Kibo Capital Partners has sold its 40% stake in International Medical Group to Uganda-based International Medical Group to a consortium made up of Ciel Group and Indian healthcare operator Fortis. The deal marks Kibo’s complete exit from the company.
Kibo originally invested in IMG in January 2012, further boosting its holding in the company in August last year by acquiring an additional 12% stake from TBL Mirror Fund.
IMG was founded in 1996 and has since grown to be one of the leading healthcare groups in Uganda. The group consist of two companies – International Hospital Kampala (IHK) and International Air Ambulance (IAA). IHK provides inpatient and outpatient services to more than 200,000 people per annum, through a network of 10 medical clinics across the country. IAA provides healthcare schemes that offer services through IHK and select affiliates, and, according to Kibo’s website, has a a 30% market share with a membership of 40,000 clients.
Financial terms of the transaction were not disclosed.