Bahrain - Investcorp, a leading global alternative investment firm, has sold its stake in ASG Eye Hospital, the second largest eye care hospital chain in India, to General Atlantic and Kedaara Capital.
Investcorp invested in ASG in 2017 and has worked closely with its founder and management team to drive significant expansion and revenue acceleration by implementing several value enhancement initiatives.
During the period Investcorp was an investor in ASG, ASG successfully executed a domestic expansion strategy, entering new and under-served markets in India. As a result of these initiatives, the number of hospitals operated by ASG in India has increased two-and-a-half fold and revenues have tripled since Investcorp’s investment.
Earlier this year, ASG won the bid to acquire Vasan Eye, a large eye care hospital chain in India. This acquisition will expand ASG’s footprint in South India.
Investcorp sold its shareholding as part of a growth capital funding round of INR 15 billion ($188.37 million), marking India’s biggest private equity funding in the eye care space and one of the largest private equity transactions in the single specialty healthcare industry in the country.
Gaurav Sharma, Head of Private Equity India at Investcorp, said: “It gives us great pleasure to see that ASG has grown to become one of the most prominent eye care chains in India. Millions of people have had access to quality eye care through ASG over the past two decades. It was a pleasure working with ASG’s founder, Dr Arun Singhvi, and ASG’s leadership team and we wish them continued success in their next phase of growth."
Mohammed Al Sada, Head of Bahrain and Kuwait for Investcorp’s Private Wealth, said: “We invested in ASG Eye Hospital in 2017 and since our initial investment, the company has gone from strength to strength. Following our investment, we focused on expanding into the underserved smaller cities in India, as a result ASG added 20 greenfield centers since then. This was our first investment in the healthcare sector in India and our Private Equity team in India will continue to identify opportunities in growing founder-led companies with the potential to create value for our clients.”
In India, Investcorp is an active investor in mid-market companies across consumption-linked sectors and in the real estate business. In the private equity space, Investcorp targets opportunities across the Healthcare, Software and Business Services, Financial Services and Consumer sectors. Its investments over the last four years include Wingreens, V-Ensure, Intergrow Brands, Bewakoof.com, Freshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees, and Safari Industries.
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