(Islamabad -Cairo and London) – Integrated Diagnostics Holdings (IDH Group), a leading global consumer healthcare company based in Egypt signed to acquire 50% shareholding from TPG in Islamabad Diagnostic Center (IDC) Pakistan.
IDC will replace IDH with TPG as its partner following transfer of funds to TPG/ Evercare Group. The transaction to TPG is expected to close in the first half of 2022.
The 50% stake of Texas Pacific Group (“TPG”) in Islamabad Diagnostic Centre Pvt Ltd (“IDC”) were acquired from Abraaj. Historically, Abraaj had 50% stake in IDC since 2017. The same stake was then acquired by TPG – USA in 2019, from ABRAAJ. It is pertinent to mention that the very same 50% stake of TPG now will be transferred to IDH, an Egypt based London Stock Exchange listed entity. Upon completion of the transaction, the payment will go to TPG and not to IDC.
Investing in Pakistan in healthcare is something not much heard of. Three different entities one after an another showed confidence in IDC Pakistan. UAE based Abraaj as first, replaced by USA based Equity, and now taken over by Egyptian healthcare group as third one. It is a matter of great honor for Pakistan that a globally spread healthcare entity has now shown its confidence in the Pakistani healthcare sector through IDC. This will further strengthen the confidence of others to follow footsteps to explore Pakistani markets. IDH and IDC partnership will further reinforce relationship between Pakistan and Egypt and add value to the local healthcare sector.
Commenting on the acquisition, IDC’s Founder, Chairman and CEO, Dr. Rizwan Uppal said:
“I am delighted to welcome and have the opportunity to partner with a mission-aligned regional champion like IDH to serve more patients, create more employment opportunities across our centres, and usher in a new phase of growth. The group boasts an exceptional track record of high-quality service delivery complemented by a world-class management team and robust governance frameworks. The synergies between IDH and IDC will ultimately raise the bar for diagnostic healthcare standards and allow us to capitalize on the important growth opportunity offered by the Pakistani market. I am hopeful that IDC and IDH will complement each other in imaging and lab services to further improve the quality, cost and turnaround time of diagnostic services.”
IDH CEO Dr. Hend El Sherbini added:
“We are very excited about the opportunity to add Pakistan as our fifth geography, one of South Asia’s most attractive markets. This is fully aligned with our regional expansion strategy that targets high-growth and underpenetrated markets where our platform is well-suited to deliver exceptional quality of care to a broad and growing patient base. Pakistan’s young population and lagging investment in healthcare provide for significant future potential. IDC ticks all the boxes of our investment criteria and I am delighted to be partnering with Dr. Rizwan Uppal, who over the last two decades has built a remarkably successful business that places service quality and operational excellence at the core of its offering. IDC is an ideal partner for IDH, with the combination of our two companies set to generate remarkable value and future growth opportunities for both parties.”
Matthew Hobart, Chairman of Evercare’s Board of Directors, Co-Managing Partner of TPG Growth and leader of healthcare investing for The Rise Fund, said:
“Our partnership with Dr. Rizwan Uppal has produced a new standard for diagnostic services in emerging markets. With state-of-the-art equipment, high standards, and quality operations, we have met the healthcare needs of millions of patients, particularly those from low-income populations across Pakistan. IDC was built on a foundation of excellence, and has continued to demonstrate its patient first approach, having rapidly operationalized new laboratories at the onset of the pandemic to address immediate COVID-19 testing needs at scale. Today IDC remains on a strong growth trajectory as it has become an indispensable resource for patients and a top destination for aspiring laboratory professionals in Pakistan. We wish IDC continued success in serving this important population with high quality and affordable services.”