PineBridge acquires 50pc stake in Turkish firm
Manama, March 25, 2014
PineBridge Investments Middle East (PBME), a global multi-asset class investment manager with regional headquarters in Bahrain, has acquired a 50 per cent equity stake in Romatem, a leading physical therapy and rehabilitation services chain in Turkey.
The investment will support Romatem’s growth strategy, which includes establishing further hospitals and clinics across Turkey as well as expansion into international territories.
Talal Al Zain, CEO of PineBridge, said: “We are pleased to partner with Romatem’s professional and entrepreneurial management team. Romatem is a well-managed company and in a short period of time has become Turkey’s leading physical therapy and rehabilitation services chain.
“Founded in 2005 by two leading specialist medical doctors, Romatem has successfully grown from a single facility in Samsun, a city on the North Coast of Turkey, to a network of four facilities in three major Turkish cities.
“Romatem has a team of approximately 325 professionals, and in 2013, it provided over 347,000 treatments to approximately 52,000 patients by offering sophisticated treatments and employing the latest technology. The team brings extensive experience in the delivery of world-class patient care, and with its entrepreneurial drive, has created an impressive business that contributes to this specialised segment of the healthcare industry.”
Dr. Köksal Hologlu, Chairman, co-founder and CEO of Romatem said, “We are very excited about our strategic partnership with PineBridge and believe that the firm is the ideal partner to grow Romatem into a global brand recognised for delivering world-class and innovative physical therapy and rehabilitation services.
“Since our first interaction, the PineBridge team has been focused on how we can build a strong and sustainable business and have already enhanced the value of our business. We look forward to working with PineBridge to grow our business in Turkey as well as expand internationally, including the Mena region.” - TradeArabia News Service