Amanat has acquired Cambridge Medical and Rehabilitation Center for $232 million in a deal that gives it greater access to Saudi Arabia’s post-acute health care market.
The UAE-based health-to-education group said it acquired the specialist medical company with a combination of cash and debt from private equity firm TVM Healthcare.
“We feel that this sector, post acute care and rehabilitation is an under-served sector in the GCC,” Mohamad Hamade, CEO of Amanat, told Bloomberg TV.
Cambridge Medical and Rehabilitation Center is a post-acute care and rehabilitation provider, with more than 250 beds across three facilities — two in the UAE and one in Saudi Arabia. It reported revenue of $75.3 million and net income of $15.2 million for 2020.
The acquisition by Amanat is one the biggest such deals in the Gulf’s health care sector in recent years.
It also targets an under-served sector that is attracting increased interest in the wake of the pandemic with many COVID-19 patients requiring extensive rehabilitation.
“Post-acute care and rehabilitation has proven to be one of the most resilient subsectors during the pandemic,” said Hamade.