Private equity firm Gulf Capital partially withdraws from fertility business chain
Gulf Capital Exits ART Fertility Clinics' Middle East Operations to IVI-RMA Global
Gulf Capital, a leading UAE-based private equity firm, has announced the strategic sale of its stake in ART Fertility Clinics' Middle East operations to IVI-RMA Global, a global leader in fertility and assisted reproduction backed by KKR & Co.
The sale follows a competitive auction process and highlights Gulf Capital’s ability to grow healthcare assets and exit at attractive valuations. The transaction will expand IVI-RMA Global's footprint in the Middle East market, integrating ART Fertility’s clinics into its global fertility platform powered by leading technologies.
Gulf Capital acquired ART Fertility Clinics in January 2020 for over $100 million. Under its ownership, ART Fertility Clinics expanded from a UAE-focused business into a regional fertility platform with 15 clinics under its management, operating across the UAE, Saudi Arabia, and India. The Middle East operations experienced strong revenue and EBITDA growth, with profits quadrupling over five years due to clinical excellence and rapid expansion[1][3].
During Gulf Capital's tenure, ART Fertility heavily invested in scientific research, producing 220 medical publications and launching a pioneering genetic testing lab in Abu Dhabi, which contributed to some of the highest IVF success rates globally.
Gulf Capital's Managing Director, Khalaf, expressed interest in further growing the India business due to the aggressive growth trajectory in the Indian fertility sector. In 2021, Gulf Capital invested $30 million to expand ART Fertility Clinics to India[2].
The India operations of ART Fertility remain under Gulf Capital’s ownership, allowing the firm to focus on further developing this market. The transaction allows IVI-RMA Global to leverage its global expertise to further develop and consolidate ART Fertility’s Middle East presence.
This sale is not the first successful exit for Gulf Capital. Other key exits from Gulf Capital Fund III include Middle East Glass S.A.E. (MEG) and Kuiper Group. The deal will generate a significant return on invested capital for Gulf Capital. The firm is currently in the process of raising its fourth private equity fund, targeting $800 million-one of the largest investment vehicles in the region-to be deployed across the Middle East and rest of Asia[3].
References: [1] Gulf Capital. (2025). Press Release: Gulf Capital exits ART Fertility Clinics Middle East to IVI-RMA Global. Retrieved from https://www.gulfcapital.com/news/press-releases/gulf-capital-exits-art-fertility-clinics-middle-east-to-ivi-rma-global
[2] Gulf Capital. (2021). Press Release: Gulf Capital invests $30 million in ART Fertility Clinics to expand its footprint in India. Retrieved from https://www.gulfcapital.com/news/press-releases/gulf-capital-invests-30-million-in-art-fertility-clinics-to-expand-its-footprint-in-india
[3] Gulf Capital. (2023). Press Release: Gulf Capital announces the final close of its third private equity fund, GC Equity Partners III, at $750 million. Retrieved from https://www.gulfcapital.com/news/press-releases/gulf-capital-announces-the-final-close-of-its-third-private-equity-fund-gc-equity-partners-iii-at-750-million
This sale by Gulf Capital, a UAE-based private equity firm, unlocks an opportunity for IVI-RMA Global to expand its medical-conditions sector operations in the Middle East, integrating ART Fertility clinics into its global platform. The sale, which was the result of a competitive auction process, marks Gulf Capital's proficiency in science-driven investing, specifically in the business sector of healthcare assets and providing significant returns on invested capital.
