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News : Qatar First Investment Bank acquires a stake in a Leading Turkish based healthcare provider

QFIB announced that along with ARGUS Capital acquired a 40% minority stake in Memorial Health Group (MHG)

Qatar First Investment Bank (QFIB) announced that along with ARGUS Capital, a London based private equity house, acquired a 40% minority stake in Memorial Health Group (MHG), one of the leading healthcare providers in Turkey.

MHG began operations in February 2000 and is among the top two ‘class A’ healthcare groups in Turkey, offering high quality service with well respected physicians and state-of-the-art equipment. MHG offers a full range of medical services covering 41 branches of medicine including, but not limited to, general surgery, cardiology, cardiovascular surgery, organ transplants, neurosurgery, and orthopaedics.

MHG’s main hospital complex is located in Okmeydani in Istanbul, a 55,000 square meter facility with a 214 bed capacity. In addition, MHG also operates two other complexes, one on the Asian side of Istanbul in Atasehir district with 114 bed capacity and the other in the Bahcelievler on the European side with a 148 bed capacity. MHG also operates a complex in Antalya in addition to two outpatient polyclinics both located in Istanbul.

A proven market leader, MHG was the first hospital to receive the Joint Commission International Accreditation in 2002 and has since renewed in 2005 and 2008. It was also the first private hospital to carry out liver and kidney transplantation and blood-type incompatible pediatric liver transplantation.

Commenting on the agreement, Abdullah Bin Fahad Bin Ghorab Al Marri, Chairman of Qatar First Investment Bank, said: “Healthcare is a key sector for QFIB. It is a growing sector in the MENA region and is resilient to economic downturns due to the necessity of the services. Turkey, being the largest Islamic country in Europe and the Middle East, is an extremely important market. The acquisition of a stake in Memorial Health Group, the leading Turkish healthcare provider with a growing number of patients nationwide, is a clear indication of our intention to diversify and establish ourselves in a number of key growth industries.”

“This is our second deal in the health care sector and we are confident that our stake in Memorial Health Group will result in significant growth. The company has a proven track record of success. Their market share and future plans make them exactly the type of company we look to invest in,” he concluded.

QFIB and ARGUS Capital were advised by Daruma Corporate Finance on this transaction, the leading healthcare advisory company in Turkey. As the originator of the deal Daruma Corporate Finance contributed to the success of this acquisition by aligning the interests of all parties concerned through the negotiation, due diligence and closing processes.

Turgut Aydın, President and Chairman of Memorial Health Group said: “We are pleased to welcome QFIB into the group as an investor and advisor. QFIB enjoys a sound reputation as a fast growing bank with a diverse shareholder base. Their experience and unique expertise will undoubtedly benefit Memorial Health Group as we endeavor to continue developing our offer in Turkey and abroad. QFIB shares our vision in maintaining MHG’s leadership position in the growing healthcare sector.”

Managing Partner of ARGUS Capital, Ali R. Artunkal commented, “We consider the investment in Memorial as our landmark entry to the Turkish market which we have been actively focusing on in the past three years, and we are excited about Memorial’s remarkable development and future growth potential which we shall work together with our partners, the Aydin Family, QFIB and Memorial’s management to realize.”