Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, announced that it has acquired a 70% stake in Medica Holding, the service provider of aesthetics, cosmetics and dermatology equipment and products across the Middle East.
Gulf Capital is targeting investments in the beauty and healthcare sectors, which are expected to register double digit growth rates across emerging markets. In particular, the US$10 billion health aesthetics market is projected to grow at 10% annually over the next five years, driven by rising GDP per capita.
Following its partnership with Gulf Capital, Medica aims to enhance its footprint in the MENA region and expand across Africa and Asia via organic growth and acquisitions, and to broaden its service offerings into new aesthetics verticals.
Dr Karim El Solh, chief executive officer of Gulf Capital, said: “We are delighted to partner with Medica, the leading aesthetics and cosmetics service provider in the Middle East and are excited to fund its ambitious growth and future expansion plans across emerging markets.”
Elias Chabtini, CEO and co-founder of Medica Holding, said: “ Our partnership with Gulf Capital is a major step towards reaching our goal of becoming the leading player in emerging markets as we expand across new geographies and complement our portfolio offerings with leading technologies across all aesthetic verticals.”
Also speaking about the acquisition, Abdullah Shahin, managing director at Gulf Capital, added: “Medica has been playing a key role in transforming the non-invasive Medical Aesthetics sector across the region. This is an area that has been growing at double digit rates globally, with the GCC aesthetics market still on an earlier growth path with a projected 15% annual growth rate over the next five years.”
Medica is a UAE based company with services that include education, training, maintenance, logistics, sales and marketing but mostly, consultancy across four business verticals: equipment, medical injectable, cosmeceuticals, and para-pharmaceuticals and has regional offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Bahrain, Oman and Beirut.