Ascent Capital- a private equity fund, has acquired a significant equity stake in Valley Hospital Limited, located in Nakuru-Kenya.
David Owino, Managing Partner of Ascent Capital Advisory Services said, “We are very excited about the fund’s investment into Valley Hospital. It is a hospital with enormous potential, and we look forward to serving the residents of Nakuru County by offering high quality affordable healthcare as well as working with the medical community and other stakeholders. Together with our strategic and operating partner, Rubik Health Africa, we seek to positively impact the lives of the people of Nakuru County. ‘’ he explained.
Established in 1996, Valley Hospital was one of the first private for-profit hospitals in Nakuru and a pioneer in offering quality and affordable medical services to the residents of Nakuru.
With 72 beds and accredited by all players in the insurance industry, Valley Hospital is one of the main hospitals in Nakuru County.
The Chairman and co-founder of Valley Hospital, Dr Moses Okech said, “The partnership with Ascent is a first in Nakuru County and will build upon our foundation in striving to offer quality healthcare to residents of Nakuru and beyond”.
CEO and co-founder of Valley Hospital, Mrs. Lydia Obwanga said, “The investment by Ascent is expected to catalyze the growth and drive significant value in the inpatient and outpatient services and ancillary services such as the pharmacy, medical laboratory, theatre etc. and seek to be an internationally accredited hospital.”
Owino said the acquisition of Valley Hospital was part of its strategy to take a leadership role in investing in healthcare services.
Ascent is also pursuing Coastal based Diani Beach Hospital Limited which operates a hospital in Ukunda on the southern Coast of Kenya with three satellite clinics in Kwale, Likoni and Ukunda.
The acquisition is however awaiting clearance from Common Market for Eastern and Southern Africa (COMESA) Competition Commission.
Ascent last year raised $100 million in its first close of Ascent Rift Valley Fund II which positioned it as a leading SME fund manager in the region to empower ambitious entrepreneurs with capital and knowledge drawn from their local advisory teams.
Key investors in ARVF II included leading Africa investors such as BIO (Belgian Investment Company for Developing Countries, British International Investment Group, FMO (Dutch entrepreneurial development bank), IFC (the International Finance Corporation), Norfund (the Norwegian investment fund for developing countries), Proparco, SDG Frontier Fund, impact investors and major Kenyan pension funds.
Ascent is a major African private equity fund manager with advisory firms in Kenya, Ethiopia and Uganda capitals.
Its suite of investors are large development finance, institutional investors as well as private ones.
Ascent Rift Valley Fund I with over US$ 80 million in committed capital, had its first close eight years ago and has made investments across Kenya, Uganda and Ethiopia in healthcare, distribution, financial services, and manufacturing.