ADM Capital et al. looking to exit Turkish hospital

Anneken Tappe
10 January 2013

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An investor group including ADM Capital, Dutch pension fund PGGM and the International Finance Corporation (IFC) are looking to exit Turkish hospital chain Universal Saglik Yatirimlari, according to reports.

Istanbul-based Daruma Corporate Finance, which had already provided sell-side advisory services during the initial investment from the consortium, was reportedly hired to manage the divestment.

ADM, PGGM and IFC, the investment arm of the World Bank, acquired a 26% stake in the hospital chain for $140m in May 2011. IFC alone holds 4.6% of the business, for which it paid $32m.

Universal Saglik Yatirimlari (Universal Hospitals Group) was founded in 1972 and operates 12 hospitals across eight cities in Turkey. In 2013, the group is planning to up its portfolio to 25 hospitals in the Balkan region, according to the company's website.

In September 2012, Carlyle Group hired Credit Suisse and Goldman Sachs to advise on the sale of hospital operator Medical Park Saglik Hizmetleri, which it acquired in December 2009. The company operates 13 hospitals, two hospital complexes, two medical centers and 17 service centres.