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Healthcare
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Market Cap £11.11bn
Enterprise Value £12.75bn
Revenue £3.86bn
Position in Universe 114th / 1789

TPG-backed Evercare eyes expansion of ex-Abraaj healthcare business

Mon 13th September, 2021 8:15am
By Saeed Azhar
    DUBAI, Sept 13 (Reuters) - TPG-backed Evercare, which took
over the management of hospitals and clinics previously managed
by a fund of scandal-hit Abraaj, plans to expand its presence in
its five key markets by adding more clinics and diagnostic
centres, its chief executive said.
    The aim is to boost coverage to six million patients by
2025, from four million in Kenya, Nigeria, Pakistan, India and
Bangladesh, CEO Massimiliano Colella told Reuters in an
interview.
    "There is still an opportunity to further expand care and
increase the reach in the five countries we operate in," Colella
said. 
    "We are discussing with TPG on how to expand and we are
looking at different options."
    Evercare is wholly-owned by the Evercare Health Fund, a $1
billion emerging markets healthcare fund managed by the impact
investment platform of buyout firm TPG.
    It currently owns 30 hospitals, 16 clinics and 82 diagnostic
centres.
    In 2019, TPG took over the management of the healthcare fund
from Abraaj, once the Middle East and North Africa's biggest
buyout funds, which collapsed following a row with investors
over the use of money in the healthcare fund.
    Evercare has taken a number of steps to improve governance
such as changing leadership, investing in finance and
information technology, hiring a general counsel, Bart Wilms,
and creating compliance and audit committees at hospitals.
    "We ended up in changing more than 70% of the leaders around
the organisation," said Colella, who has previously worked at
Smith & Nephew  SN.L  and Johnson & Johnson  JNJ.N .
    "We need people who are able to drive the cultural part of
this mission, impact part of the story ... it is more about
leadership skills than operational skills." 
    Currently staffing at the organisation has risen to 11,000
from 9,000 when it was taken over from the Abraaj fund, he said.
    Colella said Evercare's diagnostic centres were largely
concentrated in Pakistan, where their number has almost doubled
in the last 20 months, as it is a successful business with a
good local partner.
    "We saw the opportunity to invest more during COVID," he
said.

 (Reporting by Saeed Azhar
Editing by Mark Potter)
 ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters
Messaging: saeed.azhar.reuters.com@reuters.net))
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