22 Nov 2016
Bahrain, 22 November 2016 – Investcorp, a global provider and manager of alternative investment products, today announced that an entity managed by it has invested in a minority stake in the leading private medical laboratory chain in the GCC, Al Borg Medical Laboratories (“Al Borg” or the “Company”).
Established in 1999 in Jeddah, Al Borg has 53 laboratories across eight countries in the GCC and Africa, with a clear leadership position in Saudi Arabia. Employing over 900 personnel, Al Borg offers a wide range of routine and specialty medical laboratory testing services to hospitals, clinics, corporates and individuals. The Company has a leading market position, possesses the highest levels of industry accreditations and is a trusted brand name.
Mohammed Al-Shroogi, Co-Chief Executive Officer of Investcorp, commented, “The investment in Al Borg reaffirms our commitment to supporting regional businesses that are committed to growth and expansion. We are extremely excited to partner with existing shareholders of Al Borg, and believe that our combined efforts will result in even more success for the Company. The healthcare sector in Saudi Arabia is highly defensive and underpinned by favourable demographics, supportive regulations and greater medical awareness.”
Dr. Mohammed Fawaz Al Bishry, Chairman of the Board of Al Borg Medical Laboratories, added, “We are delighted to be entering into this partnership, as we believe this will provide our business with the additional resources and expertise to continue to strengthen our brand, consolidate our position in our domestic market and facilitate our growth plans across the Middle East.”
Tristan de Boysson, Managing Director, Investcorp Corporate Investment – MENA said, “Al Borg benefits from the positive healthcare dynamics in the region. A key focus for our team will be to help generate additional growth opportunities for the business, leveraging experience gained from our large number of portfolio companies.”
Dr. Mohamed Amin Attiya, Managing Director of Al Borg Medical Laboratories, added, “Al Borg has ambitious plans to expand its network of laboratories in Saudi Arabia and the region, and we believe this partnership will enable us to strengthen our foundations, resources and infrastructure to support and ensure sustainable growth.”
Al Borg joins a growing portfolio of investments managed by Investcorp and its affiliates in Saudi Arabia, the most recent one being Bindawood Holding in January 2016, one of the leading supermarket and hypermarket chains in Saudi Arabia. Other investments in Saudi Arabia managed by Investcorp and its affiliates include Leejam, the owner and operator of the leading fitness chain “Fitness Time”; Theeb, the leading car rental business; Al Yusr Industrial Contracting Company (AYTB), a leading provider of industrial services outsourcing solutions; L’azurde, a leading designer, manufacturer and distributor of gold jewellery which was successfully listed on Tadawul Stock Exchange in June 2016; and NDT Corrosion Control Services, Saudi Arabia’s largest industrial testing services company.