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Peridot PartnersAn Abu Dhabi-based independent private equity firm said it acquired majority stakes in two UAE dental chains.
Olive Rock Partners, in partnership with their respective managing physicians, has invested in The Dental Studio in Dubai and Al Bustan Medical Centre in Abu Dhabi.
Abdullah Shahin, Founding Partner of Olive Rock, said: “Both platforms are leaders in their respective markets and are uniquely positioned to pursue M&A expansion in complementary watersheds in the United Arab Emirates.”
“To increase support for the development of the platform, we have brought international expertise to the company’s board and operating committee,” Mr. Shaheen said.
Founded in 2004, TDS operates five clinics in Dubai and three in Abu Dhabi-based Al Bustan.
The deal comes as demand for dental services in Dubai is expected to According to the Dubai Healthcare City Authority, it will surge 156% by 2025.
The Middle East and Africa dental market is expected to grow from $2.23 billion in 2021 to $3.49 billion by 2028, MarketResearch said.
Muhannad Qubbaj, founding partner of Olive Rock, said: “We have been interested in the dental industry for several years and have been actively seeking to invest in leading teams managing promising platforms, in a regionally fragmented and high-growth market.”
Founded in 2020 by Mr Qubbaj and Mr Shahin, Olive Rock invested in healthcare company UEMedical last year.
The company operates the Danat Al Emarat Hospital, a specialist women’s and children’s hospital in the UAE capital, as well as the HealthPlus Fertility and Family Health Centre and the Moorfields Eye Hospital Centre in Abu Dhabi – a joint venture with London’s specialist Moorfields Eye Hospital NHS Foundation Trust.
Deloitte and Eversheds Sutherland’s UAE operations advised Olive Rock on both transactions, the company said.
Updated: 11/4/2022 3:30AM
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