Misr Capital, Banque Misr’s investment arm, and Elevate Private Equity have unveiled Nile Misr Scan & Labs, a $380 million healthcare investment platform.
After seeding initial contributions Banque Misr’s cash pledge and Elevate Private Equity’s in-kind contribution to the platform, the platform managers hope to raise $150 million before the first closure in Q1 2022.
Elevate Private Equity has established a solid track record as the strategic manager of Nile Scan & Labs Co, achieving a 38 percent CAGR over the last four years, effectively making it the fastest growing healthcare entity in Egypt and the country.
Nile Misr Healthcare is built on the two partners’ strong investment and medical expertise, which will actively manage the fund strategy and acquire highly selective targets with high potential across healthcare verticals such as hospitals, diagnostic facilities, pharmaceuticals, medical education, and digital medical services in Egypt and Sub-Saharan Africa.
“Responsible investments come at the top of Misr Capital’s priorities, particularly in sectors like healthcare that contribute to the society in which we operate,” said Akef El Maghraby, Chairman of Misr Capital and Vice Chairman of Banque Misr.
“Investing in healthcare not only brings meaningful, tangible benefits to society, but it also aligns with the UN’s Sustainable Development Target 3 and the UN’s Principles of Responsible Investments.”
Tarek Moharram, a healthcare veteran with over 14 years of experience leading, creating, and expanding medical institutions in Egypt, will lead the platform as CEO.
“This collaboration combines Elevate Private Equity’s technological and strategic capabilities with Misr Capital’s esteemed financial and investment track record, resulting in the formation of a forum that will aggressively seek M&A transactions in the extremely fragmented healthcare spaces around our target jurisdictions. Our long-term strategy is to create bigger, integrated institutions that offer robust, world-class healthcare to larger communities across Egypt and Sub-Saharan Africa, while also having a positive effect on the broader economies and providing superior returns to investors,” he added.
“Most notably, the platform is founded on a comprehensive expertise set that includes veteran healthcare specialists, seasoned financial executives, and a deep line-up of established investors backed by Banque Misr, one of Africa’s oldest and most renowned banks,” he said.
Following the fulfillment of all requisite permits, the platform is scheduled to sign its first selling and purchasing agreement (SPA) within weeks. Misr Capital’s financial and tax advisors were Ernst & Young Egypt, and its legal advisors were Alliance Law Firm and Al Kamel Law Firm.