IDH-Man Capital joint venture invests in Nigeria
INVESTMENT WATCH- Two Egyptian powerhouses have joined with the International Finance Corporation (IFC) to acquire a medical diagnostics business in Nigeria. Integrated Diagnostics Holdings (IDH) and Mansour Group investment arm Man Capital announced they are investing (pdf) in Eagle Eye Echo-Scan Services Limited, a leading medical diagnostics business based in Nigeria, through their joint venture, Dynasty Group. Dynasty is 51% owned by IDH, and will partner with IFC to invest in Echo-Scan. “The transaction will see Dynasty acquire a majority stake in Echo-Scan and assume management control of the company, while both Dynasty and the IFC will invest USD 25 mn to expand Echo-Scan’s nationwide service offering, footprint, and quality standards,” IDH CEO Dr. Hend El Sherbini said. “We are exceptionally pleased to be adding Nigeria … I can think of no better partner with whom to do this than Man Capital, which matches our more than four decades of operating experience in the industry with similarly long experience working on the ground in West Africa. Nigeria’s healthcare industry shares multiple similarities with Egypt’s in the 1980s and 1990s in terms of structure, pace of development and the emerging disease profile of patients.” Dynasty Group was advised on the transaction by Stanbic Nigeria, UUBO Nigeria, KPMG Nigeria and Hogan Lovells.