Case Study : Private Equity
Cambridge Medical & Rehabilitation Center

Investment Overview

In line with Lesha Bank’s (the “Bank”) investment diversification strategy, and as part of its plans to identify new regional and global investment opportunities, the Bank successfully invested in an adjusted stake of 15.6% in 2015, and exited from CMRC, a regional long-term, post-acute care and rehabilitation company, for $ 35.6 million achieving a net IRR of 19% in 2021. The company’s turnover had increased from $ 15 million in 2015 to more than $ 54 million in 2020 (Lesha Bank made this investment alongside lead-investor TVM Capital Healthcare, and regional co-investors).

Healthcare continues to be a significant area of focus within Lesha Bank’s investment portfolio making the Bank well-positioned to offer investment opportunities in this sector that aims to ensure further consistency of the Bank’s overall portfolio returns in the regional market. Post-acute care is proving to become an attractive healthcare vertical in the region for private equity investors. Over the past 6 years, CMRC witnessed exponential growth in revenue and EBITDA and its Enterprise Value (EV) grew to $ 232 million at exit in 2021. After the exit of CMRC, Lesha Bank remains committed to strengthen its investment portfolio in locally, regionally, and globally and continues to seek investments that yield sustainable profitability, growth, and attractive risk adjusted returns.

InvestmentCambridge Medical & Rehabilitation Center Limited (“CMRC”)
CountriesUAE & KSA
Acquired fromCMRC Limited
Cambridge Medical & Rehabilitation Center
Cambridge Medical & Rehabilitation Center

The information contained in this presentation is strictly confidential and intended for the sole consumption of its intended recipient. The information contained herein is strictly intended for providing general updates and information, it does not constitute a sale or offer of investment products, neither does it constitute as an investment advice and shall not be a reliable guide to future performance. The recipient is cautioned from making investment decisions based on this information and is required to obtain independent investment and legal advice from a licensed financial/investment advisor/counsel.

Certain information set forth in this presentation contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable laws (collectively referred to herein as Forward-looking Statements or Statements). Except for statements of historical fact, the information contained herein constitutes Forward-looking Statements and may include, but is not limited to, the (i) projected financial performance of the investment; (ii) completion of, and the use of proceeds from, the sale of the shares when completed; (iii) the expected development of the investment, related business activities, projects, and joint ventures; (iv) execution of the investment’s objectives and growth strategy, and global growth outlook; (v) updates and developments relating to third-party financing for the investment; (vi) completion of the investment ‘s activities that are currently underway, in development or otherwise under consideration; (vi) future liquidity, working capital, and capital requirements.

Forward-looking statements are provided to allow current and potential investors the opportunity to understand management’s demonstration and opinions in respect of the future of this investment so that they may use such beliefs and opinions as one factor in evaluating an investment and shall not be a reliable guide to the future performance of this investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such Forward-looking Statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such Forward looking Statements. Although Forward-looking Statements contained in this presentation are based upon what management believes are reasonable assumptions in accordance with the information provided by the target investment, there can be no assurance that Forward-looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Bank undertakes no obligation to update Forward-looking Statements if circumstances or management’s estimates or opinions should change except as required by applicable relevant laws. The reader is cautioned not to place undue reliance on Forward-looking Statements.

While the Bank has endeavored to ensure the correctness of the information provided, the Bank is not responsible for any errors, omissions, or the results obtained from using this information and shall not make any guarantees or warranties based on the information contained in this presentation.