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Tue 2 Aug 2016 01:43 PM

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Bahrain's Mumtalakat buys stake in Italian healthcare firm

Investment arm of Gulf kingdom announces acquisition of minority stake in KOS Group

Bahrain's Mumtalakat buys stake in Italian healthcare firm

Bahrain Mumtalakat Holding Company, the investment arm of the Gulf kingdom, has announced the acquisition of an equity stake in KOS Group, a European healthcare group.

Mumtalakat said in a statement that Italy-based KOS is focused on long-term care and rehabilitation services, with additional activities in hospital equipment management, diagnostics and cancer care services. It did not disclose the value of the acquisition.

This investment reflects Mumtalakat's continued commitment to grow its portfolio across multiple sectors and geographies, added Mumtalakat.

Founded in 2003, KOS Group operates in the area of social health, residential care for chronic illnesses, rehabilitation and mental health services, and management of medical equipment and diagnostic centres.

It has more than 76 dedicated facilities comprising of 7,200 beds, including nursing homes, rehabilitation centres, hospitals, and mental health clinics.

Additionally, the group has an international presence through its diagnostics and cancer care services unit in the UK and India.

Mumtalakat said it will hold a significant minority stake alongside CIR, the founders and existing majority shareholders of KOS Group, and will be engaged in key decisions through its representative on the board of the investment vehicle.

Mumtalakat added that its investment will take place through a consortium organised by F2i, the Italian infrastructure fund, and including one other international investor.

Mahmood Hashim Alkooheji, CEO of Mumtalakat, said: "We are pleased to announce our investment in the healthcare sector in Europe. The healthcare sector has solid growth potential, and this transaction is aligned with our objectives to create a diversified, global portfolio and achieve sustainable investment returns.

"As a value adding, long-term partner, Mumtalakat aims to support KOS Group's expansion initiatives as well as its plans to establish a foothold in the kingdom, which will act as a platform to serve the high growth post-acute care sector in the GCC," Alkooheji added.

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