KENYA – Ascent Capital, a leading East African private equity firm in the region, through its Ascent Rift Valley Fund II LP has acquired a significant equity stake of Valley Hospital Limited located in Nakuru City, Kenya.
Founded in 1996, Valley Hospital was one of the first private for-profit hospitals in Nakuru City and a pioneer in offering quality and affordable medical services to the residents of Nakuru.
With 72 beds and accredited by all players in the insurance industry, Valley Hospital is one of the main hospitals in Nakuru County.
“The partnership with Ascent is a first in Nakuru County and will build upon our foundation in striving to offer quality healthcare to residents of Nakuru and beyond,” the Chairman and co-founder of Valley Hospital, Dr. Moses Okech commented
“The investment by Ascent is expected to catalyze the growth and drive significant value in the inpatient and outpatient services and ancillary services such as the pharmacy, medical laboratory, theatre etc. and seek to be an internationally accredited hospital,” CEO and co-founder of Valley Hospital, Mrs. Lydia Obwanga said.
David Owino, the Managing Partner of Ascent Capital Advisory Services LLP, said the acquisition of Valley Hospital, was part of its strategy to take a leadership role in investing in healthcare services.
“We are very excited about the fund’s investment into Valley Hospital. It is a hospital with enormous potential, and we look forward to serving the residents of Nakuru County by offering high quality affordable healthcare as well as working with the medical community and other stakeholders,” David Owino, commented.
“Together with our strategic and operating partner, Rubik Health Africa LLP, we seek to positively impact the lives of the people of Nakuru County.”
This comes a month after the firm announced plans to acquire majority stake in Diani-based hospital group Diani Beach Hospitality Limited (DBH). The financial details of the deal were not immediately disclosed.
DBH operates a hospital in Diani Beach, Ukunda on the southern coast of Kenya with three satellite clinics in Kwale Town, Likoni Town, and Ukunda Town.
Ascent will be seeking to take up an 80 percent stake in its first major healthcare deal, according to a regulatory filing provided by the Common Market for Eastern and Southern Africa (Comesa) Competition Commission where the parties are seeking clearance.
Ascent last year raised US$100 million (KSh10.7 billion) in its first close of Ascent Rift Valley Fund II which positioned it as a leading SME fund manager in the region to empower ambitious entrepreneurs with capital and knowledge drawn from their local advisory teams.
Key investors in ARVF II include leading Africa investors such as BIO (Belgian Investment Company for Developing
Countries, British International Investment Group (formerly CDC), FMO (Dutch entrepreneurial development bank), IFC (the International Finance Corporation), Norfund (the Norwegian investment fund for developing countries), Proparco (a subsidiary of Agence Française de Development (AFD) focused on private sector development through AFD Group’s FISEA fund), SDG Frontier Fund, impact investors and major Kenyan pension funds.
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