Vantage Capital (www.VantageCapital.co.za), Africa’s largest mezzanine fund manager, announced today that it has made a $28.0 million equity investment to acquire a significant minority shareholding in the Cliniques Internationales du Maroc Group (“CIM Santé Group”). The business was founded in 1994 by Professor Assad Chaara, an internationally renowned cardiologist who pioneered coronary angiography and catheterisation in Morocco, and the company has since grown into one of Morocco’s leading healthcare groups.
CIM Santé Group is made up of the following entities:
- The Heart and Vascular Diseases Clinic established in 1994 in Rabat (20 beds, 2 theatres);
- The International Clinic of Marrakech created in 2011 in Marrakech (100 beds, 5 theatres); and
- The International Clinic of Tangier, currently under development and expected to be fully operational in Q4 2020 (200 beds, 10 theatres).
Vantage’s funding will enable the founding family to part-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.Pf. Assad Chaara, Founder of CIM Santé Group, commented, “I am delighted to have witnessed the continued growth of CIM Santé Group over the past years. After helping to create a world-class centre of excellence in cardiology in Morocco, I am proud to pass the torch to my son Dr. Fahd Chaara who will work hand-in-hand with Vantage to further expand the CIM franchise.”Dr. Fahd Chaara, CEO of CIM Santé Group, added, “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, housing a broad range of medical disciplines and covering all of the Kingdom’s major cities. With Vantage we will also investigate the opportunity of expanding the business into West Africa in the next few years.”
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