Misr Capital, the investment arm of Banque Misr, and Elevate Private Equity have launched a $380m healthcare investment platform, Nile Misr Scan & Labs.
The platform managers are looking to raise $150m before the first closing in Q1 2022, after seeding initial investments Banque Misr’s cash commitment and Elevate Private Equity’s in-kind contribution to the platform.
Elevate Private Equity has built a strong track record of achieving 38% CAGR over the past four years as the strategic manager of Nile Scan & Labs Co, effectively making it the fastest growing healthcare entity in Egypt and the region.
The platform, Nile Misr Healthcare, is structured on the strong investment and medical expertise of the two partners, who will actively manage the fund strategy and acquire highly selective targets with strong potential across healthcare verticals spanning hospitals, diagnostic facilities, pharmaceuticals, medical education, and digital medical services among others in Egypt and Sub-Saharan Africa.
Akef El Maghraby, Chairman of Misr Capital and Vice Chairman at Banque Misr, said: “Responsible investments come at the top of Misr Capital’s priorities, especially in sectors like healthcare that contribute to the society in which we operate.”
“Investing in healthcare not only adds positive, real value to the society, but also comes in line with SDG 3 of the UN’s sustainable development goals and the United Nation’s Principles of Responsible Investments.”
Tarek Moharram, a healthcare veteran with over 14 years of experience in managing, developing, and growing medical entities in Egypt, will take the helm as chief executive officer of the platform.
“This partnership leverages the technical and strategic expertise of Elevate Private Equity with Misr Capital’s renowned financial and investment track-record; effectually forming a platform that will actively pursue M&A transactions in the highly-fragmented healthcare spaces across our targeted
jurisdictions. Our long-term strategy is to establish larger, consolidated entities that provide comprehensive, world-class healthcare to larger populations across Egypt and Sub-Saharan Africa, in addition to creating a positive impact on the wider economies while delivering superior returns to investors,” he said.
“Most importantly, the platform is built on a comprehensive skill-set that brings to the table veteran healthcare experts, seasoned finance professionals, and a strong line-up of experienced investors backed by Banque Misr, one of the oldest and most renowned banks in Africa,” he added.
The platform is expected to enter its first sale and purchase agreement (SPA) within weeks upon the completion of all necessary approvals.
Ernst & Young Egypt acted as the financial and tax advisor and Alliance Law Firm and Al Kamel Law Firm as the legal advisors to Misr Capital.