Carlyle sells 40pc stake in Turkish healthcare group
Dubai, December 26, 2013
Global alternative asset manager The Carlyle Group has entered into a definitive agreement to sell its 40 per cent stake in Medical Park, a Turkish healthcare provider, to funds advised by Turkven.
The other shareholders, Sancak Group and Usta Group, have also agreed to partially sell their holdings alongside Carlyle, amounting to a majority sale.
The transaction is subject to regulatory approvals and other closing conditions, said a statement from Carlyle, which made the investment in the Turkish group through its Mena Fund in 2009.
Since making the investment, Carlyle has worked with the management and other investment partners to double the turnover and increase the number of hospitals from 13 to 18, with approximately 11,000 employees in Turkey.
Commenting on the sale, Can Deldağ, the co-head of Carlyle Mena, said, “Our four-year partnership with Medical Park has been a great success for our investors and healthcare consumers. In this period Medical Park doubled its turnover and increased market share."
"We have enjoyed working with the talented management team, and wish them continued success with their new partners," he remarked.
“Medical Park is one of a number of investments Carlyle has made in Turkey since 2007, and we remain committed to both the country and the region,” he added.
Speaking on the sale, Muharrem Usta, the chairman of the Board of Medical Park Group, said this partnership represents a new era for Medical Park Group, which, through its investments, has become a leader in the Turkish healthcare sector.
The second-largest healthcare group in Turkey, Medical Park has doubled turnover in the last four years.
"Medical Park Group has contributed greatly to the spread of high standards of clinical care, while increasing access to quality healthcare in Turkey. We thank Carlyle for its contributions to this success story and hope to become a global healthcare brand in the coming years together with our new partners,” he added.
Carlyle, Sancak and Usta Group were advised by Goldman Sachs and Credit Suisse.-TradeArabia News Service