TVM Capital MENA Closes First Investment with Landmark Health Facility
TVM Capital MENA has today announced the closing of its investment in Pro Vita, a groundbreaking healthcare offering for the entire MENA region, with its first facility based in Abu Dhabi. Pro Vita provides long-term care and rehabilitation to patients that require ongoing ventilation support. The deal closure comes only months after TVM Capital MENA announced the first closing of its DIFC based Shari’a compliant dedicated private equity fund for healthcare investments in the MENA region.
The investment is consistent with TVM Capital MENA’s strategy for targeting specialty operators addressing regional medical needs that are completely unmet (as is the case with Pro Vita), or that are not adequately addressed.
Pro Vita is the first facility of its kind in the region to offer a state of the art long term care for ventilated patients in a non-hospital setting. With a capacity of 42 beds, the facility will have over 100 employees providing round the clock medical care. The facility will have 24 hour physician coverage staffed by German physicians and has a formal affiliation with the University of Munich. Patient admissions will begin in July 2010.
High rates of vehicle accidents and congenital disease factors in the region contribute to an environment where long-term ventilator care and rehabilitation services are in high demand across the GCC region. Pro Vita will significantly improve the quality of life for patients who need such treatment, allowing them the opportunity to receive care at a specialized facility in their home country as opposed to similar facilities abroad or ICU beds at local hospitals. It will also alleviate financial and logistical pressure on over-subscribed hospital ICU units in Abu Dhabi and the GCC. Pro Vita also provides rigorous rehabilitation services for its patients. There is a significant need for several dozen facilities across the GCC and MENA and Pro Vita plans to expand its offering with additional locations in the UAE as well as other countries in the region.
According to Marios Fotiadis, Managing Director of TVM Capital MENA and Chairman of the Board of Directors of Pro Vita; ‘’The Pro Vita project is a sound validation of our strategy, which focuses on specialty healthcare services providing much needed care in areas which are not being addressed by the local market. As opposed to building multiple hospitals and duplicating facilities where many of the same already exist, we believe in a cost effective solution that benefits the sustainable development of the healthcare sector. The ultimate goal is to improve the quality of life for patients in the region.
‘’There is a significant growth need for long-term care facilities supporting patients on ventilation across the MENA and our objective is to expand the Pro Vita concept in other Middle East countries over the coming months."
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