Five years after securing a strategic partnership with South Africa’s Vantage Capital, which injected nearly 300 million dirhams into its operations, Moroccan healthcare group CIM Santé is gearing up for a fresh round of fundraising. According to sources close to the group, this strategic move aims to achieve key financial and operational objectives.
A leader in private healthcare in Morocco
Ranked as the third-largest private healthcare group in Morocco, behind Akdital and Oncorad, CIM Santé has experienced significant growth since its founding in 1994 by Professor Assad Chaara, a trailblazer in interventional cardiology in the country. Over the years, the group has expanded its bed capacity to over 1,000, up from fewer than 600 in 2000. This growth has been partly driven by the financial and strategic backing of Vantage Capital.
The Chaara family, who controls the group, has established a strong presence in major cities such as Tangier, Marrakech, Rabat, and Casablanca. But CIM Santé’s ambitions go beyond these urban hubs. The group is aiming to extend its footprint to underserved regions and solidify its portfolio of healthcare assets.
The goals of the upcoming fundraising
The planned fundraising campaign is tied to two main strategic objectives. First, it provides an exit opportunity for Vantage Capital, allowing the investor to reap substantial returns on its initial investment. Second, it seeks to mobilize resources to fund an ambitious new development plan.
One of the group’s top priorities is establishing new facilities in areas that currently lack adequate healthcare services. Additionally, CIM Santé is focusing on optimizing the performance of the three clinics it acquired in March 2024 from the French group Elsan Santé: Clinique Ville Verte in Bouskoura, Clinique Oliviers in Settat, and Clinique Al Farabi in Casablanca.
Financial and operational challenges
While acquiring these three clinics marked a milestone in CIM Santé’s expansion, it also brought new challenges. These facilities, which previously strained Elsan Santé’s profitability, continue to impact CIM Santé’s financial performance.
To overcome these hurdles, the group’s leadership is working diligently to turn around their financial health and ensure a smooth integration into the company’s portfolio. The strategy involves rigorous management and operational adjustments aimed at transforming the clinics into profitable and high-performing entities.
A vision for the future
This fundraising effort aligns with CIM Santé’s long-term vision, which combines internal consolidation with geographic expansion. By striving to serve more regions and enhance the quality of care, the group is positioning itself as a cornerstone of Morocco’s private healthcare sector.
In a market undergoing rapid transformation, CIM Santé’s forward-looking approach underscores its commitment to innovation and excellence. With its rich legacy and ambitious plans, the group is poised to write a bold new chapter in its journey as a leader in health services.
