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Blackstone buys majority stake in CARE Hospitals
CARE Hospitals has in turn signed a deal to acquire majority stake in Kerala-based KIMS Health
New Delhi: Private equity funds managed by Blackstone have acquired a majority shareholding in Hyderabad-based CARE Hospitals from Evercare, a platform of TPG RISE funds.
In addition, CARE Hospitals has signed a definitive agreement to acquire a majority stake in KIMSHealth. This multi-layered deal is said to be valued at $1billion.
The addition of KIMSHealth to the CARE Hospitals network creates one of India’s largest hospital platforms with 23 facilities across 11 cities in India, creating a leadership position in under-penetrated, emerging cities that have strong potential for growth. The combined platform will have more than 4,000 beds.
TPG, whose shareholding in CARE Hospitals is held in its Evercare Health Fund, will retain a significant minority stake in the combined platform.KIMSHealth will continue under the leadership of Dr MI Sahadulla in the next wave of growth of the platform.
KIMSHealth, operating under KIMS Healthcare Management Limited, is the biggest private healthcare organisation in Kerala.
CARE Hospitals Group is a multi-specialty healthcare company founded in 1997.The network has its presence in Aurangabad, Bhubaneswar, Hyderabad, Indore, Nagpur, Raipur and Visakhapatnam.A leader in its markets, CARE is counted among the top 5 Pan-Indian hospital chains.
Ganesh Mani, Managing Director at Blackstone Private Equity, said: “We are pleased to make Blackstone’s first investment in India’s healthcare services sector and partner with TPG to create one of the largest healthcare platforms in India. CARE Hospitals and KIMSHealth are trusted brands in the Indian healthcare space with a reputation of prioritising patients and have a track record of excellence in medical ethics and clinical outcomes. We aim to build a patient centric hospital platform focused on high clinical care quality and top-notch service.”
