The EuroMena Funds invests in Nomaved, a leading Healthcare Provider in Côte d’Ivoire

26 February 2019 – Novamed Ltd (the “Company”), Amethis, SAIL, and The EuroMena Funds (“EuroMena”) are pleased to announce the completion of a capital increase in the Company that has been fully subscribed by EuroMena. Proceeds of the capital increase will be used towards continuing to fuel the growth of the Company.  

Novamed is the largest operator in the healthcare sector in Côte d’Ivoire. The Group currently owns and operates seven hospitals, 1 dental centre and 2 diagnosis centres in Côte d’Ivoire as well as one hospital in Burkina Faso. The Novamed group is currently undergoing a revamping process of its network of hospitals and a heavy investment program adding a state of the art cardiology center which will be the first to perform open-heart surgeries in Francophone West Africa, and an oncology centre being the first to perform radio therapies in the region.

Since its establishment in 2015, Novamed has been led by a solid management team with strong operational expertise in the African healthcare space and supported by the Company’s shareholders: Amethis, a Private Equity investment platform dedicated to Africa, and SAIL, a holding entity fully owned by Raymond Farhat, a renowned insurance expert and entrepreneur with long track record in developing the health sector in Africa, and Sami Chabenne, a seasoned management consultant with a strong strategy expertise in Africa.

Gilles de Clerck, Executive Partner of EuroMena, mentioned on the occasion “EuroMena is proud to join one of the leading institutional healthcare providers, and help promote the development of the healthcare industry in Francophone West Africa”. This transaction is the sixth investment of EuroMena III following the investments in Elephant (FMCG, Nigeria), Indigo Company (apparel retail franchising, Tunisia, Morocco and Algeria), Credit Libanais (banking, Lebanon), Retail Holding (retail, Morocco), and Carbon Holdings (petrochemicals, Egypt).

Paul Khoury, Partner of EuroMena, added “We are confident in the ability of Novamed’s management to lead the group into its next phase of growth, as the group is overhauling its network of clinics. We strongly believe in the solid fundamentals of the healthcare sector in Côte d’Ivoire”.

Raymond Farhat, Chairman of Novamed, stated “We are pleased to receive EuroMena who after Amethis will strengthen our Company and support Sail in this exciting project of creating and building a sub-regional medical leader”.

Laurent Demey, Managing Partner of Amethis, mentioned “We are thrilled to welcome EuroMena as shareholders of Novamed to support us in our ambitions to create the leading healthcare platform in Francophone West Africa. We look forward to this fruitful collaboration to further expand Novamed organically and geographically”.

About EuroMena:

The EuroMena Funds Management Team has raised more than USD 350 million to date through 3 funds from prominent investors such as the European Investment Bank (EIB), the French Public Wealth Funds (Proparco), and the UK’s Development Finance Institution (CDC Group), the International Finance Corporation (IFC), The German Investment and Development Corporation (DEG), as well as high net worth individuals, and family offices. The Group has closed more than 26 investments and divestments within the Middle East and Africa region and is currently raising EuroMena IV targeting in excess of USD 200 million.



About SAIL:

Sail is a holding entity fully owned by Raymond Farhat and Sami Chabenne, the founders of Novamed.


About Amethis:

Amethis is an investment fund manager dedicated to the African continent, with an investment capacity exceeding €650m, founded in partnership with the Edmond de Rothschild Group. Amethis brings growth capital to promising midcap champions in a diversity of sectors throughout the African continent. As an active shareholder, Amethis offers key support and expertise through its international network, its opportunities of external growth and its value-added governance.