Tuesday, November 3, 2009

Carlyle Buys Minority Stake in Turkish Hospital Chain

The Carlyle Group purchased a 40% stake in Turkey's Medical Park Hospital Group. Zaman reported:

Operating in the Turkish medical sector since 1995, the Medical Park Hospital Group owns 11 hospitals and two hospital complexes in a number of cities. It employs more than 6,000 doctors and workers. With the new ownership structure, the joint stake of hospital partners Ethem Sancak and Muharrem Usta will decrease to 60 percent.

Here's how it sold in Turkey:

The Carlyle Group, known for its ties to former US presidents George H.W. Bush and George W. Bush, is one of the world’s largest private equity firms, managing more than $86.1 billion in equity capital.

Let's hope Carlyle doesn't turn Medical Park into a serial ethics abuser like Tenet Healthcare. Funny, Jeb Bush is on Tenet's Board of Directors. One doesn't have to look far to find a disturbing Bush. Will it be profits before patient care? Americans could soon find out, as Turkey promotes Medical Tourism.

Carlyle not only owns PPO provider Multiplan and Private Healthcare Systems, its cost cutting subsidiary. It will have Turkish hospital beds to offer Americans needing surgeries. Now, how to get medical expenses in lira's tax deductible?  The investment is parked in The Cayman Islands, away from the tax man.

(Should patients need long term acute care or nursing home beds, Carlyle owns LifeCare and ManorCare.) 

Update 12-24-13:  Carlyle sold its stake in Medical Park.