Proparco : Acquisition of a majority equity stake in Diani Beach Hospital in Kenya alongside Ascent Rift Valley Fund II – under the FISEA+ initiative
Proparco, France’s development finance institution and Ascent Rift Valley Fund II, a leading East African private equity fund announced the acquisition of a majority equity stake in Diani Beach Hospital Limited (“DBH”), the leading healthcare provider on Kenya’s South Coast.
On Proparco’s side, the investment is made under the FISEA+ initiative, a high-impact investment facility dedicated to supporting MSMEs in Africa owned by Proparco’s parent company, the French Development Agency (“AFD”).
Founded as a 10-bed private hospital in 1997, Diani Beach Hospital is today the largest private healthcare facility in Kwale County, with more than 120 beds across four sites. DBH has been a pioneer in offering quality and affordable medical services across the entire South Coast of Kenya. It is the reference private hospital locally, working with key local and international insurers, parastatals and corporations.
Together with DBH’s founder, Dr Kawaljeet Singh Rekhi, Ascent Capital and Proparco will continue to grow and strengthen the business – thereby expanding healthcare provision and improving quality of care in an underserved part of Kenya. This will benefit an estimated 600,000 inpatients and outpatients over the next five years. The investment will cement DBH’s role as a key local employer, with women, in particular, constituting c. 50% of employment and leadership roles. As such, DBH qualifies for the 2X Challenge, a global gender finance initiative.
