Private acute hospitals | www.covenanthealthcare.com
In 2002, Phoenix and Magdy Ishak established Covenant Healthcare which then acquired Abbey Hospitals, a group of six private acute medical hospitals. Treatment options were broadened extensively with subsequent acquisitions.
During the investment period, ensuring quality of care was the key priority. Phoenix provided funding for further acquisitions including Transform Medical and the Gainsborough Clinic. Covenant also generated organic revenue and EBITDA growth of two and three times respectively, whilst maintaining a focus on high quality treatment. In April 2005, Covenant was sold for £170 million, representing a 6.2x return on invested capital.