UAE - Mubasher: Gulf Capital, a leading asset manager based in Dubai, on Monday announced that the acquisition of a 70% stake in UAE’s Medica Holding, one of the Middle East’s largest providers of cosmetics and dermatology products.
Freshfields Bruckhaus Deringer and PwC were selected by Gulf Capital as advisors for the transaction, while the selling shareholders of Medica were advised by Emirates Investment Bank and BonelliErede, according to a press release.
Gulf Capital has been seeking further investments in the fast-growing beauty and healthcare sectors, forecast to witness double-digit growth rates across emerging markets.
Upon its partnership with Gulf Capital, Medica plans to boost its footprint in the MENA region and further expand across Africa and Asia.
The $10 billion health aesthetics market is expected to see an annual growth rate of 10% over the coming five years, the release noted.
Karim El Solh, CEO of Gulf Capital, said: “Medica’s track-record is one of continuous innovation and growth, and it has demonstrated its ability to pioneer aesthetics and non-invasive procedures in the Middle East for over 20 years. This investment in the dominant market leader gives Gulf Capital a strong exposure to the fast-growing aesthetics and cosmetics sectors and allows us to capitalise on the growing consumer and healthcare trends in the region.”
Elias Chabtini, CEO and co-founder of Medica Holding, said: “Our partnership with Gulf Capital is a major step towards reaching our goal of becoming the leading player in emerging markets as we expand across new geographies and complement our portfolio offerings with leading technologies across all aesthetic verticals.”
