Cerberus, Olive Rock buy into UAE hospital chain UEMedical

American private equity firm Cerberus Capital Management and Abu Dhabi-based Olive Rock Partners have jointly acquired a stake in the UAE hospital chain United Eastern Medical Services LLC (UEMedical).

The investment will help UEMedical better serve its patients by adding complementary offerings and expanding its geographical reach, Cerebrus said in a statement. It didn’t disclose any financial details.

This is at least the second major hospital deal in the UAE this year. Earlier this year, the UAE-based Amanat Holdings PJSC acquired Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million.

This is the debut investment deal by Olive Rock. The regional PE firm was founded last year by former Gulf Capital executives Muhannad Qubbaj and Abdullah Shahin.

Olive Rock is raising its first fund. In March, the Abu Dhabi Catalyst Partners (ADCP) became an anchor investor in Olive Rock. ADCP is a joint venture of Abu Dhabi sovereign wealth fund Mubadala and investment firm Falcon Edge.

Abu Dhabi-based UEMedical was founded in 2008. It employs more than 2,300 healthcare professionals and caters to 700,000 patients via its network of 21 hospitals and other health facilities which it operates across the UAE.

Some of these facilities include the Danat Al Emarat Hospital, a hospital catering to women and children, and the Moorfields Eye Hospital UAE, a branch of Moorfields London.

The healthcare chain also operates several specialty and family health centres as part of its HealthPlus network, including HealthPlus Fertility, which is the largest in vitro fertilization platform in Abu Dhabi.

Founded in 1992, Cerberus manages private equity, private credit and real estate assets in excess of $55 billion.