- By Vaamanaa Sethi
- Mon, 30 Oct 2023 05:21 PM (IST)
- Source:JND
Blackstone has successfully acquired a controlling interest in CARE Hospitals from Evercare, a division of TPG RISE funds. In parallel, CARE Hospitals has solidified an arrangement to acquire a significant stake in KIMSHEALTH.
This partnership will culminate in one of India's most extensive hospital networks, comprising 23 establishments spread across 11 cities. It will particularly emphasize rapidly growing areas with significant growth prospects, ultimately offering an aggregate capacity of more than 4,000 beds.
On January 30, 2022, it was reported that the sale intentions of Evercore-backed CARE Hospitals. Similarly, on September 03, 2022, it was reported the sale plans of TrueNorth-backed KIMSHEALTH, as per Moneycontrol report.
TPG, through its Evercare Health Fund, will retain a significant minority stake in the collaborative platform. Dr. M. I. Sahadulla will continue to spearhead KIMSHEALTH during the next stage of the platform's expansion.
Ganesh Mani, Managing Director of Blackstone Private Equity, expressed his enthusiasm for Blackstone's first foray into India's healthcare sector. The goal is to establish one of the nation's largest healthcare platforms in partnership with TPG. Their strategic focus centers on developing a patient-centric hospital network that places utmost importance on clinical care quality and exceptional service.
Blackstone's worldwide expertise will play a significant role in improving physical and medical infrastructure, driving technological advancements, expanding specialized care services, and nurturing a healthcare culture that places a strong emphasis on healthcare practitioners and staff.
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“We believe there is significant potential in creating a market-leading platform through both organic and partnership-driven consolidation efforts, which is evidenced in our proposed association with KIMSHEALTH,” said Ankur Thadani, Partner at TPG.
Barclays and Rothschild served as financial advisors for TPG on the CARE Hospitals deal, while ICICI Securities advised KIMSHEALTH and its shareholders.
