Novamed, the healthcare platform backed by Amethis Finance, has completed its acquisition of one of Burkina Faso’s largest private hospitals from its owners, the facility’s medical team. Raymond Farhat, Novamed’s Chairman, and Sami Chabenne, the company’s CEO, led the deal. Financial terms of the transaction were not disclosed.
Polyclinique Internationale de Ouagadougou or PCIO was established as Clinique du Coeur in 2007 by cardiology professors Ali Niakara and Lucie Nebie since when it has expanded to be one of Burkina Faso’ s largest private cardiology units, with almost fifty beds. The Novamed acquisition will allow the hospital to increase its investment in its technical facilities, turning it into one of the region’s leading centres of expertise and attracting the best medical personnel and a regional set of customers to its services.
Novamed was established through the management buyout of a group of private hospitals in Côte d’Ivoire in late 2015. The firm isnow one of the largest private healthcare groups in French-speaking Africa with a presence in all the major cities of Côte d’Ivoire. The firm operates a 300-bed network of six private hospitals, one diagnostics centre and the first dental prosthesis centre in the country. The company is currently building the a private oncology centre and a fully integrated diagnosis centre, and is in the process of finalizing the acquisition of an additional private hospital in Abidjan.
Novamed is owned by Amethis West Africa, a €45 million sub-investment vehicle dedicated to opportunities in the CIMA zone (Confédération Interafricaine des Marchés de l’Assurance), which covers almost the whole of Francophone Africa. Established with investments from Amethis’s €275 million Fund I and other regional investors, Amethis West Africa is one of the first investment vehicles incorporated in Côte d’Ivoire and has three assets in its portfolio – Novamed, CDCI, a network of supermarkets in Côte d’Ivoire, and Sodigaz, Burkhina Faos’s largest distributor of LPG bottled gas.
BFF Law provided Novamed with legal advice for this transaction. KPMG in Abidjan and Paris provided additional advisory services for the transaction.