MOROCCO – Vantage Capital, Africa’s largest mezzanine fund manager, has announced a $28.0 million equity investment in Moroccan hospital group, Cliniques Internationales du Maroc Group (“CIM Santé Group.
This transaction represents Vantage Capital’s 30th transaction across three generations of mezzanine funds with its portfolio of investments spread across ten countries in Africa.
Following the investment, Vantage Capital now becomes a minority with “significant shareholding,” in the Cliniques Internationales du Maroc Group (“CIM Santé Group”), the fund manager said in a statement.
Cliniques Internationales du Maroc was founded in 1994 by Professor Assad Chaara, a renowned cardiologist who pioneered coronary angiography and catheterisation in Morocco.
The hospital has since grown into one of Morocco’s leading healthcare groups boasting of over two major hospitals in the North African nation with a total bed capacity of 120 and 7 theatres.
CIM Santé Group is also currently developing the International Clinic of Tangier, which is expected to be fully operational in Q4 2020.
The hospital which will be the groups largest establishment to date will have 200 bed and 10 theatres, tripling the groups bed capacity and more than doubling the theatres.
“We are proud to partner with the highly-regarded Chaara family and contribute with our funds and our ideas to the further growth of the Group,” Vantage Capital said in a statement.
“CIM provides the opportunity for Vantage to contribute meaningfully to the further development of the Moroccan private healthcare sector by funding the opening of new world-class hospitals in Morocco and in the region.”Vantage Capital
CIM Santé Group also owns radiology centres and laundry service companies in Marrakech and Tangier; and is in partnership with several medical laboratories.
Vantage’s funding will enable the founding family to partly finance the extension of the existing clinic in Marrakech and the opening of new clinics in Tangier and Casablanca.
Thereafter, CIM Santé Group plans to further strengthen its position in the Moroccan market by adding more clinics to its portfolio as well as entering new markets in the rest of Africa.
“We feel that, with Vantage’s financial support and strategic guidance, we are up for the challenge of building on the wonderful legacy created by my father and developing Morocco’s finest private sector health group,” Dr. Fahd Chaara, CEO of CIM Santé Group, said.