DIC breaks into healthcare with $1.25bn acquisition

Alliance Medical operates more than 190 scanners and had revenue to the year ended March 31 of 132 million pounds.

Dubai International Capital (DIC) has bought Alliance Medical for 600 million pounds ($1.25 billion), with plans to expand one of Europe's largest MRI and CT scan services provider into the Middle East and Asia.

DIC said on Monday it acquired the business from UK private equity firm Bridgepoint, which led a 111 million pound secondary buyout and recapitalisation of the company in 2001. The firm has expanded with 16 acquisitions, including in Italy and Spain.

It is DIC's first deal in the healthcare sector.

The Dubai-based investment firm, which sold the Madame Tussauds waxworks tourist attraction earlier this year, was established in 2004. Alliance Medical is the firm's third buyout of the year.

Alliance Medical, based in Warwickshire, England, operates more than 190 scanners. It had revenue to the year ended March 31 of 132 million pounds.

"We look forward to working with the management team of Alliance Medical to explore new routes for growth and to provide access to new markets, such as the Arabian Gulf and the broader Asian region," DIC Private Equity Chief Executive Sylvain Denis said in a statement.

Dresdner Kleinwort and Bank of Scotland are lead arrangers of financing for the deal. Goldman Sachs and PWC advised DIC, while KPMG advised Bridgepoint.

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