Eos Capital has announced that it will acquire a minority stake in Erongo Medical Group (Pty) Ltd.
EMG is a leading Namibian Walvis Bay-based private healthcare group, which owns the Welwitschia Hospital and has interests in several other health care entities including Erongo Radiology, a leading radiology and telemedicine provider, Ongwediva Medipark as well as Medixx Occupational Health Services, which addresses the occupational healthcare needs of employees of mines, fishing companies and other large industrial players across the country.
“EMG is excited to have Eos Capital as a partner as we see them adding value by providing strategic and transaction advisory support to enable the group to grow organically and inorganically, thereby building a scaled regional healthcare company.” Matthias Braune, EMG CEO said.
Ekkehard Friedrich, Eos Capital Partner said, “What really convinced us is how management and the hospital staff pulled together to handle the outbreak of the COVID19 virus. Even before the virus hit our shores, they had made contact with global experts, put special procedures in place to protect staff and patients alike, and set up separate ICUs and wards to curb the spread of the virus. Due to this preparedness, the hospital still boasts a high recovery rate of COVID patients and records low COVID death rates. We look forward to building on this foundation and strengthening the healthcare sector in Namibia.” Eos Capital is a Namibian private equity fund manager who manage the Allegrow Fund, The Namibia Infrastructure Development and Investment Fund (NIDIF) and The Euphrates Agri Fund.
The announcement comes after the company in partnership with Climate Fund Managers (CFM) in November announced a partnership between Climate Investor Two (managed by Climate Fund Managers), Kelp Blue and the Namibia Infrastructure Development and Investment Fund (NIDIF), managed by Eos Capital, for the commercial development of the world’s first large-scale kelp farm.
Investment of approximately N$990 million (USD 60 million) will be required over a five-year period and will be funded by both international and local Namibian sources through CI2 and NIDIF, pending investment approvals.
Kelp Blue will cultivate giant kelp in nutrient-rich waters 3-10 kilometres off the coast of Namibia, near Lüderitz, where the seaweed canopy will be sustainably harvested to produce alternative agri-food, bio-stimulant and textile products.
Kelp is a fast-growing seaweed and has the ability to sequester more CO2 than terrestrial forests while boosting marine biodiversity and improving fish stocks and generating additional ecological benefits, including counteracting ocean acidification and de-oxygenation.