Satya Capital exits Hygeia Nigeria in $67mn deal


Tuesday, January 12, 2016 1.38PM / African Capital Digest

IFC, the American DFI, IFHA Cooperatief, an Africa-focused healthcare private equity fund, Swiss Re, the reinsurance company and CIEL Healthcare are making a $66.8 million investment in Hygeia Nigeria, a Satya Capital-backed private healthcare company in Nigeria. Additional terms of the deal were not disclosed. The new investment will be used to improve healthcare infrastructure and increase access to quality healthcare services to the Nigerian market.

Commenting on the transaction, Satya’s Managing Partner Moez Daya said “Satya is proud of the role it has played in Hygeia’s growth and the value it has helped create. We would like to thank our partners the Elebute Family and the entire Hygeia team for their dedication and hard work over the last six years. It has been a privilege to support their efforts to offer world class healthcare in Nigeria.”

Hygeia operates a network of two hospitals and three clinics under the Lagoon Hospitals brand and a health maintenance organization, Hygeia HMO. It is expanding its operations by upgrading and increasing capacity at existing hospitals, including its management information system, and creating a new tertiary care hospital. The investment will allow Hygeia to expand its service offering in healthcare services and the HMO to allow greater access to quality healthcare in Nigeria.

“…Hygeia is consistently seeking ways to improve and expand our offerings so that we can offer more Nigerians world class services at affordable rates and help to reverse the growing trend to travel abroad for care,” said Fola Laoye. Hygeia’s Board Chairman. “IFC and IFHA, our long term partners, are working with us to achieve our aim of closing the gap of quality healthcare service delivery in Nigeria. We are excited to bring on board reputable new partners like Swiss Re and Ciel Healthcare Africa. We thank the Satya team for their support and commitment during a very important time of development for Hygeia.”

In addition to providing capital, the partnership will increase and broaden the technical expertise at Hygeia and ensure global best practices through the involvement of Ciel Healthcare Africa. Ciel is working in association with Fortis, a leading integrated healthcare delivery service provider in India. Through this project, Hygeia will have the capacity to reach more than two million patients over the seven-year investment period.

“We wish the management and employees of Hygeia all the best as they continue on their journey to redefine Healthcare in Nigeria. This transaction is the culmination of many years of hard work, of which they should be justly proud” added Jide Olanrewaju, who led Satya’s investment in Hygeia in 2009.

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