The Africa Health Fund (AHF) has completed a USD5million investment in Therapia Health Limited, the holding company for The Bridge Clinic Limited, the first assisted reproductive centre in West Africa.
The Bridge Clinic is one of the few of its kind able to provide the same standard of reproductive technology in Nigeria as is available in more developed countries.
The Africa Health Fund is managed by Aureos, a leading private equity fund management company specialising in small and medium-size businesses in emerging markets. The Fund’s objective is to help low income Africans gain access to affordable, high quality health services while providing investors with long-term financial returns. It invests in small and medium-size businesses across the health sector in Africa.
The Fund was established by Aureos in June 2009 with the Bill and Melinda Gates Foundation, the International Finance Corporation, the African Development Bank and DEG as cornerstone investors. Subsequent investors include a major Dutch bank, Elma Foundation, Norfund, Proparco and the Development Bank of Southern Africa.
AHF’s investment in Therapia Health Limited is intended for a direct investment in The Bridge Clinic Limited and an indirect investment in PathCare Nigeria; two leading healthcare services in the areas of fertility assistance and medical laboratories in Nigeria. Dr Richard Ajayi is the leading healthcare entrepreneur behind both the companies.
The Bridge Clinic was incorporated in 1996 and started operations in 1999 as an assisted reproductive centre, working in collaboration with Kings College Hospital, London. PathCare Nigeria was established in 2004 in conjunction with PathCare Group of South Africa, to provide wide range of medical tests, important for accurate and improved monitoring and medical treatment across Nigeria. To date, over 3,000 IVF cycles carried out by the group have resulted in an improved 40% pregnancy rate for Nigerian women patients.
The combined financial performance of the two operating companies has shown consistent growth despite an increasingly competitive environment. The key growth drivers for the group are mainly the growing market potential of the IVF and medical laboratory sectors as well as a talented team and strategic alliances that can take advantage of the opportunities for the growth.
Jacob Kholi (pictured), Managing Partner of the Africa Health Fund, says: “The Bridge Clinic and PathCare Nigeria has an impressive track record working within the West African market and we are excited to work with them as they continue to expand their exceptional medical offering.”
“We will be working closely with Dr Ajayi and his team in Nigeria to help them implement their plan to increase capacity in order to meet demand, provide unparallel services and consolidate their market positioning in the areas of IVF services and medical diagnostics.”
“Our extensive knowledge of the African health sector, along with our experience in working with small and medium-size businesses in Nigeria means that we are well positioned to help drive the companies to achieve their objectives for growth.”
“The objective of this collaboration is to provide world class infertility treatments in Africa that meet the EU cell and tissue directive standards (2004/23/EC), which are regarded as the most stringent standards in the world.”
Dr Richard Ajayi comments: “With both the Bridge and PathCare companies now operating at full capacity we needed to establish funding to expand both these offerings in the future. We are also looking in the future to establish a diagnostic centre and women’s wellness clinic.”
“Investment from the Africa Health Fund and the extensive experience of working alongside their team here in Nigeria will be a great asset for our business.”
Ravi Sharma, Partner, Aureos Nigeria, explains: “Dr Ajayi is a successful medical entrepreneur with an excellent track record in providing the same standard of reproductive technology to the Nigerian community as is available in developed countries.”
“The strategic alliances that The Bridge Clinic and PathCare Nigeria has established with renowned health care providers will allow the business to deliver unequalled healthcare solutions to the Nigerian community.”
