DUBAI, UAE – Amanat Holdings has announced the acquisition of a 60 percent stake in Human Development Company (HDC) for an initial consideration of US$58 million (SAR220.3 million) and a contingent consideration of up to US$12 million (SAR47.1 million) payable subject to future earnings growth.
HDC, a provider of special education and care (SEC) services in Saudi Arabia, has a presence across six provinces and caters to over 3,000 beneficiaries through a network of nine schools, 22 daycare centers and specialized rehabilitation medical clinics.
The transaction is in line with Amanat’s strategy and strengthens both its healthcare and education platforms by expanding their reach to cater to people of determination.
The SEC sector is under-served regionally with strong underlying growth drivers and Amanat aims to lead the development of this sector to enhance quality and access to this vulnerable segment.
HDC’s commitment to a high-quality service offering and its proven scalable business model make it well-positioned to be a leading driver in the development of the SEC sector in the region.
Through the transaction, Amanat will partner with a pioneering leadership team led by the founder of HDC, Dr. Omar Al Modayfer, a Senior Consultant Psychiatrist specializing in child and adolescent psychiatry and family therapy.