Kibo Capital portfolio company raising $6.5m to finance potential liquidity shortfall
Ciel Healthcare – a sub-Saharan African healthcare platform with operations in Mauritius, Uganda and Nigeria – is raising $6.5 million for Uganda’s International Medical Group (IMG), a diversified healthcare operator involved in areas such as hospitals and pharmaceuticals. The funding will be used to finance a potential liquidity shortfall to be faced by IMG due to the COVID-19 pandemic and to refinance existing debt.
Ciel Healthcare is a portfolio company of private equity firm Kibo Capital’s Kibo Fund II. Other shareholders are Ciel Limited, the IFC, the Investment Fund for Health in Africa II and Proparco. Ciel Healthcare owns a majority stake in IMG.
The IFC has committed up to $4 million to support the project. The remaining funding shall be provided by Ciel Healthcare’s existing shareholders in the form of equity.
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