Investment firm Gulf Capital reduces its involvement in the fertility sector chain
In a strategic move that marks a significant milestone in its investment portfolio, Gulf Capital, a UAE-based private equity firm, has sold its majority stake in ART Fertility Clinics' Middle East operations to IVI-RMA Global, a leading global fertility services provider backed by private equity firm KKR & Co.
The transaction, which includes clinics in the UAE and Saudi Arabia, comes more than five years after Gulf Capital's initial investment in 2020. This investment transformed ART Fertility from a single-country UAE operator into a regional fertility platform with 15 clinics spanning the UAE, Saudi Arabia, and India.
Under Gulf Capital's ownership, ART Fertility achieved substantial revenue and EBITDA growth in the Middle East. Profitability quadrupled over five years, with the expansion driven by clinical excellence, rapid market growth, and investment in research. This resulted in some of the highest IVF success rates globally. Notable achievements include producing 220 medical publications and launching a pioneering genetic testing lab in Abu Dhabi.
In 2021, Gulf Capital invested $30 million to expand ART Fertility Clinics to India, further expanding the platform's regional footprint. The India-based clinics remain under the ownership of Gulf Capital.
The sale to IVI-RMA Global follows a competitive auction process and positions ART Fertility within a global fertility network, reinforcing its regional leadership in assisted reproduction. IVI-RMA Global operates more than 70 fertility clinics across 12 countries.
This strategic stake sale marks a successful exit for Gulf Capital, reflecting the clinic chain’s enhanced scale, clinical leadership, and financial performance under its stewardship. The deal will generate a significant return on invested capital, making it one of Gulf Capital's most successful exits to date.
This move is part of Gulf Capital's broader strategy of scaling healthcare platforms and exiting at attractive multiples following operational improvements and growth. Other key exits from Gulf Capital Fund III include Egypt-listed Middle East Glass S.A.E. (MEG) and manpower outsourcing company Kuiper Group. In November 2022, Gulf Capital exited Chef Middle East, generating 2.5x returns.
Gulf Capital, which manages over $2.4 billion in assets, is currently in the process of raising its fourth private equity fund, targeting $800 million. The firm's previous exits, such as the one from ART Fertility Clinics, demonstrate its ability to deliver strong returns for its investors.
[1] Source: Gulf Capital press release, dated July 2025.
- The strategic stake sale of ART Fertility Clinics to IVI-RMA Global allows Gulf Capital to leverage its investment in science, particularly in the field of health-and-wellness through assisted reproduction.
- With the successful exit from ART Fertility Clinics, Gulf Capital demonstrates its proficiency in enhancing the scale and financial performance of healthcare platforms, thereby contributing to advancements in the science of health-and-wellness.
