Gulf Capital buys 75% of Egypt’s TechnoScan
15 Feb 2009
(MENAFN) Gulf Capital, a leading private equity firm in the region, said that it has acquired a 75 percent stake in Egypt-based TechnoScan, the largest chain of medical diagnostic imaging centers in the Middle East, Reuters reported.
TechnoScan, founded in 1995 in Egypt, currently operates 15 imaging centers, 13 of which are wholly owned and two of which are owned in partnership with other investors.
Healthcare spending in Egypt has increased by 22 percent in 2009 according the EIU estimates to reach $13.3 billion, and is expected to continue on this trajectory as a result of aging population, alleviated health awareness, increased incomes, and most importantly increased incidences of lifestyle diseases.
TechnoScan will gain substantially from the strategic alliance between GE Healthcare and Gulf Capital announced last month. GE Healthcare will be offering strategic support to TechnoScan, and will collaborate closely in the roll out and new services.