Amanat Holdings, the GCC’s only dedicated healthcare and education investment listed company, has acquired a 60 percent stake in Human Development Company (HDC), the leading provider of special education and care (SEC) services in Saudi, for an initial consideration of $58.6 million as well as a contingent consideration of up to $12.5 million payable subject to future earnings growth.
HDC has a presence across 6 provinces and caters to over 3,000 beneficiaries through a network of 9 schools, 22 daycare centers and specialized rehabilitation medical clinics.
This is in line with Amanat’s strategy and strengthens both its Healthcare and Education platforms by expanding their reach to cater to people of determination. The SEC sector is underserved regionally with strong underlying growth drivers, and Amanat aims to lead the development of this sector with the goal of enhancing quality and access to this vulnerable segment of the population. HDC’s commitment to a high-quality service offering and its proven scalable business model make it well-positioned to be a leading driver in the development of the SEC sector in the region.
Through the Transaction, Amanat will partner with a pioneering leadership team, led by the founder of HDC, Dr. Omar Al Modayfer, a Senior Consultant Psychiatrist specializing in child and adolescent psychiatry and family therapy.
“The acquisition of a majority stake in HDC meets Amanat’s stated strategic objectives of investing in income-generating assets and building scalable specialized platforms. HDC will act as the cornerstone in Amanat’s pursuit of being a leader in the provision of special education and care in the region, having a proven track record of providing high-quality services through a growing network. We look forward to building on HDC’s track record and reaping the benefits of anticipated synergies with both our healthcare and education platforms.”
Dr. Omar Al Modayfer, HDC’s Founder and Chairman, commented that “I am delighted to be partnering with Amanat on the next phase in the growth journey of HDC. With the support of Amanat as shareholders, we are excited to work towards expanding our geographic footprint even further in the Kingdom and throughout the GCC, as well as advancing the institutionalization of HDC as we take it to the next level of success over the coming years.”
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