Showing posts with label Atif Abdulmalik. Show all posts
Showing posts with label Atif Abdulmalik. Show all posts

Monday, April 28, 2008

The Smile Behind Small Smiles-Atif Abdulmalik

This is "what's his name" when I first started reporting about Small Smiles as was listed on Arcapita's website.

This is "what's his name" as shown on Arcaptia's website now.

Wonder if this dude's got any kids he would like to take to Small Smiles for some Dental Care?

Here is the press release where Arcapita admits it's in with "existing management"


MANAMA (January 15, 2007) - Arcapita Bank B.S.C.(c), a leading international investment firm headquartered in Bahrain, announced today that it and its affiliates, together with existing management, have acquired Sanus Holdings, LLC, operating as FORBA, a leading dental practice management company that focuses on providing dental care to underprivileged children in the United States.
Headquartered in Tennessee, FORBA manages the operations of 50 dental clinics across the United States, targeted exclusively at serving the needs of children eligible for dental care benefits under Medicaid and the State Children’s Health Insurance Plan (SCHIP), which between them provide comprehensive healthcare for over 32 million children. FORBA’s innovative business model, delivering centralized buying, economies of scale and operational efficiencies, has allowed the company to build a dominant position in its market, and according to management, during 2006 FORBA had 3 times more patient visits than its nearest competitor. FORBA’s projected revenues for 2006 are $142.2 million.
Commenting on the transaction, Atif Abdulmalik, CEO of Arcapita, said: “We believe FORBA’s experienced management team, with in-depth knowledge of the Medicaid healthcare sector, is well placed to continue the company’s growth strategy which has resulted in the company’s revenues growing at a compound rate of more than 40 per cent over the past 6 years.”
The acquisition was overseen from Arcapita’s US office in Atlanta. Charles Ogburn, head of Global Corporate Investment, commented, “We expect FORBA’s growth to remain robust, as management rolls out their proven strategy of opening and developing new clinics, with an expectation of opening at least 12 to 18 clinics per year over the next five years. FORBA is the leader in an underserved market, where only 25% of a total possible market of almost 40 million customers is currently being addressed. The company has a proven business model of building large, efficiently managed clinics that operate profitably in the Medicaid/SCHIP environment.”
This acquisition is Arcapita’s largest US corporate acquisition and joins other recent transactions such as the $4.2 billion acquisition of Viridian Group plc, the Northern Ireland electricity utility and the €620 million acquisition of Paroc Group, the leading manufacturer of insulation products headquartered in Finland.