Amanat Holdings, a Dubai-listed healthcare firm, has bought long-term care firm Cambridge Medical and Rehabilitation Center for an enterprise value of $232 million from private equity firm TVM Capital Healthcare.

Amanat said the deal was its first wholly owned investment in healthcare in the UAE and was one of the biggest healthcare deals in the Gulf region in recent years.

Cambridge provides post-acute care and rehabilitation in the UAE and Saudi Arabia, with more than 250 beds across three facilities.

With this transaction, Amanat had fully deployed its paid-up capital of $681 million and now managed close to $813 million in assets, Amanat Chairman Hamad al-Shamsi said in a statement.

Reuters reported in September that the private equity owner of Cambridge Medical and Rehabilitation Center had hired corporate advisory firm deNovo for a potential sale of the company.

Cambridge marks the third exit for TVM, a private equity business that invests in the Middle East and North Africa region and in South East Asia.

The private equity business, which invests in companies involved in long-term care and rehabilitation, is increasing its focus on Saudi Arabia as the kingdom opens up to foreign investors, said Helmut Schuehsler, chairman and chief executive of TVM Capital Healthcare.

“We are, of course, actively in the market and looking at new transactions and many of those have a strong Saudi component today,” he said, adding that the firm would continue to focus on Gulf Cooperation Council states and Egypt.