IDB Infrastructure Fund II invests in Avivo Group
Avivo Group, one of the largest healthcare networks in the Gulf Cooperation Council (GCC) with 32 healthcare facilities, has announced a partnership with IDB Infrastructure Fund II, sponsored by the Islamic Development Bank and other institutional investors.
The fund has completed a significant investment in Avivo to help expand Avivo’s healthcare platform regionally. Healthcare facilities operated by Avivo include:
- two highly reputed hospitals,
- 14 specialty centres,
- eight high-end dental centres,
- six pharmacies, and
- two state-of-the-art diagnostic facilities
The IDB Infrastructure Fund II, with commitments of US$750 million, invests in infrastructure opportunities across Asia, Middle East and Africa. The fund is managed by Asma Capital Partners.
Shailesh Dash, chairman of Avivo Group said:
“Avivo is extremely happy to partner with IDB Infrastructure Fund II. This partnership allows us to enhance both execution and value creation in new territories in the region, and we strongly believe this partnership will bring more value to Avivo’s upcoming IPO.”
Amitava Ghosal, CEO and board member of Avivo Group, also expressed his pleasure in having IDB Infrastructure Fund II as a valuable partner for future growth. Ghosal added:
“Avivo has grown tremendously in the past five years across multiple locations and diverse specialties. We have been in discussions with the fund over the past few months, and we see great opportunities in working together to further strengthen Avivo's market position as a leading integrated healthcare service provider in the region and beyond. Avivo is set to enter Oman, Qatar, Saudi Arabia and South East Asia over the next phase of growth. During the next two years, Avivo will be present in five of the six Gulf countries.”
Stephen Vineburg, CEO of Asma Capital Partners, said
“This is an opportune time to invest in the healthcare sector and we are delighted to partner with Avivo’s high calibre management team, with its proven track record in the development and management of a region-wide healthcare network.”
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