UAE’s Cambridge Medical owner hires advisory deNovo for potential sale

Dubai: The private equity owner of Cambridge Medical and Rehabilitation Center (CMRC), a long-term care business in the United Arab Emirates and Saudi Arabia, has hired corporate advisory firm deNovo for a potential sale of the company, three sources familiar with the matter said.

TVM Capital Healthcare, a Dubai-based private equity business, is planning an exit of its investment in CMRC in a deal valued at between $200 million and $300 million, two of the sources said, declining to be named as the matter is not public.

It made the investment in 2012.

Cambridge is one of the few speciality players in this sector and has potential to expand as the need for long-term care for aging patients in the region grows, one of the people familiar with the process said.

A document was circulated by deNovo, a Dubai boutique advisory, to potential buyers to gauge interest, one source said.

A third source said CMRC had received strong interest from investors such as healthcare providers and other private equity players from the region and outside.

TVM and CMRC did not immediately respond to a request for comment while deNovo declined to comment.

CMRC has facilities in Abu Dhabi and Al Ain in the UAE and Dhahran in Saudi Arabia, according to information on its website.

It provides tailor-made care to patients with short and long-term rehabilitation needs, as well as those with chronic health issues, according to its website.