Kibo Capital Partners, a manager of regional private equity funds, has fully exited its 40% stake in Uganda-based International Medical Group (IMG) to a consortium consisting of the Ciel Group, an investment conglomerate in Mauritius with growing activities East Africa, and Fortis, a healthcare operator from India.

Financial details of the transaction were not disclosed.

Thierry Hugnin, Managing Partner of Kibo, said: “While this exit is earlier than we anticipated, we are pleased to have been a part of the remarkable development of International Medical Group.”

Since Kibo’s investment in 2012, IMG has made tremendous progress, expanding its healthcare service offerings while actively supporting important health initiatives in partnership with the Government of Uganda.

In January 2014, the Kibo Fund acquired a shareholding of 24.5% in 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.

In August 2014, the Kibo Fund proceeded with the acquisition of the 12% held by TBL Mirror Fund BV, thereby increasing the stake of TKF in IMG to 40%.

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 four International Medical Centers (IMCs) in Kampala and six 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, similar to HMOs in the USA.

IAA has almost 40,000 members (estimated to be 1/3 of the market) and 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.

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 was launched in May 2008 with a committed capital of €29m with Ciel Investment, FMO and DEG as its main sponsors.

The fund’s objective is to provide long term capital appreciation to its investors through equity and equity-related investments in Eastern and Southern Africa and the islands of the Indian Ocean.