NBK Capital, the investment arm of the National Bank of Kuwait, has made an undisclosed investment to acquire a 30 percent equity stake in the Dunya Goz Group, a Turkish ophthalmology hospital chain.
Istanbul-headquartered Dunya Goz is the largest eye-surgery chain in Turkey. The company operates out of 10 locations in the country and has branches in Germany, the Netherlands, Albania and Belgium.
“Our active ownership approach, reinforced by our local presence in Turkey and close partnership with the current management team, will accelerate the growth trajectory of the company”, Amjad Ahmad, senior managing director of alternative investments at NBK Capital, said in a statement. The investment will also strengthen the company's financial standing and allow it to expand operations in Turkey and other international markets, the statement noted.
The investment has been made from NBK Capital Equity Partners Fund, a $250 million MENA- and Turkey-focused private equity fund that typically makes growth investments between $10 million and $40 million in size across diverse sectors.
This is the fund's fourth investment, according to NBK Capital's website. Its previous investment came by way of an undisclosed investment for a 37.5 percent stake in Nayifat Installment Company, a high growth consumer finance company based in Saudi Arabia, in November 2008.
In addition to its private equity fund focused on MENA and Turkey, NBK Capital manages the NBK Kuwait Investment Opportunities Fund, a $125 million size private equity fund targeting high-growth companies with a focus on the healthcare, technology, education and industrial sectors in Kuwait.
The firm also manages NBK Capital – GSC Mezzanine Fund I, a mezzanine fund dedicated to MENA and Turkey. The fund, with $156 million in commitments, was established as a joint venture between NBK Capital and GSC Group, a US/European credit-focused alternative investment fund manager.