SICO Capital completes 75% sale of Innova Healthcare to Osool El Furas

Logo of SICO

SICO Capital, a full-service financial services firm based in Riyadh (licensed by the CMA) , announced the completion of a private placement transaction that sold 75% of the shares of Saudi Innova Healthcare Company to Osool El Furas Company Ltd.

Acting in its capacity as the sole financial advisor to Saudi Innova Healthcare, SICO Capital’s Investment Banking team, prepared all documentation, financial applications, and the private placement memorandum (PPM) for the successful completion of the transaction, SICO Capital said in a statement. The mandate comprised of two phases, phase one was to conduct a “Strategic Alternatives Evaluation” for the company and based on the financial, strategic, and qualitative considerations, we concluded to opt for equity sale. The second phase was the execution of the sell-side transaction wherein we evaluated multiple offers to select the buyer based on various parameters.

The Investment Banking team also supervised the financial, legal, and commercial due diligence process ahead of the deal.

“At SICO Capital Investment Banking, we have a well-established track record in the Saudi market with access to an institutional client base, including some of the Kingdom’s leading private and public corporations. We have also successfully executed transactions in areas including equity and debt advisory, private placements, mergers and acquisitions, and restructuring services,” said Sultan Al Nugali, CEO of SICO Capital. “We are proud to have successfully concluded the private placement for a well-respected healthcare market leader like Innova.”

Innova Healthcare is a leading healthcare service provider that has been operating in the Saudi market since 1994. The company operates three distinct lines of business: pharmacies, distribution, and polyclinics. Innova Healthcare currently operates more than a hundred pharmacies across the Kingdom of Saudi Arabia under the brand Innova Pharmacies and owns a pharmaceutical warehouse in Riyadh.

“The highly experienced team of professionals at SICO Capital have been our partners from the start of the transaction and have provided us with invaluable advisory and execution skill throughout the sale process,” said Dr. Majed Bahatheq CEO of Innova Healthcare. “Their guidance and partnership have been vital to the success of this sale, and we look forward to achieving more success with the team in the future.”

SICO Capital, has been operating in Saudi Arabia since 2009. The company is a subsidiary of SICO BSC (c) following an acquisition by SICO via share swap of a majority stake from Bank Muscat in March 2021. Headquartered in Riyadh, SICO Capital offers a comprehensive range of financial services including brokerage, asset management, advisory, underwriting, and custody services in Saudi Arabia.