OP Finnfund Global Impact Fund I invests in Moroccan healthcare group
OP Finnfund Global Impact Fund I, the first Finnish global emerging markets impact fund, has invested $10 million in equity in CIM Santé Group, a Moroccan private healthcare group.
Founded in 1994 by Professor Assad Chaara – a pioneer in developing cardiac catherisation in the country – CIM Santé Group has a strong focus on cardiology. Currently, the group operates three clinics in Rabat, Marrakech and Tangier. CIM Santé Group also owns radiology centres and laundry service companies and is in partnership with several medical laboratories.
With the funding provided by OP Finnfund Global Impact Fund I and Vantage Capital, a mezzanine debt provider, CIM Santé Group plans to extend its flagship clinic in Marrakech and expand its operations to Casablanca to meet the increasing demand for healthcare services in the country. Thereafter, CIM Santé Group plans to further strengthen its position in the Moroccan market by adding more clinics to its portfolio as well as entering new markets in the rest of Africa.
OP Finnfund Global Impact Fund I seeks positive impacts on climate change, food security, gender equality, and the availability of financing. The fund reached its final closing in December 2020, with a total fund size of €135 million.
Dr. Fahd Chaara, CEO of CIM Santé Group commented, “We feel that, with Vantage’s and OP Finnfund Global Impact Fund I’s financial support and strategic guidance, we are up for the challenge of building on the wonderful legacy created by my father and developing Morocco’s finest private sector health group, housing a broad range of medical disciplines and covering all of the Kingdom’s major cities.”
Tuomas Virtala, head of asset management at OP Corporate Bank said, “Through this investment, we can increase accessibility of quality healthcare services for Moroccans and foster female empowerment in the sector. This fits perfectly with the investment strategy of OP Finnfund Global Impact Fund I. We are glad to support the expansion and development of CIM Santé Group’s operations.”
Johanna Raehalme, investment manager at Finnfund said, “In Morocco, there is a growing need for accessible quality healthcare services. CIM Santé Group has a proven track record of providing excellent healthcare services, developing its operations while also taking care of its staff. The Group is committed to providing much-needed quality jobs for healthcare professionals, and in particular supporting female professionals in their career paths – something that cannot always be taken for granted. We are very much looking forward to our partnership with CIM Santé Group and Vantage Capital.”
Luc Albinski, managing partner at Vantage Capital added, “We are proud to partner with OP Finnfund Global Impact Fund I alongside CIM Santé Group and contribute with our funds and our ideas to the further growth of the Group. We are confident that in a few years’ time, CIM Santé Group will be one of the biggest private multi-disciplinary healthcare groups in Morocco.”
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