Dubai: Bahrain-based international investment firm Arcapita Bank yesterday said it has acquired Sanus Holdings, which operates as Forba, one of the leading dental practice management company that focuses on providing oral care to the underprivileged children in the United States.
The acquisition was overseen from Arcapita's US office in Atlanta.
Headquartered in Tennessee, Forba manages the operations of 50 dental clinics across the United States, targeted exclusively at serving the needs of children eligible for benefits under the Medicaid and the State Children's Health Insurance Plan. The two programmes provide healthcare to over 32 million children. Forba's projected revenues for 2006 are $142.2 million.
Atif Abdul Malek, CEO of Arcapita, said, "We believe Forba's experienced management team, with in-depth knowledge of the Medicaid healthcare sector, is well placed to continue the company's growth strategy which has resulted in the company's revenues growing at a compound rate of more than 40 per cent over the past six years."
Charles Ogburn, head of Global Corporate Investment, said, "We expect Forba's growth to remain robust, as its management rolls out the proven strategy of opening and developing new clinics, with an expectation of opening at least 12 to 18 clinics per year over the next five years. Forba is the leader in an underserved market, where only 25 per cent of a total possible market of almost 40 million customers is currently being addressed."
This acquisition is Arcapita's largest US buyout and joins other recent transactions such as the $4.2 billion acquisition of Ireland's Viridian Group and Finland's Paroc Group for the 620 million euros.
