EFG Hermes advises TPG’s Evercare Group on $ 72.4 million in IDC transactions

EFG Hermes’ investment banking division advised TPG’s Evercare Group and sold a 50% stake in the Islamabad Diagnostic Center (IDC) to Integrated Diagnostics Holding (IDH) for $ 72.35 million.

Evercare Group is a TPG-managed and The Rise Fund-backed healthcare delivery platform. EFG Hermes served as TPG’s sell-side advisor.

IDH, a consumer healthcare company with operations in Egypt, Jordan, Sudan and Nigeria, has invested 50% in the Base Consultancy UAE, a special purpose vehicle (SPV) that controls 100% of the IDC. By purchasing, you have signed a contract with IDC. ..

IDC, Pakistan’s radiation and pathology service provider, offers a variety of imaging and lab services across a national network of more than 80 branches in 30 cities.

IDH will combine existing cash with a committed debt facility to fund the transaction. The debt package includes a $ 45 million facility secured by IFC in May 2021 and an additional $ 15 million IFC Syndicate Facility from Mashreq Bank.

This transaction requires regulatory approval.

Ali Calpey, CEO of EFG Hermès Frontier, said: “This is EFG Hermès’ first inbound transaction to Pakistan and demonstrates its ability to connect clients across the market.”

Meanwhile, EFG Hermes Holding reported a net profit of 1.1 billion EGP in the first nine months of 2021, a 26% year-on-year increase.

Revenues from January to September also increased by 8% compared to the same period last year, reaching EGP 4 billion.

read: EFG Hermes Holding reports a 26% increase in net income during the first nine months of 2021.

Group operating expenses fell 14% year-over-year, reaching EGP 760m in the third quarter of 2009, primarily due to lower employee expenses. In the third quarter, EFG Hermès net income after tax and minority interests were € 356 million, down 16% year-on-year, while sell-side revenue was € 406 million, up 45% year-on-year.