MANAMA, 16 January 2007 — Arcapita Bank BSC(c), an international investment firm headquartered in Bahrain, announced yesterday that it and its affiliates, together with existing management, have acquired Sanus Holdings, LLC, operating as FORBA, a leading dental practice management company that focuses on providing dental care to underprivileged children in the United States.
Headquartered in Tennessee, FORBA manages the operations of 50 dental clinics across the United States, targeted exclusively at serving the needs of children eligible for dental care benefits under Medicaid and the State Children’s Health Insurance Plan (SCHIP), which between them provide comprehensive health care for over 32 million children. FORBA’s innovative business model, delivering centralized buying, economies of scale and operational efficiencies, has allowed the company to build a dominant position in its market and, according to management, during 2006 FORBA had three times more patient visits than its nearest competitor. FORBA’s projected revenues for 2006 are $142.2 million.
Atif Abdulmalik, CEO of Arcapita, said: “We believe FORBA’s experienced management team, with in-depth knowledge of the Medicaid health care sector, is well placed to continue the company’s growth strategy which has resulted in the company’s revenues growing at a compound rate of more than 40 percent over the past six years.”
This acquisition is Arcapita’s largest US corporate acquisition and joins other recent transactions such as the $4.2 billion acquisition of Viridian Group PLC, the Northern Ireland electricity utility and the 620 million euros acquisition of Paroc Group, a leading manufacturer of insulation products headquartered in Finland.