The Fund buys stakes in International Medical Group Limited, Uganda
The Kibo Fund LLC has acquired a shareholding of 24.5% in International Medical Group Limited (‘IMG’) as part of a consortium consisting also of TBL Mirror Fund BV. The investing consortium acquired a total of 35% of IMG and has also brought in the Fortis Group, one of the leading healthcare groups in India, who shall provide Advisory Services to IMG.
IMG was founded by Dr Ian Clarke in 1996. Dr Ian Clarke trained as a General Medical Practitioner in Ireland but has dedicated his career to improve the quality of healthcare in Uganda. IMG is one of the leading healthcare groups in Uganda and comprises of two companies, namely International Hospital Kampala (‘IHK’) – the product provider - and International Air Ambulance (‘IAA’) – the service provider. IHK offers outpatient services through 4 International Medical Centres (‘IMCs’) in Kampala and 6 IMCs up-country and serves more than 200,000 out-patient visits each year. IHK also serves more than 5,000 in patients visits per annum through a 120-bed, hospital based in Kampala.
IAA provides Healthcare Schemes which operate on a closed network basis. This is similar to HMOs in the USA. IAA has almost 40,000 members (estimated to be 1/3 of the market). IAA offers services at IHK and at all of the IMCs across Uganda. IAA also offers some services from a select list of non-IMG service providers (Affiliates).
IMG is positioning itself as a leading player amongst the health care service providers in order to capture the future uptake that will come from Uganda and also from surrounding countries. The future strategy of IHK is to offer value-added services (tertiary level services) such as cardiac and knee surgeries which are health conditions which currently cannot be treated in Uganda. IAA currently targets the top end of the corporate market and believes that there is substantial opportunity to market its medical health plans to small and medium companies.
The Kibo Fund: www.thekibofund.com