Milost Global has agreed to invest $300m in Ghana-based Eco Medical Village to develop a 700-bed hospital for middle and upper class populations in West Africa. 

Egerton Forster, CEO of Milost Global, said: “This is our first investment in Ghana and we are happy to be part of Eco Medical Village’s growth story, most importantly that we are investing our capital in a company with a great story to tell. We continue to look for great investment in Africa opportunities such as this.”

The investment, which will comprise $100m in equity and $200m in debt.

Closing is expected to occur by July 31, 2017 and is subject to the execution of definitive documents.

Milost Global has been granted the right to nominate two directors for Eco Medical Limited’s Board.

The Eco-Medical Village is a Ghana based investment company that seeks to develop a 380-Ward  (700 bed) International Hospital Complex, Eco-Medical Hospital, for the middle and upper class citizens and residents of the West African sub region, who usually go to South Africa, North America, Europe, Cuba and India for medical care.  

The hospital is intended to be located in Accra, the capital of Ghana with satellite units in all the countries in the sub-region.

The proceeds are expected to be used for specific working capital, the development and construction of the hospital. 

The debt facility will bear interest at an annual rate of 5%, payable quarterly in cash. Construction at the site is expected to be launched following the closing of the financing and the filing with the US regulators for an initial public offering (IPO).

Peter Ahiekpor, CEO of Eco Medical, said, “Building  a medical facility where the three major languages of Ecowas will be practiced will not be an easy journey by itself but is worth it. Lots of strategic planning has gone into this project for the last three years and based on the strength of this project, we are very glad to have an institutional investor like Milost to invest in this project that will bring medical care to the average African.”

Milost Global Inc is an American private equity firm that is headquartered in New York City, with more than $25bn in committed capital. 

Milost is at the intersection of creative investing and value creation. 

Milost is also a provider of alternative capital, mezzanine finance, and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development

Mandla J. Gwadiso, CIO of Milost Global Inc, added: “Peter and his team that is led by MB Africa Investments (Pty) Ltd have done an amazing job and this is nothing but proof that Ghana is not small and that it plays a crucial role in the enhancement of the West African economy as an emerging market. Milost looks for companies that resemble Eco Medical Village, companies with a prevailing and preeminent value creation strategy.”

The financing was arranged and negotiated on behalf of Eco Medical by Palewater Advisory Group Inc.

Eco Medical has also retained the services of Palewater Advisory Group as an in-house advisor pertaining to the IPO on Nasdaq.