CDG Capital invests in Oncorad, a leading operator in oncology in Morocco
CDG Capital Private Equity, the leading growth equity investor in Morocco invested in Group Oncorad, a private healthcare provider focused on oncology and radiology.
Oncorad was founded in 1999 by Pr. Redouane Samlali and Dr. Omar Hajji. Their first center was Clinique le Littoral which opened in 2000 in Casablanca. Through the years, Clinique le Littoral has become the largest oncology center in Morocco in terms of number of patients treated and the range of treatments available. The center operates 3 radiotherapy accelerators, one MRI, a PET Scan, a scanner and 3D mammography, all of which using the latest technologies.
On the back of its reputation in Casablanca, the group founded in 2016 Centre d’Oncologie Majorelle in Marrakech in partnership with local doctors. After three years, this center is today the leading private oncology center in Marrakech and offers a broad range of treatments to its patients. In 2018, the group entered into a partnership with leading doctors in Agadir to start a new oncology and radiology center that will open in early 2020 to serve patients in the south of Morocco.
The success of Oncorad was built on a strategy focused on investing in advanced and innovative technologies to offer the best treatments for the patients. Indeed, Clinique le Littoral installed the first Novalis (Brainlab) in Africa in 2015 to offer its patients fast, precise and highly targeted radiosurgery to treat tumors, at a time where many thought the Moroccan market was too small for such an investment. It is also the Littoral that ordered and installed in 2017 the first Halcyon accelerator (from Varian Medical Systems) in Africa, thereby offering a technology enabling faster and more precise radiotherapy treatment. Lastly, the group has always been a leader in training its medical and paramedical staff to bring new medical procedures to Morocco. For example, brachytherapy, radiofrequency ablation and intraperitoneal chemotherapy were first performed in Morocco by doctors of Oncorad.
Pr. Redouane Samlali said: My partner and I founded Oncorad 20 years ago with the goal of improving the way patients are treated. We focus on technology and new medical procedures to offer the best treatments available to the population. Today, as the demand for private healthcare grows, we welcome an institutional investor that will assist us in our development plan. We intend to expand geographically and into new medical specialties and having a hands-on investor with us will be critical to our success”.
Dr. Omar Hajji added: We chose CDG Capital Private Equity because of the expertise they have built in the healthcare sector and their value-add model for growing companies.
Brahim Guessous, Partner at CDG Capital Private Equity who led this investment said: We are pleased to team up with Pr. Samlali and Dr. Hajji in the next development phase of Oncorad. The founders have built the leading oncology network in Morocco and we are confident that our partnership will help create a major operator in the healthcare sector in Morocco and down the road in Africa. As the demand for quality care increases, major players will emerge and we are confident Oncorad has all the attributes to succeed in creating best-in-class healthcare facilities.
CDG Capital Private Equity took a minority stake in Oncorad through a capital increase. The investment was made through the fund Capmezzanine II SCR. CDG Capital Private Equity is a regulated financial investment manager licensed by the AMMC (l’Agence Marocaine du Marché des Capitaux). Source: Press Release