London-based DPI will invest USD 190 mn in Alameda

Healthcare leader Alameda lands big private equity investment: Our friends at London-based private equity giant Development Partners International (DPI) have put together a transaction to acquire a USD 190 mn minority stake in Fahad Khater’s healthcare services platform Alameda Healthcare, the companies said in a joint press release (pdf). The DPI investment includes commitments from funds it controls as well as co-investors.

This is a big deal — literally and metaphorically. For starters, DPI and Alameda stayed the course even as the regional investment climate soured thanks to Israel’s foreverwar in Gaza and, more recently, fears of a regional conflagration after Washington and Tel Aviv attacked Iran. It’s also the largest-ever private equity investment in healthcare here. That’s a big boost of confidence by a key global investor not just in Alameda, but in Egypt and the nation’s healthcare sector.

The details: The transaction, primarily a capital increase, is subject to regulatory approvals (the Egyptian Competition Authority has already taken note) and is expected to close in 3Q 2025. Khater, Alameda’s chairman, will remain the group’s majority shareholder post transaction. This marks DPI’s first investment in direct healthcare services, a top DPI executive told us. DPI Partner Ziad Abaza, a longtime friend of EnterpriseAM, led the transaction.

Where will the money go? In part, it sets Cairo-headquartered Alameda up as a regional platform. “We are actively engaged with the management team and key stakeholders to explore additional opportunities in Egypt,” a DPI executive told us. The funding will also drive Alameda’s growth in the GCC — and support investment in tech as well as the scaling of its discipline-specific centers of excellence, which include focuses on cancer, cardiology, liver disease, and orthopedics. “The envisaged investment in advanced technologies will mainly focus on digitization, diagnostic innovation, and clinical infrastructure upgrades,” the DPI exec told us.

Alameda has been ramping up its expansion efforts this year, with plans to set up a 200-bed hospital in Saudi Arabia by 2026 and partnering with TMG to build a EGP 5 bn hospital in Madinaty. The healthcare group previously earmarked USD 245 mn to expand its footprint in Egypt and across the region.

DPI was drawn to Alameda by the quality of its assets and market position, the exec told us. “The government’s push to deepen public-private partnerships and attract foreign investment, including through the rollout of the universal health ins. program, also made the sector more appealing by adding long-term visibility and structural stability,” he added.

Alameda owns household brands in healthcare including As-Salam International and Dar Al Fouad hospitals, the German Rehabilitation Center, and Tabibi 24/7, among others.

DPI aims to help Alameda scale by supporting high-potential ventures, improving governance, and embedding ESG principles across the business. “We bring operational experience, sector-specific knowledge, and a track record of scaling businesses across Africa,” the executive told us, adding that DPI is “a strategic partner, not just a financial investor.”

The PE firm declined to say how big a position the transaction represents, saying only that it is a “significant minority stake structured to allow us to contribute meaningfully to Alameda’s strategic direction.” We think that could be a blocking minority.

Lots of appetite for Egypt: DPI is building a pipeline of potential investments in Egypt across high-growth sectors including manufacturing, fintech, financial services, FMCG, retail, and healthcare, the company official told us. The firm in April took over management of fintech investor Nclude’s USD 105 mn AUM fund here, adding it to a portfolio that already included bold-faced local names MNT-Halan and Hassan Heikal’s Kazyon.

ADVISORS- Our friends at EFG Hermes Investment Banking were sole M&A financial advisors on the transaction, the firm said in a press release (pdf). With Alameda now announced, EFG Hermes has advised on M&A transactions worth a combined USD 2.5 bn in the past 18 months, including four deals so far this year. The good folks at ALC Alieldean Weshahi & Partners were local counsel to Alameda alongside Matouk Bassiouny & Hennawy, while Addleshaw Goddard were international counsel. White & Case was local and international counsel to DPI, which was also advised by PwC, Rothschild, and Debevoise & Plimpton.