DUBAI, June 16: Global law firm Morgan Lewis today announced that it has advised TVM Capital Healthcare Partners in connection with the first exit by its TVM Healthcare MENA I Fund – the sale of ProVita International Medical Center to NMC Health plc (LSE:NMC).
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 UAE, for an equity consideration of US$160.6 million to be paid in cash, from TVM Capital Healthcare Partners, the Olayan Group, Al Zarooni Emirates Investment and other minority shareholders.
TVM Capital Healthcare Partners was established in the UAE in 2009 targeting the growing investment opportunity in private sector healthcare across the Middle East and North Africa. The firm makes growth capital and buyout investments, implementing a strategy to create significant local economic and societal value by applying international best practice clinical and managerial expertise.
TVM Healthcare MENA I Fund invested in ProVita in 2010 after identifying an unmet need for specialist long-term care in the United Arab Emirates. With total dedication to patient-centric care, TVM Capital Healthcare Partners developed ProVita into a world class provider, with facilities in Abu Dhabi and Al Ain, employing close to 400 doctors, therapists, and nurses. Residents at ProVita depend on artificial ventilation, typically because of accidents, strokes, or birth conditions. In 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.
Morgan Lewis acted as lead advisor to TVM Capital Healthcare Partners – the team was co-led by Dubai-based partners Jim Knight and Philip Dowsett, and associate Jane Sohn – and assisted by associates Amanjit Fagura and Tareq Obeidat.
Commenting on the transaction, Jim Knight said: “We are extremely pleased to have advised our longstanding client and market leader, TVM Capital Healthcare Partners, on this significant transaction. Our team has been fortunate to work with them since their set up in Dubai, through the initial investment in ProVita and other portfolio companies, and now on their first exit. Their development of ProVita and through to its sale reflects the growing importance of the regional healthcare sector.”