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Gulf Capital Acquires 70% of Medica Holding

Gulf Capital Acquires 70% of Medica Holding
May 27, 2019

Gulf Capital, one of the largest and most active alternative asset managers in the Middle East, announced today that it has acquired a 70% stake in Medica Holding, the leading service provider of aesthetics, cosmetics and dermatology equipment and products across the Middle East.

Gulf Capital is actively targeting investments in the fast-growing beauty and healthcare sectors, which are expected to register double digit growth rates across emerging markets. In particular, the US$10 billion health aesthetics market is projected to grow at 10% annually over the next five years, driven by rising GDP per capita, the growing global adoption of minimally invasive and non-invasive cosmetics procedures, increased public awareness and acceptance from men and women, as well as technological advancements.

Founded in 1999, Medica has evolved into a prominent end-to-end service provider in the aesthetics sector with a portfolio of over 20 international brands across 12 countries. Its services range from consulting and education to logistics and marketing across four aesthetics verticals: equipment, injectables, cosmetics and para-pharmaceuticals. Following its partnership with Gulf Capital, Medica aims to enhance its footprint in MENA region and expand across Africa and Asia via organic growth and acquisitions and to broaden its service offerings into new aesthetics verticals.

Dr Karim El Solh, Chief Executive Officer of Gulf Capital, said: "We are delighted to partner with Medica, the leading aesthetics and cosmetics service provider in the Middle East and are excited to fund its ambitious growth and future expansion plans across emerging markets. Medica's track-record is one of continuous innovation and growth, and it has demonstrated its ability to pioneer aesthetics and non-invasive procedures in the Middle East for over 20 years. This investment in the dominant market leader gives Gulf Capital a strong exposure to the fast growing aesthetics and cosmetics sectors and allows us to capitalise on the growing consumer and healthcare trends in the region."

Elias Chabtini, CEO and co-founder of Medica Holding, said: "We are excited to embark on this new chapter in Medica's journey alongside Gulf Capital, a firm with a wealth of experience and operational expertise that will support our expansion and growth plans. The Medical Aesthetics sector is among the fastest growing sectors globally and Medica is uniquely positioned to play a key role regionally and across emerging markets. Our partnership with Gulf Capital is a major step towards reaching our goal of becoming the leading player in emerging markets as we expand across new geographies and complement our portfolio offerings with leading technologies across all aesthetic verticals."

Abdullah Shahin, Managing Director at Gulf Capital, added: "Medica has been playing a key role in transforming the non-invasive Medical Aesthetics sector across the region. This is an area that has been growing at double digit rates globally, with the GCC aesthetics market still on an earlier growth path with a projected 15% annual growth rate over the next five years. We are impressed by the management's data driven approach and its ability to penetrate geographies and verticals, and we look forward to working closely with the team on this new phase of growth."

Dr. El Solh concluded: "Gulf Capital has been particularly active over the last 18 months, with the successful closure of eight new and follow-on investments at the portfolio companies' level. The Firm has been equally productive on the exit side, having secured and closed five landmark exits during the same period. This latest investment in Medica cements our established strategy of acquiring majority stakes in market leaders in fast growing sectors. We are looking forward to a productive rest of the year as we maintain our investment pace and continue to work on a number of strategic new investments and exits in the near future."

Medica is a UAE based company with regional offices in Dubai, Abu Dhabi, Riyadh, Jeddah, Bahrain, Oman and Beirut as well as partnerships and joint ventures across 12 countries. The company has over 1000 unique products across 20 international Tier 1 brands and many suppliers in its portfolio. It has over 200 employees across its offices and warehouses servicing thousands of clients across the region. Medica's services include Education, Training, Maintenance, logistics, Sales and Marketing but mostly, consultancy across four business verticals: equipment, medical injectable, cosmeceuticals, and para-pharmaceuticals.

Gulf Capital is one of the leading alternative asset management firms in the Middle East, investing across several asset classes including Private Equity, Private Debt and Real Estate and currently manages over AED 11 billion (US$3 billion) of assets across seven funds and investment vehicles. Gulf Capital's mission is to grow capital and build value with world-class expertise and best practices to generate sustainable superior performance for all stakeholders.

Gulf Capital was advised by Freshfields Bruckhaus Deringer and PwC. The selling shareholders of Medica were advised by Emirates Investment Bank PJSC and BonelliErede.

Download press release in Arabic

 
 
 
 
 

Fraud Alert

Fraud Alert - Important alert to Gulf Capital Investors,Shareholders, the Financial Services Community and the Public

Fraudsters are engaging in a fraudulent email and website scams whereby websites and communications are targeting members of the public and potential investors (victims) by fraudulently using the identity of legitimate members of Gulf Capital's Executive team or Gulf Capital's Board of Directors to solicit investments, fake job offers and other dealings, without authority, and for a malicious purpose. Neither Gulf Capital's Chief Executive Officer nor any members of its Board of Directors or other members of its Executive team have made any offers for investment partnership, offers of employment or other dealings through these channels and the names, and identities of such individuals are being used illegally and without their consent.

Gulf Capital and its management have taken and will continue to take legal action against anyone found misusing Gulf Capital's name or the names or identities of any members of the Board of Directors of Gulf Capital or Gulf Capital's Executive team illegally or without consent for whatever reason.

Report Scams

We invite you to immediately contact fraud-detection@gulfcapital.com* if any of the following occur:

  1. You have received any unsolicited correspondence or investment advice or you think you have been contacted in relation to a possible scam (whether by telephone, email or courier) by sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  2. You have received notice from anyone outside of Gulf Capital informing you or raising concern regarding the fact that they may have been contacted by any sources fraudulently impersonating Gulf Capital's Board of Directors or any members of Gulf Capital's Executive team.
  3. You have received any communications referencing any of Gulf Capital's Board of Directors that you consider are suspicious or which you are not sure how to respond to.
  4. You have any concerns about the authenticity of any website passing itself off as a website operated by Gulf Capital or referencing the names and identities of the Board of Directors of Gulf Capital or any of its Executive team without authority.
*Note: When forwarding suspicious e-mails to fraud-detection@gulfcapital.com:
  1. Do not modify the original subject line or contents enclosed, and do not include any personal or confidential information.
  2. Forward the full internet headers of any suspicious emails to fraud-detection@gulfcapital.com before deleting as this information willhelp Gulf Capital to track the true origin of the correspondence. The internet headers can be found through your e-mail system from within the e-mail. For example, in Microsoft Outlook, you can find the internet headers by opening the e-mail, then choosing "View" and "Options". Depending on the e-mail system that you use, the process for locating the internet headers will vary. We recommend you either copy and paste the internet header and message into a new e-mail or scan the e-mail and full headers and send as a PDF attachment to ensure it is received by fraud-detection@gulfcapital.com.

Protect Yourself

  1. We recommend that you avoid getting into a conversation with any fraudsters or revealingany personal or identifying information, but you should endeavor to record thepurported name of the person and organisation along with any other information they give you (e.g., telephone number, address etc.) and then forward all such information to fraud-detection@gulfcapital.com.
  2. You should obtain independent legal and financial and professional advice before handing over any funds or entering into any agreements in relation to such solicitations.
  3. We recommend that you not respond or open any attachments or links associated with any suspicious e-mails.
Copyright آ© 2017 Gulf Capital Pvt. JSC. All rights reserved.

Illegal Use of Gulf Capital's Name

Phishing Email Alert

Gulf Capital Pvt. JSC has recently become aware of a spate of fraudulent emails purporting to offer financing from, and employment at, Gulf Capital and Gulf Capital Limited (DIFC). and misusing the official Gulf Capital logo and trade name. These emails do not originate from Gulf Capital or any of our affiliates. If you have received any such email, do not click any links in the email or provide any personal information (e.g. your bank details or copies of identity documents).

There are a number of illegal advance fee scams in operation where our name and those of our Board of Directors and Senior Management are being impersonated and abused.

The Gulf Capital name, and sometimes the names of individual employees within our firm, have been used in various fraudulent scam emails, letters and phone calls. These communications typically seek to attract a victim by suggesting that project funding or a job can be obtained by paying an upfront fee. Sometimes fake documents are sent to the victim and websites mimicking the Gulf Capital name and brand are used.

Common themes include:

  • the use of similar domain names designed to appear legitimate; examples include using phishing email accounts from domains such as: @gulfcap-es.com, @gulfcp.com, @gullfinvest.com, board members name@outlook.com, @gulfunioninvestment.com, name@gullfcapital.com
  • offers of work/visa services related to employment in the Middle East upon payment of administrative, medical and other fees;
  • offers of project financing upon payment of a fake surety bond and due diligence fees;
  • forged Board of Directors resolutions approving loans, MOUs, loan agreements claiming "100% refundable" professional service fees;
  • bogus look-alike websites;
  • fake profiles on LinkedIn and My Opportunity purporting be Directors or Management of Gulf Capital;
  • "signed" and stamped contracts purporting to be provided by us regarding project financing; and
  • use of our UAE telephone numbers by criminal impersonators.

This is not an exhaustive list of scams. New schemes designed to steal the business public's money or personal data are being invented all the time or for use in other illegal activities. Please act prudently and sensibly for your own protection and take note of our Fraud Alert on our website. The perpetrators may not always request money or personal details on initial contact, but often wait until the victim has responded.

Please note that Gulf Capital and its Management and Directors have no involvement in these or any other scams, and will vigorously prosecute any violators in tandem with the concerned authorities. Our name is being used in an unauthorized and illegal way. Note that we do not use Gmail, Hotmail, Outlook or Yahoo addresses.

We recommend you delete scam emails and do not reply to scam letters, emails, calls or faxes, and do not send money to strangers. If you need to confirm with us whether a communication is genuine, please contact us at fraud-detection@gulfcapital.com.

I have read and understood the Fraud Alert, Terms & Conditions of Use and Privacy Policy. I accept the terms and condition therein and wish to proceed to the Gulf Capital website.

تناهى إلى علم شركة جلف كابيتال أن ثمة مراسلات متنوعة تعمم عن طريق البريد الإلكتروني، ومن مواقع على شبكة الإنترنت، وعن طريق البريد العادي أو الفاكس، تدعي زيفا أنها صادرة عن شركة جلف كابيتال أو بالاشتراك معها و/أو مع موظفيها. ويراد من عمليات الاحتيال هذه، في الكثير من الحالات، الحصول على المال و/أو معلومات شخصية من الأشخاص الذين يتلقون تلك المراسلات.

وتود شركة جلف كابيتال أن تحذر عامة الجمهور من هذه الأنشطة الاحتيالية التي يزعم الاضطلاع بها باسم الشركة و/أو باسم موظفيها؛ وستقدر لفت انتباهها إلى أي مراسلات مشبوهة.

يرجى الانتباه إلى ما يلي:

  • · لا تمنح شركة جلف كابيتال أي قروض شخصية أو تمويل شخصي.
  • لا تمارس شركة جلف كابيتال أي أعمال مع اسواق العملات العالمية و السلع و المعادن