Arcapita exceeds expectations with MedPlus exit
Islamic investment bank Arcapita has reportedly exited its stake in India’s MedPlus Health Services to an unidentified private equity consortium, seeing 6x returns and exceeding its own expectations, according to Reuters.
Arcapita first made a $72 million investment in the Indian medical operating group just two years after the bank was incorporated, making it a top investor in the MedPlus. In a release, Arcapita’s CEO Atif Abdulmalik said he anticipates further capital to be allocated to India, saying, “Throughout India, we continue to see opportunities in each of our asset classes of private equity, real estate and infrastructure.”
The size of the transaction was not disclosed, though Arcapita’s general investment size is between $50 and $200 million. Last month, the US private equity group Mount Kellett Capital Management was reportedly set to invest around $90 million in MedPlus. Established in 2006, the company operates nearly 850 pharmacies throughout India, claiming to serve more than 100,000 customers daily.
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