Gulf Capital, a private equity firm based in the UAE, has partially withdrawn from the fertility industry chain.
In a significant move, Gulf Capital, a leading UAE-based private equity firm, has announced the sale of its majority stake in ART Fertility Clinics' Middle East operations to IVI-RMA Global, a world leader in infertility treatments backed by the private equity giant KKR & Co.
The deal, which took place in July 2025, marks the culmination of a five-year journey for Gulf Capital, who acquired ART Fertility Clinics in early 2020 for over $100 million. During this period, Gulf Capital invested heavily in advancing the scientific research and clinical services of the fertility clinic. This investment led to over 220 medical publications and the launch of pioneering genetic testing to enhance fertility treatment.
Under Gulf Capital's management, ART Fertility Clinics expanded from a UAE-focused business into a regional fertility platform with 15 clinics across the MENA region. The company's emphasis on scientific innovation and expanding clinical capabilities made it one of the leading fertility clinics in the region.
The sale to IVI-RMA Global, a company that operates more than 70 fertility clinics across 12 countries, is part of Gulf Capital's strategy of building a leading fertility platform in the Middle East and then exiting to a global industry leader. This move allows IVI-RMA Global to strengthen its presence in the region, while KKR continues expanding its footprint in fertility healthcare.
The transaction includes clinics in the UAE and Saudi Arabia, and the India operation of ART Fertility Clinics will remain under the ownership of Gulf Capital. The deal is expected to generate a significant return on invested capital for Gulf Capital, making it one of their most successful exits to date.
This sale comes amidst other key exits from Gulf Capital Fund III, including Egypt-listed Middle East Glass S.A.E. (MEG) and manpower outsourcing company Kuiper Group. In November 2022, Gulf Capital exited Chef Middle East, the GCC's premier foodservice distribution business, via a $100 million sale to The Chefs' Warehouse, generating 2.5x returns. The firm is also 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.
References: [1] Gulf News. (2025, July). Gulf Capital sells majority stake in ART Fertility Clinics to IVI-RMA Global. Retrieved from https://gulfnews.com/business/sectors/healthcare/gulf-capital-sells-majority-stake-in-art-fertility-clinics-to-ivi-rma-global-1.1658602135769 [2] Zawya. (2025, July). Gulf Capital sells majority stake in ART Fertility Clinics to IVI-RMA Global. Retrieved from https://www.zawya.com/mena/en/business/story/Gulf_Capital_sells_majority_stake_in_ART_Fertility_Clinics_to_IVI-RMA_Global-MJKN436/
Timeline and Key Points:
| Event | Details | |----------------------------------|----------------------------------------------------------------------------------------------| | Acquisition by Gulf Capital | About 5 years ago, purchased ART Fertility Clinics' Middle East operations for over $100M. | | Investment & Growth under Gulf | Heavy investment in science and research, 220+ medical publications, launch of genetic testing. | | Exit to IVI-RMA Global/KKR-backed | July 2025: Gulf Capital sells ART Fertility Middle East business to IVI-RMA Global, owned by KKR.|
The strategic sale of Gulf Capital's majority stake in ART Fertility Clinics' Middle East operations to IVI-RMA Global, a global pioneer in infertility treatments, marks a significant transition in the health-and-wellness sector, furthering scientific advancements in the field of reproductive health (science). This move also signifies an expansion of IVI-RMA Global's reach within the Middle East, enhancing their presence in the region (health-and-wellness).
