Investcorp, the Bahraini alternative asset manager that counts Mubadala Investment Company as its largest shareholder, has sold its stake in ASG Eye Hospital, India’s second largest eye care hospital chain, as it continues to make investment gains in mature assets and exploring new investments. opportunities.
The sale of Investcorp’s equity stake to General Atlantic and Kedaara Capital is part of a 15 billion Indian rupees ($188 million) growth equity financing round, the company said in a statement on Monday. He did not give financial details of the transaction or the size of the stake sold.
The financing round is India’s largest private equity financing in the eye care sector and one of the largest private equity transactions in the country’s specialty healthcare industry, the company said.
Investcorp, which acquired ASG’s stake in 2017, helped the hospital operator drive expansion and increase revenue.
During the investment period, ASG successfully implemented its national expansion strategy, entering new and underserved markets in India. The number of ASG-operated hospitals in the country has more than doubled and revenues have tripled since Investcorp’s investment.
Earlier this year, ASG won the bid to acquire Vasan Eye, a chain of eye care hospitals that will expand ASG’s presence in South India.
“Since our initial investment, the company has gone from strength to strength,” said Mohammed Al Sada, director of Bahrain and Kuwait for Private Wealth at Investcorp.
“This was our first investment in the healthcare sector in India and our private equity team in India will continue to identify opportunities in growth, founder-led companies with the potential to create value for our clients.”
Investcorp is an active investor in middle-market companies in consumer-related sectors and real estate-focused businesses in India, Asia’s third-largest economy.
In the private equity space, Investcorp is eyeing opportunities in the healthcare, business software and services, financial services and consumer sectors.
His investments over the last four years include Wingreens, V-Ensure, Intergrow Brands, bewakoof.comFreshtohome, Zolo, InCred, Citykart, NephroPlus, Unilog, XpressBees and Safari Industries.
Established over four decades ago, Investcorp has grown to become one of the leading alternative asset management companies in the region. The company went on an acquisition spree during the Covid-19 pandemic to capitalize on lower asset valuations and is optimistic about its portfolio growth prospects.
Alternative asset managers invest outside of public markets, including in private equity, private credit, venture capital, hedge funds, commodities, real estate, and infrastructure.
Investcorp said it had $40.4 billion in total assets under management as of December 31, including assets managed by third-party managers.
The company aims to more than double its assets under management to $100 billion in seven years, from $37.6 billion as of June 2021, its Chief Executive Mohammed Alardhi told Bloomberg in September.
Updated: September 19, 2022, 11:53 am