Proparco and private equity firm Ascent Rift Valley Fund II have acquired a majority stake in Diani Beach Hospital Limited, a healthcare provider on the south coast of Kenya.
On the Proparco side, the investment is being made as part of the FISEA+ initiative, a high-impact investment facility dedicated to supporting MSMEs in Africa, owned by Proparco’s parent company, Agence Française de Développement ( “AFD”).
Founded in 1997 as a 10-bed private hospital, Diani Beach Hospital is now the largest private health facility in Kwale County, with over 120 beds across four sites.
The DBH has been a pioneer in providing quality and affordable medical services across the southern coast of Kenya. It is the private hospital of reference at the local level, which works with insurers, parastatal organizations and leading local and international companies.
Together with DBH Founder, Dr Kawaljeet Singh Rekhi, Ascent and Proparco will continue to grow and strengthen the business, expanding healthcare provision and improving the quality of care in an underserved region 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.