Zoscales Partners, a leading equity firm in East Africa, has acquired a controlling stake in Pioneer Diagnostics Center (PDC), a private healthcare diagnostics service provider in Ethiopia. Zoscales had included PDC in its maiden investment portfolio back in May of 2020, and this development marks the completion of the investment process.
The investment by Zoscales is intended to inject much needed capital into PDC and allow the company to widen its scope outside of the capital, Addis Ababa.
PDC, which was founded in 2006, is the largest healthcare diagnostics service provider in Ethiopia and offers a wide array of services. The company pioneered the first diagnostic imaging business that provides MRI services in the country.
According to Zoscales’ principal, Fredd Kambo, the investment is a positive step towards building an integrated network of healthcare assets and services in East Africa. The equity firm is currently also looking for similar investment opportunities in Kenya.
Fredd also confirmed that PDC’s performance in light of the COVID-19 pandemic played a significant role in its selection.
Zoscales has won recognition from the likes of Corporate Finance Institute (CFI) for its sustainable investment strategy it calls “ZP Way”; a strategy that relies heavily on a local pool of operators, CEOs, and CFOs. The firm has created more than 300 jobs in East Africa in 2018.