November 26, 2010 -- For the second time in four months, Vinson & Elkins has represented TVM CAPITAL MENA in a major Shari'a-compliant investment focusing on health care and life sciences in the MENA region.
Earlier this week, TVM CAPITAL MENA announced its investment in Bourn Hall International. Bourn Hall, which is based in the UK, was the world's first In-Vitro Fertilization (IVF) clinic, pioneering the first birth of a child conceived using IVF in 1978. Last month, it was announced that Bourn Hall founder, Dr. Bob Edwards, has been awarded the 2010 Nobel Prize in Medicine for the invention.
Earlier this week, TVM CAPITAL MENA announced its investment in Bourn Hall International. Bourn Hall, which is based in the UK, was the world's first In-Vitro Fertilization (IVF) clinic, pioneering the first birth of a child conceived using IVF in 1978. Last month, it was announced that Bourn Hall founder, Dr. Bob Edwards, has been awarded the 2010 Nobel Prize in Medicine for the invention.
The deal by TVM CAPITAL MENA brings the IVF concept to the GCC and launches Bourn Hall's first international expansion. Bourn Hall International will manage a network of branded IVF facilities in the Middle East that will operate at the same quality level and adopt the same procedures as in the UK, with the first clinic set to open in 2011.
The lead lawyers for the deal were Vinson & Elkins partner James Knight and counsel Hessam Kalantar, as well as partner Ayman Khaleq on Islamic structuring matters. Dubai-based associate Philip Dowsett also played a significant role in the transaction.
"We are pleased to have represented one of the world's leading private equity firms in connection with such innovative Shari'a-compliant investments," said Khaleq. "We have been witnessing an increase generally in regional private equity activity particularly in the areas of health care, energy, and technology, which signifies the growth potential of the Islamic private equity industry in sectors that make a direct contribution to the advancement and expansion of the overall services available in the Middle East."
V&E also advised TVM CAPITAL MENA on its investment with Pro Vita, the first long-term care and rehabilitation facility for patients requiring ventilator support in the UAE.
"We worked with TVM Capital on the formation of their regional private equity fund and are proud to have been selected to also act for them on the fund's first two investments," added Knight. "The transactions utilized both equity and funding mechanisms that we hope will allow international private equity players to continue to access the Middle East market through Shari'a-compliant instruments."
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