Gulf Capital is eying more acquisitions in the Gulf, Africa and Southeast Asia
UAE-based private equity firm Gulf Capital has bought a majority stake in health aesthetics firm Medica Holding as it seeks more acquisitions, the firm said on Monday.
The deal saw Gulf Capital take a 70 percent stake in Medica, which provides cosmetics, aesthetics and dermatology equipment and products in the Middle East.
The value of the deal was not disclosed.
“We are willing to fund any bolt-on acquisitions,” Gulf Capital CEO Karim el Solh was quoted as saying by Reuters. “We are looking at two acquisitions in the Gulf, a joint venture in Africa and also in Southeast Asia.”
El Solh added that “the deal is an intersection of consumer spending and healthcare, sectors that are growing very fast.”
Gulf Capital plans to launch a fourth private equity fund – worth over $750 million – later this year, and plans an additional three to five deals over the next year, El Solh added, noting that the company is planning on exiting three investments.
Over the course of the last 18 months, Gulf Capital did eight new deals and made five exists, the proceeds of which nearly equalled the capital deployed.
Gulf Capital, which has $3 billion in assets under management, is one of the largest private equity firms in the MENA region.