Gulf Capital offloads stake in Art Fertility to KKR-backed medical group: Abu Dhabi-based private equity firm Gulf Capital sold a majority stake in IVF center Art Fertility Clinics to Spain-based medical group IVI-RMA Global for an undisclosed sum, according to a press release (pdf). IVI-RMA Global, which is backed by US private equity firm KKR & Co, is one of the world’s largest medical institutions dedicated to assisted reproduction. The story got ink from Bloomberg.

Not a full exit…: The sale, which followed a competitive auction process, covers Art Facility’s Middle East operations, namely three clinics in the UAE and one in Saudi Arabia, though it excludes its 11 clinics in India, which Gulf Capital will continue to own.

…but a big-cash-in: While the transaction value and exact returns were not disclosed, Gulf Capital said the sale is expected to generate “a significant return on invested capital,” naming it as one of the firm’s most successful exits.

Five years in the making: Gulf Capital acquired Art Facility in 2020 and expanded it from a UAE-focused operator to a regional platform of 15 clinics, before it was reported to be looking for an exit earlier this year. The PE firm claims the IVF center’s bottom line in the Middle East quadrupled during its ownership, without disclosing figures.

IN CONTEXT- This is Gulf Capital’s fourth recent exit, following the sale of AmCan in January 2024, its divestment from EGX-listed Middle East Glass to Mena Glass Holdings later that year, and the transfer of its entire stake in energy services provider Kuiper Group to India’s Asian Energy Services in April of this year.

Two more to come? CEO Karim El Solh told EnterpriseAM UAE earlier this year that 2025 was shaping up to be “a productive year for Gulf Capital in terms of exits,” adding that the firm was working on three large divestments to be announced over the following two quarters. With the ART Fertility sale now completed, that pipeline may have narrowed to two major exits still to come.

ADVISORS- Moelis & Company quarterbacked the transaction as both Gulf Capital and Art Fertility’s M&A advisor, with A&O Shearman providing counsel.

OTHER M&A NEWS-

Adia backs India’s NSDL IPO: The Abu Dhabi Investment Authority (Adia) invested INR 140 mn (AED 5.9 mn) for a 1.17% stake in India’s National Securities Depository as part of its INR 40.1 bn (AED 1.7 bn) IPO, according to a disclosure (pdf). The offer opened for public subscription yesterday, and fully sold within hours of launch.

Other major anchor investors include the Life Ins. Corporation of India, which secured the largest allocation at 11.99%, followed by the Smallcap World Fund with 8.33%.

This move follows a series of substantial India-focused investments by Adia in 2025. The fund invested USD 200 mn in medical device manufacturer Micro Life Sciences, through a subsidiary, and 41.3 crore (c. AED 17.7 mn) in the USD 395 mn (AED 1.5 bn) IPO of drugmaker Anthem Biosciences. Adia also invested USD 310 mn (AED 1.1 bn) for a 5.1% stake in IDFC First Bank.

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