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Gulf Capital Sells Metamed to Ray Lab and a Consortium of Global Investors in a Secondary Private Equity Transaction

Gulf Capital Sells Metamed to Ray Lab and a Consortium of Global Investors in a Secondary Private Equity Transaction
May 27, 2020

Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, announced today that it has successfully completed the sale of Metamed, the region’s largest diagnostic imaging network, to Ray Lab, owned by a consortium of international and regional investors. The consortium of buyers includes Mediterrania Capital Partners, Cairo Scan for Radiology and Labs (S.A.E.) and a number of European Development Financial Institutions (DFIs) including Deutsche Investitions-und Entwicklungsgesellschaft mbH (DEG), Dutch Financierings-Maatschappij voor Ontwikkelingslanden (FMO), Socie´te´ de Promotion et de Participation pour la Coope´ration Economique (Proparco) and the European Bank for Reconstruction and Development (EBRD). The successful financial sale is one of the few secondary transactions amongst private equity firms in the MENA region in recent years.

During Gulf Capital’s ownership, Metamed grew its total number of centers three-fold, from 10 to 30 centres across Egypt, Saudi Arabia and Jordan. Metamed’s services were also expanded to include adjacent healthcare offerings, such as clinical and anatomical pathology, nuclear medicine services and women healthcare. During this period, sales in Egypt grew by five times from the entry level and profitability by 4.3 times. In Saudi Arabia, sales doubled and profitability grew by 2.5 times.

The Metamed investment demonstrates Gulf Capital’s track record of backing local businesses and transforming them into regional platforms, while making an important contribution to the delivery of better and more efficient healthcare services to a broader segment of the society in the Middle East.

Dr. Karim El Solh, Chief Executive Officer of Gulf Capital, commented: "We are delighted to have contributed to Metamed’s significant growth and to have transformed it into the largest diagnostic imaging company in the Middle East and North Africa, through organic growth and a large number of bolt-on acquisitions. This investment is another example of how Gulf Capital adds value and transforms local players into regional leaders. We are confident that Metamed will continue to flourish under the ownership of Mediterrania Capital Partners, Cairo Scan for Radiology and Labs Co. and this prestigious consortium of international investors. It has been a pleasure working with Dr Ihsan Hamarneh and his talented management team, and we would like to thank them for their leadership and contributions over the last few years.”

Dr Ihsan Hamarneh, Chief Executive Officer of Metamed, said: “I would like to thank Gulf Capital for being an active, supportive and insightful partner during the journey we embarked on together. Gulf Capital’s industry expertise, operational skills and continued support throughout the journey have been invaluable, allowing us to scale rapidly, establish our market-leading position and deliver better healthcare services across the Middle East. I am looking forward to continuing this journey with Mediterrania Capital Partners and to bolster our leadership position in the diagnostic imaging sector in the Middle East and North Africa.”

Albert Alsina, Founder and CEO at Mediterrania Capital Partners, said: “We are pleased to welcome Metamed to our portfolio of companies and delighted to offer our financial, strategic and operational support to sustain the group’s expansion plans. Metamed is a highly successful company, well positioned to fulfil the increasing demand for private medical services in the MENA region. The combination of Metamed and Cairo Scan will create one of the largest diagnostics imaging platforms in emerging markets, and we are excited by the growth potential of this new combined organisation.”

Prof. Hatem El Gabaly, Ray Lab’s Chairman, concluded: “By bringing together these two companies, we are creating the largest diagnostic imaging platform in Africa and the Middle East. Our combined businesses will allow further expansion and better utilisation of the current and newly added resources to serve the patients in all countries of operation with state-of-the-art technology managed by highly qualified medical and paramedical staff. We look forward to working together with the respectful and qualified staff of both companies to streamline a smooth process of integration and expansion.”

Gulf Capital was advised by HC Securities & Investments, Gibson Dunn & Crutcher and Matouk Bassiouny. Ray Lab, Mediterrania Capital Partners and Cairo Scan were advised by Zaki Hashem and Partners Law firm. Due diligence was provided by Deloitte (financial), Efeso (commercial), ERM (ESG), Zaki Hashem and Partners (legal Egypt), Zu’bi Advocates and legal consultants (legal Jordan), Covington (legal Saudi Arabia), Carey Olsen (legal Cayman), Zammit Pace and FJVA (legal Malta), Dentons (legal UK) and Cuatrecasas (tax global).

Download press release in Arabic

 
 
 
 
 

Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
Copyright آ© 2017 Gulf Capital Pvt. JSC. All rights reserved.

Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Limited (DIFC). and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcap-es.com, @gulfcp.com, @gullfinvest.com, @eaglesquare-ae.com, @gulfcainvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

I have read and understood the Fraud Alert, Terms & Conditions of Use and Privacy Policy. I accept the terms and condition therein and wish to proceed to the Gulf Capital website.

تناهى إلى علم شركة جلف كابيتال أن ثمة مراسلات متنوعة تعمم عن طريق البريد الإلكتروني، ومن مواقع على شبكة الإنترنت، وعن طريق البريد العادي أو الفاكس، تدعي زيفا أنها صادرة عن شركة جلف كابيتال أو بالاشتراك معها و/أو مع موظفيها. ويراد من عمليات الاحتيال هذه، في الكثير من الحالات، الحصول على المال و/أو معلومات شخصية من الأشخاص الذين يتلقون تلك المراسلات.

وتود شركة جلف كابيتال أن تحذر عامة الجمهور من هذه الأنشطة الاحتيالية التي يزعم الاضطلاع بها باسم الشركة و/أو باسم موظفيها؛ وستقدر لفت انتباهها إلى أي مراسلات مشبوهة.

يرجى الانتباه إلى ما يلي:

  • · لا تمنح شركة جلف كابيتال أي قروض شخصية أو تمويل شخصي.
  • لا تمارس شركة جلف كابيتال أي أعمال مع اسواق العملات العالمية و السلع و المعادن