KTH invests in Me Cure Healthcare Limited (Nigeria)20 July 2015
KTH is pleased to announce the successful acquisition of a substantial equity shareholding in Me Cure Healthcare Limited (“Me Cure”) – Nigeria’s leading healthcare diagnostics company. The healthcare sector in Nigeria is expected to show significant growth underpinned by a growing middle class and a reduction in medical tourism as healthcare provision in Nigeria improves and Nigerians spend more locally. Me Cure is an innovative and market-leading company that provides accessible and high quality healthcare, sophisticated diagnostic, eye care and dental services.
Me Cure started operations in 2009 and operates two centres in Lagos and five centres across key Nigerian cities of Ibadan, Kano, Ondo, Umuahia and Aba. The company offers a full range of diagnostic, eye care and dental services at its operations and is currently expanding its services by building West Africa’s first fully integrated oncology centre, which will be commissioned in 2016. Me Cure’s revenues have grown consistently over the last four years. The investment by KTH provides Me Cure with additional capital to complete the oncology centre and further expand its services across Nigeria.
KTH’s Chief Investment Officer, Jacob Hinson, said: “KTH seeks to invest in fast growing companies, with strong and innovative management in our chosen sectors. Under the leadership of founders and entrepreneurs, Samir Udani and Kunle Adebowale, Me Cure has consistently demonstrated the significant growth potential of the company. We look forward to a long and mutually rewarding relationship with the Me Cure team.”
Echoing this sentiment, KTH’s Chief Executive Officer, Vuyisa Nkonyeni, remarked, “An important part of KTH’s pan African strategy is to partner with companies that are leaders in their sector and which demonstrate the importance of innovation and dynamism in their particular field of expertise. Me Cure will provide a valuable addition to KTH’s suite of best-in-class portfolio companies and with their commitment to providing world-class technology to the people of Nigeria, we are delighted to be able to partner alongside them.”
This is KTH's second investment in West Africa following the 2014 acquisition of a significant minority stake in Fidelity Bank Ghana. KTH continues to pursue acquisitions in East and West Africa in addition to its already large South African portfolio. Last month, KTH announced the acquisition of a 51% stake in Servest, now the largest black-owned facilities management company in Africa; a company that also has operations in Nigeria.
Samir Udani, Me Cure’s Chairman said, “We are very excited to have an investment partner of the calibre of KTH. We believe that we share a similar value system and were impressed with their proactive approach, the speed of their decision making and the value we believe they can bring. The capital injection will be used to help the business on its journey to become a leading healthcare provider on the continent. “
Kunle Adebowale, Managing Director at Me Cure added, “KTH’s investment is a vote of confidence in what we have built at Me Cure, and we look forward to continuing to build on that success. Me Cure has demonstrated that when provided with high quality and affordable healthcare options, Nigerians don’t need to go abroad for basic healthcare needs.”
KTH will be joining the Board of Me Cure to provide it with significant strategic support in executing its growth strategy.