(MENAFN- Renaissance Capital) 22 December 2021 – On 20 December 2021, Integrated Diagnostics Holdings (“IDH”) announced that it has signed a sale and purchase agreement to acquire a 50% shareholding in Base Consultancy FZ LLC, the holding company of Islamabad Diagnostic Centre (Private) Limited (“IDC”), from the Evercare Group, an emerging markets healthcare delivery platform managed by TPG and backed by The Rise Fund, for a total consideration of $72.35mn. Renaissance Capital acted as the exclusive financial advisor to IDH and in connection with the financing.
Founded in 2005 by Dr. Rizwan Uppal, IDC is one of Pakistan's largest integrated (pathology and radiology) diagnostics providers, currently operating a network of more than 80 centres across approximately 30 cities throughout Pakistan as of June 2021.
The transaction is in line with IDH’s geographic expansion strategy to penetrate new, fast-growing emerging markets with favourable demographics and an underpenetrated diagnostics sector. In addition, the transaction will provide access to one of the most populous emerging market countries – Pakistan has a population of more than 200mn, one of the largest in Asia, and boasts a young demographic with 63% under the age of 30, creating long-term sustainable demand for quality healthcare services. The transaction is expected to close in the first half of 2022.
Amr Helal, CEO North Africa, Renaissance Capital, said: “We are very proud to advise IDH on this landmark cross-border transaction and expansion into South Asia. This is our third transaction for IDH following the Dual Listing on the EGX and the $45mn financing secured from the IFC earlier in the year and clearly demonstrates Renaissance Capital’s ability and value-add to support our clients across the emerging and frontier markets where we operate.”
IDH is a leading consumer healthcare company in the Middle East and Africa with operations in Egypt, Jordan, Sudan and Nigeria. The Group’s core brands include Al Borg, Al Borg Scan and Al Mokhtabar in Egypt, as well as Biolab (Jordan), Ultralab and Al Mokhtabar Sudan (both in Sudan) and Echo-Lab (Nigeria). A long track record for quality and safety has earned the Company a trusted reputation, as well as internationally recognised accreditations for its portfolio of over 2,000 diagnostics tests. From its base of 507 branches as of 30 September 2021, IDH will continue to add laboratories through a Hub, Spoke and Spike business model that provides a scalable platform for efficient expansion. Beyond organic growth, the Group’s expansion plans include acquisitions in new Middle Eastern, African, and Asian markets where its model is well-suited to capitalise on similar healthcare and consumer trends and capture a significant share of fragmented markets. IDH has been a Jersey-registered entity with a Standard Listing on the Main Market of the London Stock Exchange (ticker: IDHC) since May 2015 with a secondary listing on the EGX since May 2021 (ticker: IDHC.CA). Learn more at idhcorp.com.
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About Renaissance Capital
Renaissance Capital is a leading emerging and frontier markets investment bank providing access to 50 markets across the globe, with operations in Africa, Central and Eastern Europe, North America and Asia. Founded in 1995, the Firm has established market-leading positions in each of its core businesses – equity and debt capital markets, M&A, markets business division, including equity & equity derivatives, fixed income, FX & FX derivatives, commodities and REPO & financing, as well as research and prime brokerage. It has one of the largest EEMEA distribution and execution platforms, with Sales and Trading teams present in London, Moscow, New York, Johannesburg, Lagos, Nairobi and Cairo. Renaissance Capital is owned by ONEXIM Group. For more information, please visit
Renaissance Capital published its IFRS financial results for 1H21 (ending 30 June 2021) on 17 September 2021. During the reporting period, net profit was USD6.45mn. Operating income was USD80.3mn.
In the 2020 Financial Mail awards for African equity research, the Firm's local team was ranked #3. The team excelled in the sectors covered by Renaissance Capital and was rated top-3 in 13 sectors. The SSA team scooped the #1 rating in both the equities and non-equities categories.
The Firm was named Investment Bank of the Year for Emerging Markets in Europe and Independent Investment Bank of the Year for Sustainability in 2020, the Most Innovative Investment Bank in Emerging Markets in 2018 and the Most Innovative Investment Bank from CEE in 2019 by The Banker’s Investment Banking Awards. The Global Finance’s Best Investment Banks award named Renaissance Capital as the Best Investment Bank in Frontier Markets for 2018 and the Best Debt Bank in Central and Eastern Europe for 2020, Best Bank for Crisis Financial Solutions in CEE and Best Investment Bank in Kenya in 2020. In addition, Renaissance Capital became the winner of Global Finance magazine’s inaugural Sustainable Finance Awards 2021 in the categories ‘Outstanding Sustainable Financing in Emerging Markets in CEE’ and ‘Outstanding Leadership in Social Bonds in CEE’. GlobalCapital named Renaissance Capital #1 in the category Most Impressive Local Bank for CEE Bonds in 2018. Also, Renaissance Capital was named the Best Investment Bank in Russia in 2018 in the Euromoney Awards for Excellence 2019.
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