Global invests in Turkish healthcare

Global Investment House has become the latest private equity firm to tap into the growing sector with the acquisition of Biçakcilar, a manufacturer of medical hardware.

Global Investment House has bought an 80 percent stake in Turkish medical product business Biçakcilar Tibbi Cihazlar for an undisclosed amount.

Biçakcilar is one of the largest manufacturer of components for IV drips in Europe, according to a statement from Global. The company exports to more than 70 countries worldwide.

The Turkish healthcare market is proving an attractive area for private equity firms investing in the region. Last week, European mid-market firm NGBI made its first direct investment in the country, acquiring a majority stake in Sante, an operator of oncology therapy centres. Financial details were not disclosed, but the deal was understood to value Sante at up to €20 million.

The Turkish medical equipment and supplies market had an estimated size of around $2.2billion in 2008 and experienced a compound annual growth rate of 20 percent between 2003 and 2008, said Global. The growth has been spurred on by increasing income levels, changes in social security system and new healthcare investments by the state and the private sector.

Wider interest in the Turkish private equity market has been accelerating over the last few years, with experienced local players, such as Turkven Private Equity and Actera, being joined by international players like BC Partners, Kohlberg Kravis Roberts and The Riverside Company in acquiring Turkish businesses.