The Duet Group has signed a deal to invest in Nigeria-based healthcare management company Expatcare Health International, its first transaction since integrating TLG Capital into its fold. The financial details of the transaction have not been disclosed.
The mezzanine stake has been structured to convert into a majority holding in the business. The funding will be used to finance the company’s penetration in the healthcare management industry, and also help it grow regionally.
Expatcare offers a number of health management services including health insurance, medical evacuation, surgical services, maternity care, over-the-phone health advice, evacuation and ambulance services. Part of the financing is expected to also finance the company’s expansion into aviation evacuation services.
Duet has backed the company because it believes the sector offers high growth potential, particularly in the health insurance space. Only an estimated 6% of approximately 150 million people own a health insurance policy, according to Nigeria’s National Insurance Commission.
Mambi Madzivire, who joined Duet as part of the TLG Capital team will represent the investor at Expatcare. Latham & Watkins LLP provided legal advice to Duet on the deal.
Headquartered in Lagos, the Expatcare operates through a network of about 3500 hospitals. The company was incorporated in 2004 and has been working on increasing its paid up share capital to $4.9million (N800 million) from the previous $ 0.92million.
