Vantage Capital announced that it has invested $28 million in family owned healthcare group – Cliniques Internationales du Maroc Group (“CIM Santé Group”).
Founded in 1994 by Professor Assad Chaara, an internationally renowned cardiologist who pioneered coronary angiography and catheterisation in Morocco, CIM Santé Group is made up of the following entities:
- The Heart and Vascular Diseases Clinic established in 1994 in Rabat (20 beds, 2 theatres);
- The International Clinic of Marrakech created in 2011 in Marrakech (100 beds, 5 theatres); and
- The International Clinic of Tangier, currently under development and expected to be fully operational in Q4 2020 (200 beds, 10 theatres).
CIM Santé Group also owns radiology centres, medical laboratories and laundry service companies in Marrakech and Tangier.
This new funding will enable the CIM Santé Group part-finance the extension of the existing clinic in Marrakech and the opening of new clinics in Tangier and Casablanca. Thereafter, CIM Santé Group plans to further strengthen its position in the Moroccan market by adding more clinics to its portfolio as well as entering new markets in the rest of Africa.
Pf. Assad Chaara, Founder of CIM Santé Group, commented, “I am delighted to have witnessed the continued growth of CIM Santé Group over the past years. After helping to create a world-class centre of excellence in cardiology in Morocco, I am proud to pass the torch to my son Dr. Fahd Chaara who will work hand-in-hand with Vantage to further expand the CIM franchise.”
Dr. Fahd Chaara, CEO of CIM Santé Group, added, “We feel that, with Vantage’s financial support and strategic guidance, we are up for the challenge of building on the wonderful legacy created by my father and developing Morocco’s finest private sector health group, housing a broad range of medical disciplines and covering all of the Kingdom’s major cities. With Vantage we will also investigate the opportunity of expanding the business into West Africa in the next few years.”
Luc Albinski, Managing Partner at Vantage Capital, noted that “Vantage is proud to have concluded its largest growth-capital investment to date. It is always pleasing when our funds are applied towards building new, leading-edge infrastructure in Africa whether it takes the form of power plants, fibre networks or hospitals. But given the impact that world-class health care can have on patients and on their families, in many cases saving lives that would prematurely succumb to heart disease and other medical conditions, this investment, at this time, with the COVID epidemic raging, is a source of great joy and pride for the Vantage team.”
Vantage Capital is an Africa-focused fund manager with offices in Johannesburg and Cape Town. The business was founded in 2001 and has raised funds of over $1.1 billion.
