MANAMA — Arcapita Bank announced yesterday that it and its affiliates have acquired Sanus Holdings LLC, operating as Forba, a dental practice management company that focuses on providing dental care to underprivileged children in the United States.
Headquartered in Tennessee, Forba manages the operations of 50 dental clinics across the United States, targeted exclusively at serving the needs of children eligible for dental care benefits under Medicaid and the State Children's Health Insurance Plan (SCHIP), which between them provide comprehensive healthcare for over 32 million children. Forba's innovative business model, delivering centralised buying, economies of scale and operational efficiencies, has allowed the company to build a dominant position in its market, and according to management, during 2006 Forba had three times more patient visits than its nearest competitor. Forba's projected revenues for 2006 are $142.2 million.
Commenting on the transaction, Atif Abdulmalik, CEO of Arcapita, said: "We believe Forba's experienced management team, with in-depth knowledge of the Medicaid healthcare sector, is well placed to continue the company's growth strategy which has resulted in the company's revenues growing at a compound rate of more than 40 per cent over the past six years."