UAE since 1975.”
Residents at ProVita depend on artificial ventilation, typically because of accidents, strokes, or birth conditions. Many are children who were previously either being treated abroad, or occupied scarce intensive care unit beds in UAE hospitals. In late 2012, ProVita became the first long-term care provider outside the United States to achieve endorsement from Joint Commission International, a non-profit international healthcare accreditation organisation. NMC Health operates 18 facilities across the UAE and one in Spain, three of which are JCI-accredited specialty hospitals. With the addition of ProVita, those numbers rise to 21 facilities and four JCI-accredited specialty hospitals.