Elevate Healthcare to acquire 100% of Nile Scan: Investment banking outfit Elevate Capital’s Elevate Healthcare fund is reportedly looking to fully acquire clinical radiology and lab service provider Nile Scan & Labs for EGP 500 mn, Asharq Business reports, citing the company’s CEO Tarek Moharram. The company is expecting to close the deal in April, the news outlet reports. Moharram wasn’t immediately available for comment when we reached out to him yesterday.

About the fund: Launched in 2021, Elevate Healthcare is a partnership between Elevate Private Equity and Banque du Caire’s Misr Capital, which are targeting a final close of USD 380 mn. It aims to invest in verticals spanning hospitals, pharma, medical education and healthtech in Egypt and sub-Saharan Africa.

Elevate is already involved with Nile Scan: At the time of the fund’s launch, Elevate said that it had been the “strategic manager” of Nile Scan for the past four years, during which time it had achieved a CAGR of 38%. It’s unclear how much of the company Elevate currently owns. Moharram told Enterprise last year that some 30% of the fund’s investments were set to go towards diagnostics through expansions and acquisitions made via Nile Scan.

More takeover plans in the pipeline: The fund is looking to deploy EGP 500 mn to make 4-5 new acquisitions, he told Asharq, without providing further information.

The fund also plans to take its new health education platform online this year: Elevate is planning to launch a new USD 50 mn health education platform in 2023, Moharram told Asharq Business. Companies will be able to offer various qualifications and postgrad studies in pharma and medical management through the platform, he added, according to the news outlet. Elevate has already made agreements with the University of Vienna to be part of the platform and is currently working to sign similar agreements with other major international universities, Moharram said.

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