TVM Capital MENA Closes First Investment with Landmark Health Facility
This news release was taken from an announcement of TVM Capital MENA Limited, the founding investor in the company, when the build out of the facility in Abu Dhabi started in June 2010: TVM Capital MENA has announced the closing of its investment in ProVita, a groundbreaking healthcare offering for the entire MENA region, with its first facility based in Abu Dhabi. ProVita provides long-term care and rehabilitation to patients that require ongoing ventilation support. The deal closure comes only two months after TVM Capital MENA announced the first closing of its DIFC based Shari’a compliant dedicated private equity fund for healthcare investments in the MENA region. The investment is consistent with TVM Capital MENA’s strategy for targeting specialty operators addressing regional medical needs that are completely unmet (as is the case with ProVita), or that are not adequately addressed. ProVita is the first facility of its kind in the region to offer a state of the art long term care for ventilated patients in a non-hospital setting. With a capacity of 42 beds, the facility will have over 100 employees providing round the clock medical care. The facility will have 24 hour physician coverage staffed by German physicians and has a formal affiliation with the University of Munich. High rates of vehicle accidents and congenital disease factors in the region contribute to an environment where long-term ventilator care and rehabilitation services are in high demand across the GCC region. ProVita will significantly improve the quality of life for patients who need such treatment, allowing them the opportunity to receive care at a specialized facility in their home country as opposed to similar facilities abroad or ICU beds at local hospitals. It will also alleviate financial and logistical pressure on over-subscribed hospital ICU units in Abu Dhabi and the GCC. ProVita also provides rigorous rehabilitation services for its patients. There is a significant need for several dozen facilities across the GCC and MENA and Pro Vita plans to expand its offering with additional locations in the UAE as well as other countries in the region, with the ultimate goal of improving the quality of life for patients in the region by expanding the ProVita concept in other Middle East countries over the coming years.