Elevate Healthcare now owns 70% of Nile Scan: Investment banking outfit Elevate Capital’s Elevate Healthcare fund has acquired a 70% stake in clinical radiology and lab service provider Nile Scan & Labs in a EGP 312 mn transaction, a source close to the matter told Enterprise. Elevate bought shares from some founding partners that were looking to exit “to cash in on the company’s growth,” the source said.

What’s next? Elevate will work on expanding Nile Scan’s “diagnostics and precision medicine” offering through mergers and acquisitions, the source said. The fund will also work on “geographical expansion to cover more governorates.”

About the fund:Launched in 2021, Elevate Healthcare is a partnership between Elevate Private Equity and Misr Capital. The fund is targeting a final close of USD 380 mn, with the aim of investing in verticals spanning hospitals, pharma, medical education and healthtech in Egypt and sub-Saharan Africa.

Nile Scan & Labs: Nile Scan provides radiology and clinical laboratory services and has nine branches in the greater Cairo area and one in Alexandria, according to its website.

Advisors: Commercial International Brokerage Company (CIBC) was the broker on the transaction, while Al Kamel Law Firm was legal counsel.

Also in the pipeline: Elevate is currently in advanced stages on two major transactions, including a brownfield expansion in premium hospital operations in partnership with London’s Guy's and St Thomas' NHS Foundation Trust, our source says.

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