US private equity giant Carlyle Group LP (NASDAQ:CG) and its investment partners in Medical Park Saglik Hizmetleri AS have retained the advisory services of Credit Suisse Group AG (NYSE:CS) and Goldman Sachs Group Inc (NYSE:GS) for a possible sale or flotation of the Turkish hospital operator.
Medical Park said that its owners may offload shares through a block sale or opt for an initial public offering as an exit route. The proceeds will go towards financing new projects, the Turkish company added.
Last month, Medical Park said it planned to invest USD300m (EUR238m) in the opening four hospitals within three years. Operating under the name Liv Hospital Group, the facilities will be located in Istanbul, Ankara and Izmir with the first one scheduled to open at the end of 2012. The Istanbul-headquartered company currently owns 16 hospitals and has a workforce of 10,000.
Carlyle became a shareholder in Medical Park three years ago, when it paid USD150m for a 40% interest. Medical Park’s chairman Muharrem Usta and local company Sancak AS each own 30% of the company.
Carlyle is currently among the shortlisted bidders for a minority interest in Penti Corap Sanayi & Ticaret AS, a Turkish hosiery and swimwear company. In January this year, Carlyle announced the purchase of a 48% stake in education services provider Bahcesehir Kolejleri. In 2008, the US group bought 50% of local shipbuilder TVK Gemi Yapim Sanayii AS.