Gulf Capital acquires Med Ray

Gulf Capital, one of the most active alternative investment firms in the Middle East based in Abu Dhabi, announced yesterday that its portfolio company, Techno Group Investment Holdings (Techno Group-TGIH), has acquired a strategic stake in Med Ray, Jordan's premier diagnostic imaging centers company. This latest acquisition is part of Gulf Capital's broader strategy to continue its investment program in the fast-growing regional health care sector.
Gulf Capital already owns a controlling stake in Technoscan, the largest diagnostic imaging centers' company with the centers spread across the region. With this new acquisition, Techno Group will be operating 21 diagnostic imaging centers across the Middle East.
Jordan is a major health care hub in the Middle East that is ranked 11th worldwide in the quality of health care charts and 6th in terms of its attractiveness as a medical tourism hub.
Gulf Capital CEO Karim El Solh said: "This new acquisition of Med Ray in Jordan is in line with our strategy of growing our portfolio companies both organically and through bolt-on acquisitions, while expanding our geographical footprint. With 21 centers and growing, Techno Group gives Gulf Capital exposure to the fast-growing Arab healthcare market."
Richard Dallas, MD, private equity at Gulf Capital, said: "Gulf Capital seeks to invest in market-leading healthcare companies that reduce healthcare costs, increase quality of care or service, enable payers and providers to improve efficiencies, and demonstrate proven business models with strong unit-level economics. Med Ray is a company that meets all our health care investment criteria."
Nabil Kassem, MD, operations at Gulf Capital and Techno Group interim CEO, said: "The acquisition of Med Ray reflects the strong financial health of Techno Group and the strength of its operations."
Ihsan Hamarneh, founder and MD, Med Ray said: "With Techno Group supporting us, we will continue to invest in great medical talent and advanced technology."