UAE, 12th October 2011: TVM Capital MENA has today inaugurated its first investment in the MENA region.
The official opening of ProVita International Medical Center in Abu Dhabi was attended by TVM Capital MENA Chairman & CEO Dr. Helmut M. Schuehsler who also serves as Chairman of the Board at ProVita. The region’s first long-term care facility for acute, ventilator dependent patients in a non-hospital setting, ProVita addresses a significant market need in the region. The facility offers round the clock care for acute ventilator dependent patients outside of the Intensive Care Unit (ICU) where they usually have to live, if no such facilities as ProVita exist.
The genesis of the clinic, and more specifically the collaboration with the founder of ProVita clinics in Germany, Christina Shawky-Boehme, is consistent with the TVM Capital MENA strategy of involving leading operators from more fully developed healthcare markets such as in Europe or North America to provide unique and specialized healthcare services in the Middle East, directly catering to the growing local demand. The investment in ProVita was originally announced in November 2010 and the facility was eventually opened in February 2011. The company hopes to meet enough demand in other countries to be able to open additional long-term care facilities in the region, including the Kingdom of Saudi Arabia.
According to Dr. Helmut M. Schuehsler, Chairman & CEO of TVM Capital MENA, “We are proud of the work that ProVita has been able to do and the difference it has made to the quality of life of severely ill and ventilator dependent patients in Abu Dhabi. The facility is a first for the region and a testament to the growth and development of the local healthcare industry. The demand for long-term care remains high and we hope to expand the ProVita offering throughout the region.”
TVM Capital MENA is the first international private equity house with a focus in healthcare to establish operations in the MENA region. The three founding investors of the TVM Capital MENA Healthcare Private Equity Fund are the IFC (International Financing Corporation), GE Healthcare and The Olayan Group.
The second TVM Capital MENA investment in the region, Bourn Hall International, had a soft opening of its first in-vitro-fertilization (IVF) clinic in Kochi, Kerala, India in July 2011 and is currently building out additional facilities in Delhi and Dubai. The founders of BHI invented IVF in 1978 with the first successful birth of a child conceived through an IVF procedure. As the ultimate testament of Bourn Hall’s world-leading expertise in the field of fertility, its founder, Dr. Bob Edwards, was awarded in 2010 the Nobel Prize in medicine for the invention of IVF.
Notes to editor
TVM Capital MENA Ltd. is a private equity firm focusing on investments in health care in the Middle East and North Africa (MENA). TVM Capital MENA operates out of the Dubai International Financial Center and is licensed and regulated by the DFSA. The team of TVM Capital MENA is affiliated to the international Life Science Practice of TVM Capital. The TVM Capital Life Science Practice currently manages €820 million from more than 50 investors. The investment professionals draw upon the experience, international approach and demonstrated success of about 80 exits from almost 120 investments. Exits include nearly 40 initial public offerings on the NASDAQ, and the London, Frankfurt, Zurich and Vienna Stock Exchanges and 25 trade sales and mergers. TVM Capital Life Science operates with an integrated team from its headquarters in Munich and a representative office in Boston. The team combines long-standing international investment experience and operating track records with extensive networks in and knowledge of the MENA region.
More information please visit: www.tvm-capital.ae
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