Global private equity firm Advent International will invest $105 million (Rs 512 crore) equity capital in Hyderabad-based Care Hospital, a multi-specialty hospital chain in south India.
According to a press release, Advent will invest the fund by acquiring shares from some of the existing investors and injecting additional capital into the business.
Founded in 1997, Care has 11 hospitals with a total capacity of 1,590 beds in cities including Vishakhapatnam, Raipur, Bhubaneswar, Nagpur, Surat, Pune and Hyderabad. It plans to become a national player by expanding its presence to other cities.
“Our partnership with Advent provides us with the required resources and support to expand our presence and reiterates our commitment in providing the best in healthcare with compassion, to more people in India,” said its founder B Soma Raju.
The deal will help the business consolidate its position in the healthcare sector and capitalise on the growth opportunities. The business will continue to be run by the founders following Advent’s investment, according to the release.
This is Advent’s third investment in India, after investments made in CAMS, a provider of outsourced transaction processing for mutual funds & insurance, and in Element-K, a corporate e-learning business acquired by SkillSoft, a North American portfolio company of Advent.
