Turkey: Private Equity Exits and The Balkans

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There is an interesting transcript of a conversation on private equity exits in Turkey, particularly Acibadem Hospitals.

This conversation was with Ms. Demet Ozedmir, Ernst & Young and Mr. David Snow, CIO of the IFC.

From the dialogue:

Ms. Demet: “Abraaj Capital had an investment in a hospital, Turkish hospital, Acibadem Hospital. And again, maybe to talk about the numbers, they have invested– maybe to talk about a bit of the history of this Turkish hospital, Acibadem was, the first time, listed on the Istanbul Stock Exchange back in ’91. And then in 2006, they acquired another hospital, which was International Hospital by name.

2007 is the first time that Abraaj Capital have invested, and the concentration value for 22% of the shares was at $163 million. And then they acquired another 36% with a concentration value of $443 million after one year, which is in 2008. And then, so, in the meanwhile, Abraaj also acquired certain other shares through the Istanbul Stock Exchange. So they were holding 92% of Acibadem Hospital. Now, by the end of 2011, just last week of 2011, it was a disclosed transaction that Abraaj Capital have existed from its investment, and the concentration value of the exit was 1.26 billion.

So it, again, is a significant value for Turkey. And this is only a beginning, we believe, just because there will be further exits in 2012, as well. …. And Carlyle having investment in medical park hospital, so they will probably exit in 2012.”

Link to the article: (Free registration may be required.)


I was in Istanbul last month and I asked a pointed question to a few investment bankers and private equity executives: Has Turkey been able to domestically finance its private health sector infrastructure projects?

Answer: No.

There is a lot of excitement about Turkey and its investment climate, including healthcare. But we think one of the highlights of the Turkish growth spurt of the recent past is its external, historical view of where to invest. And its healthcare sector is looking, and investing, in the Balkans…………HK

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On April 19, 2012
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